Figure 2
The multi-panel stacked area chart consists of six panels arranged in three rows and two columns labeled “S E T”, “N A S D A Q”, “S S E C”, “V I X”, “T O P I X”, and “W T I”. Each panel displays time series data with the horizontal axis labeled using date ticks from left to right as “2020-01”, “2020-07”, “2021-01”, “2021-07”, and “2022-01”. The vertical axis in all panels ranges from negative 40 to 40 in increments of 20 units. Each panel includes a legend in the upper left with three categories: “Total”, “1 to 5”, and “5 to inf”. The stacked areas are layered with “5 to inf” at the bottom, “1 to 5” in the middle, and “Total” forming the top boundary. In the “S E T” panel, the “5 to inf” layer begins near negative 5 at “2020-01”, dips further to around negative 10 in early 2020, then gradually rises toward approximately negative 2 by “2021-01”, remains near negative 2 to 0 through “2021-07”, and ends near 1 by “2022-01”. The “1 to 5” layer starts near 5 at “2020-01”, spikes to around 15 early in 2020, then declines steadily to near 2 by “2021-01”, fluctuates around 0 to 2 through “2021-07”, and becomes slightly negative near negative 4 by “2022-01”. The “Total” boundary begins near 2 at “2020-01”, peaks near 15 early in 2020, then declines toward 0 by “2021-01”, remains near 0 through “2021-07”, and drops to around negative 10 to negative 15 by “2022-01”. In the “N A S D A Q” panel, the “5 to inf” layer starts near 10 at “2020-01”, increases to around 12 by “2020-07”, dips slightly to about 8 by “2021-01”, then rises steadily to around 15 by “2022-01”. The “1 to 5” layer begins near 11 at “2020-01”, increases to around 10 by “2020-07”, declines slightly to about 6 by “2021-01”, then rises sharply to around 20 by “2022-01”. The “Total” boundary starts near 20 at “2020-01”, increases to about 22 by “2020-07”, dips slightly to near 14 by “2021-01”, then rises strongly to above 40 near early 2022 before settling around 30 by “2022-01”. In the “S S E C” panel, the “5 to inf” layer begins near 0 at “2020-01” and remains approximately at 0 throughout the period. The “1 to 5” layer starts near negative 8 at “2020-01”, dips further to around negative 12 early in 2020, then gradually rises to around negative 5 by “2021-01”, remains near negative 3 to negative 5 through “2021-07”, and drops again to around negative 12 by “2022-01”. The “Total” boundary follows a similar pattern, starting near negative 8, dipping below negative 10 early in 2020, improving toward near negative 2 by “2021-07”, and then declining again to around negative 15 near “2022-01”. In the “V I X” panel, the “5 to inf” layer starts near 0 at “2020-01”, rises slightly to about 2 early in 2020, remains near 1 to 2 through “2021-01”, and increases slightly to around 3 to 5 by “2022-01”. The “1 to 5” layer begins near 5 at “2020-01”, spikes to around 10 early in 2020, then declines steadily to around 2 by “2021-01”, and rises again to around 6 to 8 by “2022-01”. The “Total” boundary starts near 5, peaks near 10 early in 2020, declines to near 2 by “2021-01”, and then increases again to around 10 by “2022-01”. In the “T O P I X” panel, the “5 to inf” layer starts near 0 at “2020-01”, remains close to 0 through “2021-01”, then declines slightly to around negative 5 by “2022-01”. The “1 to 5” layer begins near 0, shows a brief rise to around 5 early in 2020, then declines gradually to around negative 10 by “2021-07”, and drops further to around negative 25 to negative 30 by “2022-01”. The “Total” boundary follows this decline, starting near 0, briefly rising early in 2020, then decreasing steadily to around negative 30 by “2022-01”. In the “W T I” panel, the “5 to inf” layer starts near 0 at “2020-01”, remains near 0 through “2021-01”, then rises slightly to around 2 to 3 by “2022-01”. The “1 to 5” layer begins near negative 10 at “2020-01”, drops to around negative 15 early in 2020, then gradually improves to around negative 5 by “2021-01”, and approaches near 0 by “2022-01”. The “Total” boundary starts near negative 10, declines to around negative 15 early in 2020, then steadily recovers toward near 0 by “2022-01”. Note: All numerical data values are approximated.Net total directional connectedness: The COVID-19 crisis period