Table 5.

Determinants of total connectedness.

$${TC}_t={\alpha }_0+{\alpha }_1\bullet {TA}_t^{US}+{\alpha }_2\bullet {TR}_t+{\alpha }_3\bullet {VIX}_t+{\alpha }_4\bullet {COVID\_\mathit{19}}_t+e_t$$

	(1)	(2)	(3)
Constant	−25.96*** (3.09)	−16.33*** (2.35)	−28.27*** (3.31)
${TA}^{US}$	3.12*** (0.36)	2.87** (0.49)	3.81*** (0.50)
TR	−4.08*** (0.65)		−3.56*** (0.70)
VIX	0.17*** (0.02)	0.19*** (0.03)	0.22*** (0.03)
COVID_19		7.27*** (1.78)	3.67* (1.89)
A. R2	0.21	0.19	0.22

Note: This table represents estimation of the linear model for total connectedness (${TC}_t$).