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. 2012 Sep 10;2:644. doi: 10.1038/srep00644

Figure 1. Financial crisis are accompanied by drastic changes in the correlation structure, indicated by blue shaded areas.

Figure 1

The market similarity ζ in the left panel is based on daily data. The right panel is a more detailed study of the 2007–2010 period, including the “credit crunch.” The area of the right panel is a magnification of the lower right square in the left panel.