Figure 4
The figure contains a grid of ten line graphs arranged in four rows. At the top center, the legend indicates that the blue solid line represents “Long-term,” a red dashed line represents “Short-term,” and a light blue shaded area represents “Overall.” The details of each graph are as follows: Graph 1: Agriculture The graph is titled “Agriculture.” The vertical axis ranges from negative 20 to 30 in increments of 10. The horizontal axis is marked with the years 2019, 2020, 2021, 2022, and 2023. The details of the lines are as follows: The line for “Long term” starts at (2018.8, negative 11.8), increases with fluctuations to a peak of (2019, 25). It then falls sharply to (2020, negative 22.5), shows continuous increase with fluctuations, passes through (2022, 29), (2023, 2.5), and ends at (2023.5, 4.5). The line for “Short-term” starts at (2018.8, 4), stays constant with fluctuations till (2021, 3), shows a peak, and falls to (2022, 0), passes through (2023, 4.5), and ends at (2023.5, negative 2.5). The shaded area of “Overall” fluctuates between negative 2.5 to 6 across the years. Graph 2: B T M The graph is titled “B T M.” The vertical axis ranges from negative 20 to 30 in increments of 10. The horizontal axis is marked with the years 2019, 2020, 2021, 2022, and 2023. The line for “Long-term” starts at (2018.8, negative 4.91), rises with fluctuations to a peak of (2020, 22), dips to (2021, negative 7.1), rises again to (2023, 14.4), and ends at (2023.5, 21.7). The line for “Short-term” starts at (2018.8, 7.2), increases to (2019, 20.7 ), decreases and fluctuates between (2020, negative 4.4) and (2021, negative 2.5), rises again to (2022, 8.1). It then falls and rises to (2023, 11.4), and ends at (2023.5, negative 7.8). The shaded area of “Overall” shows peaks at (2019, 12), (2020.5, 14.9), (2022, negative 2.54), and (2023, 8.6). Graph 3: Energy The graph is titled “Energy.” The vertical axis ranges from negative 20 to 20 in increments of 10. The horizontal axis is marked with the years 2019, 2020, 2021, 2022, and 2023. The line for “Long-term” starts at (2018.8, negative 6.5), rises with fluctuations to (2021, 17.5), dips to (2022, 5.4), rises again to (2023, 18.5), and ends at (2023.5, negative 0.53). The line for “Short-term” starts at (2018.8, negative 1.5), stays roughly between 0 and 6 with peaks near (2021, 4.6) and (2023, 6.1), and ends at (2023.5, 0.17). The shaded area of “Overall” shows peaks at (2019, negative 11.8), (2020, negative 6.54), and (2021, negative 7.6) . Graph 4: Livestock The graph is titled “Livestock.” The vertical axis ranges from negative 20 to 20 in increments of 10. The horizontal axis is marked with the years 2019, 2020, 2021, 2022, and 2023. The line for “Long-term” starts at (2018.8, negative 3.4), dips to (2019.5, negative 12.4), rises to (2021, 19.64), falls to (2022, negative 8.1), and ends at (2023.5, negative 6.03). The line for “Short-term” starts at (2018.8, 0.18), stays between negative 2.5 and 5, shows a peak at (2020, 3.7), dips to (2022, negative 1.2), and ends at (2023.5, 0.9). The shaded area of “Overall” shows peaks at (2018, negative 1.2), (2020, negative 2.7), and (2022, negative 0.18). Graph 5: Metal The graph is titled “Metal.” The vertical axis ranges from negative 20 to 20 in increments of 10. The horizontal axis is marked with the years 2019, 2020, 2021, 2022, and 2023. The line for “Long-term” starts at (2018.8, 1.8), dips to (2020, negative 11.8), rises to (2021, 19.6), again peaks at (2022, 16.46), dips to (2023, negative 1.59) ends at (2023.5, 0.5). The line for “Short-term” starts at (2018.8, 1.2), stays roughly between negative 4 and 6 throughout, passes through (2021, 4.4), (2022, 6.9) ends at (2023.5, 1.23). The shaded area of “Overall” shows flat