Complex network analysis of global stock market co-movement during the COVID-19 pandemic based on intraday open-high-low-close data

Huang, Wenyang; Wang, Huiwen; Wei, Yigang; Chevallier, Julien

doi:10.1186/s40854-023-00548-5

Financial Innovation

Table 10 Closeness centrality ranking in 2017 to 2022

From: Complex network analysis of global stock market co-movement during the COVID-19 pandemic based on intraday open-high-low-close data

Rank	Country/region	2017	2018	2019	2020	2021	2022	Average	Continent	Segment
1	South Africa	1	1	5	3	8	4	3.67	Developed	Africa
2	Portugal	25	3	2	4	6	2	7.00	Emerging	Europe
3	Austria	15	3	5	4	2	18	7.83	Developed	Europe
4	Czech	8	11	7	18	6	15	10.83	Emerging	Europe
5	Chile	1	13	7	24	9	12	11.00	Emerging	South America
6	Ireland	12	3	10	1	12	30	11.33	Developed	Europe
7	Norway	8	9	3	12	2	35	11.50	Developed	Europe
7	The United Kingdom	21	1	2	12	1	32	11.50	Developed	Europe
9	Sweden	3	9	1	33	18	8	12.00	Developed	Europe
10	Poland	5	17	15	1	31	4	12.17	Emerging	Europe
11	Finland	8	17	15	31	9	6	14.33	Developed	Europe
12	Mexico	5	17	25	24	4	17	15.33	Emerging	North America
13	Greece	25	13	18	4	9	27	16.00	Emerging	Europe
14	Brazil	18	20	13	12	21	13	16.17	Emerging	South America
15	Luxembourg	18	11	10	4	12	46	16.83	Developed	Europe
16	Argentina	21	23	13	18	12	18	17.50	Emerging	South America
17	India	4	27	21	18	15	25	18.33	Emerging	Asia
18	Belgium	12	36	23	24	15	2	18.67	Developed	Europe
19	Russia	23	7	12	31	15	36	20.67	Emerging	Europe
20	Denmark	15	3	9	49	25	24	20.83	Developed	Europe
21	Switzerland	15	27	35	18	36	1	22.00	Developed	Europe
22	The United States	23	15	18	35	25	20	22.67	Developed	North America
23	Taiwan	37	20	21	4	18	38	23.00	Emerging	Asia
24	Hungary	47	7	18	4	4	66	24.33	Emerging	Europe
25	Israel	18	15	28	39	20	27	24.50	Developed	Asia
26	Singapore	37	20	33	4	43	14	25.17	Developed	Asia
26	France	25	23	27	35	25	26	26.83	Developed	Europe
28	The United Arab Emirates	51	26	23	12	21	29	27.00	Emerging	Asia
29	Italy	7	38	27	24	21	51	28.00	Developed	Europe
30	Spain	12	36	25	39	33	35	30.00	Developed	Europe
31	Germany	25	35	27	35	28	32	30.33	Developed	Europe
32	Netherlands	31	34	27	35	28	31	31.00	Developed	Europe
32	Japan	32	32	43	24	28	27	31.00	Developed	Asia
34	Hong Kong	33	38	15	24	36	42	31.33	Developed	Asia
35	New Zealand	8	41	51	42	47	2	31.83	Developed	Oceania
36	Thailand	40	30	35	33	47	10	32.50	Emerging	Asia
37	Romania	43	23	37	11	21	62	32.83	Frontier	Europe
38	Croatia	47	45	57	18	31	9	34.50	Frontier	Europe
39	Malaysia	37	27	33	49	41	23	35.00	Emerging	Asia
40	Estonia	47	54	46	18	46	7	36.33	Frontier	Europe
41	Saudi Arabia	47	45	29	24	40	42	37.83	Emerging	Asia
41	Slovenia	46	48	48	12	33	40	37.83	Frontier	Europe
43	Turkey	66	30	45	39	33	20	38.83	Emerging	Europe
44	Bulgaria	33	48	49	42	54	9	39.17	Frontier	Europe
45	Indonesia	41	32	44	45	39	44	40.83	Emerging	Asia
45	Philippines	35	38	41	44	44	49	41.83	Emerging	Asia
47	Canada	26	43	41	53	42	47	42.00	Developed	North America
47	China	35	41	40	48	38	50	42.00	Emerging	Asia
49	South Korea	54	45	37	52	44	41	45.50	Developed	Asia
50	Vietnam	43	43	39	47	57	45	45.67	Frontier	Asia
51	Egypt	66	51	51	12	56	58	49.00	Emerging	Africa
51	Ukraine	30	63	64	54	64	19	49.00	Emerging	Europe
53	Pakistan	51	51	46	46	49	54	49.50	Emerging	Asia
54	Australia	43	60	55	56	52	48	52.33	Developed	Oceania
55	Nigeria	65	50	61	49	50	59	55.67	Frontier	Africa
56	Serbia	42	59	67	69	62	39	56.33	Frontier	Europe
57	Peru	56	70	53	56	53	53	56.83	Emerging	South America
58	Lebanon	51	64	63	59	57	55	58.17	Frontier	Asia
59	Morocco	56	53	70	68	51	58	59.33	Frontier	Africa
59	Colombia	54	64	55	60	59	70	60.33	Emerging	South America
61	Venezuela	64	66	58	55	59	61	60.50	Emerging	North America
62	Jordan	70	55	60	67	55	57	60.67	Frontier	Asia
63	Qatar	62	67	50	64	70	56	61.50	Emerging	Asia
64	Sri Lanka	61	58	65	61	63	63	61.83	Frontier	Asia
65	Kazakhstan	56	67	61	58	68	64	62.33	Frontier	Asia
65	Kenya	68	60	59	61	61	65	62.33	Frontier	Africa
67	Kuwait	56	62	54	70	66	68	62.67	Emerging	Asia
67	Tunisia	57	57	65	64	64	69	62.67	Frontier	Africa
69	Mauritius	69	56	68	64	69	52	63.00	Frontier	Africa
70	Bahrain	62	67	69	61	66	65	65.00	Frontier	Asia

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