Figure 7
The image contains twelve heatmaps arranged in a grid, each representing the net total directional connectedness of different assets over time. The heatmaps are labeled as WHEAT, S and P 500, GAS, CAC 40, Nikkei, FTSE 100, WTI, Gold, Bitcoin, DAX 40, FTSE, and SP 500. Each heatmap uses a color gradient where dark blue indicates the asset is a net receiver of shock (net taker) and dark red indicates the asset is a net transmitter of shock (net sender). The x-axis of each heatmap represents time from 2018 to 2024, while the y-axis represents the net connectedness values. The heatmaps show varying patterns of connectedness, with some assets showing more frequent and intense periods of being net transmitters or receivers of shock. All values are approximated.Heatmap visualization of the net total directional connectedness of across time. Notes: in the heatmap we present the net connectedness behaviour of the market where dark blue (net taker) and dark red (net sender). Note: The red colour indicates that the asset is a net transmitter of shock and the blue colour indicates that the asset index is a net receiver of shock