Figure 1
The horizontal axis of the line chart is labeled “Date” and shows year markings 2020, 2022, and 2024. The vertical axis shows numeric values ranging 40 to 70 in increments of 10 years. A single line represents the variable’s value over time. For much of the period before 2020, the line fluctuates within a relatively narrow band around the low-40 range, showing frequent small rises and dips. Around early 2020, a sharp spike occurs and reaches 75. This section is enclosed by an oval and annotated with the text “COVID-19 Pandemic Outbreak”. The line then declines steeply, followed by continued volatility as values fall back toward the 40 range from 55. After this decline, the series stabilizes again with moderate fluctuations until around 2022. A second red oval highlights another period of increased volatility labeled “Russia-Ukraine Conflict”. During this interval, the line climbs to a peak value of 56, oscillates with several peaks and troughs, and then gradually trends downward. From late 2022 through 2024, the line returns to smaller fluctuations, mostly between the high-30s and mid-40s, without extreme spikes. Note: All numerical data values are approximated.Total volatility spillover index of seven asset classes. Source(s): Authors’ estimation