Fig. 7.

Net pairwise directional connectedness in China. Notes: An asset that dominates the other 5 assets is marked with blue point. An asset that is dominated by the other 5 assets is marked with red point. The direction of the net pairwise directional connectedness indices between two assets which are different from Period 0 are drawn as red arrows. The net pairwise directional connectedness indices which are smaller than 0.1 are drawn as dotted arrows. The larger the net pairwise connectedness index, the wider the corresponding arrow. (For interpretation of the references to colour in this figure legend, the reader is referred to the Web version of this article.)