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. 2022 Jul 3;83:102261. doi: 10.1016/j.irfa.2022.102261

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Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID-19. The COVID-19 resource centre is hosted on Elsevier Connect, the company's public news and information website. Elsevier hereby grants permission to make all its COVID-19-related research that is available on the COVID-19 resource centre - including this research content - immediately available in PubMed Central and other publicly funded repositories, such as the WHO COVID database with rights for unrestricted research re-use and analyses in any form or by any means with acknowledgement of the original source. These permissions are granted for free by Elsevier for as long as the COVID-19 resource centre remains active.

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Fig. 2 — Smoothed probability of Panic Regime for univariate Markov switching models. The flow series considered are the aggregated flow of ETFs with exposure to Asia (panel A), Europe (panel B), and U.S. (panel C). The blue line represents the number of new COVID-19 cases in each geographic location during the period of study. The first time that the number of new infected people in each area surpassed 100 is indicated with an arrow. The sample period is from January 2020 to October 2020. (For interpretation of the references to colour in this figure legend, the reader is referred to the web version of this article.)