Figure 1
The horizontal axis represents “year” and ranges from 2014 to 2024 in increments of one year. The vertical axis ranges from 70 to 100 in increments of five units. The graph is divided into three distinct color-coded sections. The gray shaded area represents the baseline data of the connectedness, which fluctuates around 83 to 91 from 2014 to 2019. From 2020 to 2022, the blue section labeled “COVID-19” shows the data of the connectedness, which fluctuates around 88 to 96, with the peak at 96 around 2020. From 2022 to 2024, the yellow section labeled “Russo-Ukraine War” shows a decrease in connectedness but still remains higher than the baseline level, starting from 92 and decreasing to 85. Note: All numerical data values are approximated.Total joint connectedness index. Note: Results are based on the TVP-VAR model with a lag length of order 1 based on BIC and a 20-step-ahead generalized forecast error variance decomposition. The shaded area represents the net total joint connectedness. Timescales are highlighted in color with Blue representing “COVID-19” and Yellow “Russo-Ukraine War”. Source: Authors’ own work