Figure 3
A network diagram showing directional connectedness between various financial and commodity indices. The diagram includes nodes representing different indices such as SP500, FTSE, Nikkei, DAX 40, CAC 40, FTSE MIB, SP TSX, Gas, Wheat, WTI, Gold, and Bitcoin. The nodes are connected by lines indicating the directional relationships between them. The thickness of the lines represents the strength of the connections. The SP500 node is prominently connected to many other nodes, indicating a strong influence or interconnectedness with other indices and commodities.Directional connectedness network before COVID-19 pandemic