Fig. 1
From: Dynamic spillovers between the term structure of interest rates, bitcoin, and safe-haven currencies
Pairwise Static Net Connectedness of Components of the yield Curve with the Exchange Rates and the Volatility of the Exchange Rates. Notes: The figures provide a graphical illustration of the network connectedness of the system consisting of the yield curve components (level, slope, and curvature), Bitcoin and safe haven currencies (EURO, GBP = Great British Pound, JPY = Japanese Yen, CHF = Swiss Franc, CAD = Canadian Dollar). The left-hand (right-hand) graph shows the network connectedness in terms of exchange rates (volatility of exchange rates). Arrows indicate the net directional connectedness between two variables in the system with a one-way direction arrow. The source of the arrow shows the transmitter, and the edge of the arrow shows the receiver of the spillover. More arrows mean a more influential variable in the connectedness. A red font arrow means that the variable has the largest transmitter of pairwise spillovers, while a blue means largest receiver of spillovers