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

Table 4

Average shortest paths and diameters of the Granger causality networks.

time	Average degree	Average shortest path	diameter
April 2006 (The minimum out-degree)	4.324	2.474	6
September 2007 (The maximum out-degree)	15.177	1.455	3
October 2008 (global financial crisis)	14.500	1.585	3
September 2011 (the European debt crisis)	14.177	1.641	3
September 2015 (the crash of global stock market)	11.765	1.765	4
Mean	8.723	1.827	4