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 11 Betweenness centrality ranking in 2017–2022

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	Austria	17	4	3	24	3	9	10.00	Developed	Europe
2	South Africa	3	1	10	14	40	18	14.33	Developed	Africa
3	Mexico	4	27	32	16	1	36	19.33	Emerging	North America
4	The United Kingdom	23	8	4	41	4	44	20.67	Developed	Europe
5	Argentina	24	28	31	6	14	24	21.17	Emerging	South America
6	Thailand	35	5	9	45	18	16	21.33	Emerging	Asia
7	Czech	29	6	7	55	29	4	21.67	Emerging	Europe
8	Norway	18	26	8	47	2	35	22.67	Developed	Europe
9	Finland	12	52	11	22	35	7	23.17	Developed	Europe
10	Poland	10	49	19	5	58	2	23.83	Emerging	Europe
11	Ireland	8	17	14	2	45	58	24.00	Developed	Europe
11	Singapore	37	18	58	15	13	3	24.00	Developed	Asia
13	Denmark	36	9	17	30	32	25	24.83	Developed	Europe
14	Portugal	61	10	6	28	33	12	25.00	Emerging	Europe
15	The United Arab Emirates	64	3	18	9	44	13	25.17	Emerging	Asia
15	Switzerland	25	39	54	27	5	1	25.17	Developed	Europe
17	Belgium	7	57	35	36	7	11	25.50	Developed	Europe
18	Brazil	20	33	5	31	53	14	26.00	Emerging	South America
19	Sweden	14	41	1	54	9	39	26.33	Developed	Europe
20	Chile	5	37	2	59	36	21	26.67	Emerging	South America
21	India	2	23	24	55	20	38	27.00	Emerging	Asia
22	Taiwan	19	44	33	3	8	56	27.17	Emerging	Asia
23	Israel	16	38	30	49	25	8	27.67	Developed	Asia
24	Luxembourg	33	35	25	10	19	46	28.00	Developed	Europe
24	Malaysia	22	2	26	64	48	6	28.00	Emerging	Asia
26	Hong Kong	40	19	15	23	46	33	29.33	Developed	Asia
26	New Zealand	43	13	12	67	26	17	29.67	Developed	Oceania
28	Hungary	45	29	27	7	6	65	29.83	Emerging	Europe
29	Canada	41	21	16	19	17	68	30.33	Developed	North America
30	Japan	51	24	66	11	11	22	30.83	Developed	Asia
31	Italy	9	53	55	20	16	40	32.17	Developed	Europe
32	Croatia	15	43	61	4	52	20	32.50	Frontier	Europe
33	Slovenia	34	14	45	46	38	19	32.67	Frontier	Europe
34	Romania	32	34	42	34	10	53	34.17	Frontier	Europe
35	Estonia	48	67	51	8	27	5	34.33	Frontier	Europe
36	Russia	28	11	34	53	24	63	35.50	Emerging	Europe
37	Sri Lanka	63	36	52	1	22	41	35.83	Frontier	Asia
38	Spain	1	58	37	33	60	28	36.17	Developed	Europe
38	Greece	27	40	44	12	37	57	36.17	Emerging	Europe
40	Saudi Arabia	54	60	13	21	23	47	36.33	Emerging	Asia
41	The United States	21	12	47	32	57	50	36.50	Developed	North America
42	France	42	7	39	44	42	51	37.50	Developed	Europe
43	Kenya	44	46	21	51	12	52	37.67	Frontier	Africa
44	Philippines	6	51	41	17	49	67	38.50	Emerging	Asia
45	Peru	52	68	60	13	28	15	39.33	Emerging	South America
45	Bulgaria	26	22	67	39	61	26	40.17	Frontier	Europe
47	Indonesia	53	15	40	65	51	29	42.17	Emerging	Asia
48	Australia	65	56	28	18	21	66	42.33	Developed	Oceania
49	Morocco	13	16	63	69	50	45	42.67	Frontier	Africa
49	China	47	25	56	62	34	32	42.67	Emerging	Asia
51	Turkey	57	55	62	26	15	48	43.83	Emerging	Europe
51	Jordan	69	32	38	50	31	43	43.83	Frontier	Asia
53	Germany	56	30	46	58	47	27	44.00	Developed	Europe
53	Netherlands	67	47	23	29	43	55	44.00	Developed	Europe
55	Qatar	39	66	22	42	65	31	44.17	Emerging	Asia
56	Colombia	30	62	36	43	59	42	45.33	Emerging	South America
57	Tunisia	31	45	53	25	63	70	47.83	Frontier	Africa
57	Ukraine	11	65	64	68	69	10	47.83	Emerging	Europe
59	Mauritius	70	20	57	57	62	23	48.17	Frontier	Africa
59	Nigeria	58	31	59	66	41	34	48.17	Frontier	Africa
61	Bahrain	60	64	43	38	56	30	48.50	Frontier	Asia
62	Vietnam	59	42	20	48	66	64	49.83	Frontier	Asia
63	Pakistan	66	63	50	35	39	54	51.17	Emerging	Asia
64	South Korea	50	59	49	61	30	61	51.67	Developed	Asia
64	Kuwait	38	54	29	70	70	49	51.67	Emerging	Asia
65	Kazakhstan	49	61	48	37	68	59	53.67	Frontier	Asia
67	Serbia	55	50	65	63	54	37	54.00	Frontier	Europe
68	Egypt	68	48	70	40	64	69	59.83	Emerging	Africa
69	Lebanon	46	70	69	60	55	62	60.33	Frontier	Asia
70	Venezuela	62	69	68	52	67	60	63.00	Emerging	North America

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