Dynamic Contagion of Systemic Risks on Global Main Equity Markets Based on Granger Causality Networks

Figure 5

Causality networks of stock markets in four special periods.

(a) April 2006 (minimum out-degree)

(b) September 2007 (maximum out-degree)

(c) Outburst of global financial crisis in October 2008

(d) European debt crisis in September 2011