Figure 9
Twelve line graphs display the net total directional connectedness for various assets, including Bitcoin, FTSE, FTSE.MIB, Gold, Nikkei, S.P.TSX, WTI, DAX.40, WHEAT, SP500, CAC.40, and GAS. Each graph shows the total, short-term, and long-term dynamics. Positive values indicate shock transmitters, while negative values correspond to net receivers. The x-axis represents the years from 2018 to 2024, and the y-axis represents the percentage change ranging from negative 80 to positive 40. The graphs illustrate how different assets react to short-term and long-term dynamics over time.Short-term, long-term and overall net total directional connectedness for each asset. Note: The net total directional connectedness is decomposed into short-term (high frequency reactions: speculative, panic-driven) and long-term dynamics (persistent, fundamental-driven spillovers). We note that positive values indicate shock's transmitters, while negative values correspond to net receivers