curves at (2019, negative 0.53), (2020, negative 0.53), (2022, negative 0.55), and (2023, 6.54). Graph 6: M K R The graph is titled “M K R.” The vertical axis ranges from negative 10 to 30 in increments of 10. The horizontal axis is marked with the years 2019, 2020, 2021, 2022, and 2023. The line for “Long-term” starts at (2018.8, 19.3), rises to (2020, 29.5), dips to (2020, 5.10), rises again to (2021, 21.8), dips near (2022, negative 12), again rises to (2022.6, 27.1), and ends at (2023.5, 7.14). The line for “Short-term” starts at (2018.8, 10.23), dips to (2019, negative 3.4), rises to (2020, 17.75), falls to (2021, 0.61), again rises to (2022, 14.88), and (2023, 14.4), and ends at (2023.5, 24.28). The shaded area of “Overall” shows peaks at (2019, negative 3.06), (2020, 11.22), (2020.5, 22.65), (2022, 11.22), and (2023, 10), and (2023.5, 18.16). Graph 7: Poly The graph is titled “Poly.” The vertical axis ranges from negative 20 to 20 in increments of 10. The horizontal axis is marked with the years 2019, 2020, 2021, 2022, and 2023. The line for “Long-term” starts at (2018.8, 10.8), rises (2019, 24.8), and again rises with fluctuations to (2021, 31.2), dips to (2022, negative 2.4), rises again to (2022.2, 24.8), falls to (2023, negative 16.8), and ends at (2023.5, 3.2). The line for “Short-term” starts at (2018.8, 3.6), fluctuates between 0 and 7 with small peaks near (2020.5, 8), (2021, negative 0.8), (2022, negative 5.6), and (2023, 13.6), and ends at (2023.5, negative 4). The shaded area of “Overall” fluctuates between negative 3 and 8 across the years. Graph 8: P R O The graph is titled “P R O.” The vertical axis ranges from negative 20 to 20 in increments of 10. The horizontal axis is marked with the years 2019, 2020, 2021, 2022, and 2023. The line for “Long-term” starts at (2018.8, negative 3), rises to (2020, 3.81), dips sharply to (2021, negative 10.8), rises again to (2022, 0.57), rises further to (2023, 13.52), dips, and ends at (2023.5, negative 10). The line for “Short-term” starts at (2018,8 negative 5), fluctuates between 0 and 8, peaks at (2020.5, 9.3), dips at (2022, negative 6.4), and ends at (2023.5, 1.33). The shaded area of “Overall” shows peaks at (2020.5, negative 3.16), (2022.5, negative 6.26). Graph 9: S N X The graph is titled “S N X.” The vertical axis ranges from negative 30 to 30 in increments of 10. The horizontal axis is marked with the years 2019, 2020, 2021, 2022, and 2023. The line for “Long-term” starts at (2018.8, 11.4), rises to (2019, 28.2), dips to (2021, negative 24.2), rises again to (2022, 18.2), and again dips to (2023, negative 7.5), and ends at (2023.5, 15.8). The line for “Short-term” starts at (2018.8, 5), fluctuates between 5 and 15 with peaks near (2020, 4.7), (2022, 15.11), (2023, 17.64), and ends at (2023.5, 1.4). The shaded area of “Overall” fluctuates between negative 7 and 9 across the years, with peaks at (2020.2, negative 10.5), (2021, 9.2), and (2022, 16.7). Graph 10: Softs The graph is titled “Softs.” The vertical axis ranges from negative 20 to 20 in increments of 10. The horizontal axis is marked with the years 2019, 2020, 2021, 2022, and 2023. The line for “Long-term” starts at (2018.8, negative 5), rises to (2020, 13.7), dips to (2021, negative 4.7), rises to (2021.5, 27.08), dips and ends at (2023.5, negative 10.3). The line for “Short-term” starts at (2018.8, 2.3), fluctuates with peaks near (2019, 13.2), (202.5, 16.46), (2022, 18.23) and falls to (2023, 5.8), finally ending at (2023.5, 7.83). The shaded area of “Overall” fluctuates between negative 2 and 3 across the years. Note: All numerical values are approximated.Dynamic net total directional connectedness. Notes: Results are based on a biannual (126 days) rolling window model. Source: Figure by authors