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 6 Each country or region’s average ranking of centrality indicators 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	19.8	4.2	3.8	9.4	2.8	16.0	9.3	Europe	Developed
2	South Africa	3.6	2.2	7.0	17.0	22.0	6.6	9.7	Africa	Emerging
3	Portugal	28.6	5.4	4.0	12.2	10.4	5.2	11.0	Europe	Developed
4	The United Kingdom	18.6	2.4	2.4	14.4	2.6	31.4	12.0	Europe	Developed
5	Ireland	12.2	6.6	10.0	4.0	15.2	30.4	13.1	Europe	Developed
6	Sweden	5.0	13.4	1.0	32.0	14.8	14.0	13.4	Europe	Developed
7	Norway	8.4	11.8	4.6	21.6	3.2	31.2	13.5	Europe	Developed
8	Finland	8.2	21.8	11.0	24.8	16.2	5.4	14.6	Europe	Developed
8	Czech	15.2	12.2	8.2	26.4	13.8	11.8	14.6	Europe	Emerging
10	Chile	4.6	16.8	8.0	26.4	16.6	17.2	14.9	South America	Emerging
11	Poland	9.4	25.2	16.8	9.2	28.8	6.2	15.9	Europe	Emerging
12	Brazil	16.4	22.8	13.2	17.0	26.0	14.8	18.4	South America	Emerging
13	Mexico	7.8	22.6	28.8	18.4	11.6	22.4	18.6	North America	Emerging
13	Belgium	12.2	35.2	21.4	25.4	12.6	5.0	18.6	Europe	Developed
15	Luxembourg	19.2	16.0	13.6	8.2	14.6	43.4	19.2	Europe	Developed
16	Argentina	22.2	25.8	21.2	15.2	14.6	22.6	20.3	South America	Emerging
17	Denmark	15.8	5.8	12.2	39.0	30.6	22.6	21.0	Europe	Developed
18	Switzerland	14.6	27.8	35.4	19.6	25.6	3.8	21.1	Europe	Developed
19	Greece	26.4	20.8	25.2	9.2	14.8	32.0	21.4	Europe	Emerging
20	Russia	23.8	10.0	19.2	31.4	19.0	37.2	23.4	Europe	Emerging
21	India	10.0	27.0	26.4	30.6	17.2	30.6	23.6	Asia	Emerging
22	Israel	19.0	20.2	27.4	37.8	19.4	23.8	24.6	Asia	Developed
23	The United States	23.4	17.4	25.8	28.2	31.2	26.8	25.5	North America	Developed
24	France	25.8	17.4	26.8	28.2	28.6	26.8	25.6	Europe	Developed
25	Singapore	36.4	21.8	37.8	15.6	29.6	17.8	26.5	Asia	Developed
26	Hungary	46.8	12.2	20.2	10.0	8.0	63.6	26.8	Europe	Emerging
27	The United Arab Emirates	48.6	24.0	23.0	18.6	27.0	27.0	28.0	Asia	Emerging
28	Taiwan	33.6	25.8	25.0	19.6	24.8	40.2	28.2	Asia	Emerging
29	Italy	11.6	37.8	32.4	19.4	21.4	48.6	28.5	Europe	Developed
30	Netherlands	31.4	31.6	21.0	26.4	30.2	31.4	28.7	Europe	Developed
31	Spain	14.2	37.0	27.6	28.8	37.0	31.2	29.3	Europe	Developed
32	Germany	29.6	31.4	28.2	31.4	29.6	27.4	29.6	Europe	Developed
33	New Zealand	12.6	36.6	41.0	49.0	40.0	5.8	30.8	Oceania	Developed
34	Thailand	39.2	28.6	30.4	40.0	36.2	15.6	31.7	Asia	Emerging
35	Japan	35.8	33.2	48.4	28.0	27.6	30.0	33.8	Asia	Developed
36	Hong Kong	34.4	35.8	18.6	33.8	40.4	42.6	34.3	Asia	Developed
37	Malaysia	33.4	24.4	32.0	52.8	41.4	22.4	34.4	Asia	Emerging
38	Saudi Arabia	48.6	45.2	24.4	27.8	31.6	43.0	36.8	Asia	Emerging
39	Canada	30.6	38.2	36.0	36.4	37.2	48.2	37.8	North America	Developed
39	Croatia	43.0	45.6	57.2	28.6	39.0	13.4	37.8	Europe	Frontier
41	Romania	49.0	26.8	38.4	26.0	26.2	62.4	38.1	Europe	Frontier
42	Turkey	58.2	35.0	48.2	33.2	30.8	26.2	38.6	Europe	Emerging
43	Estonia	53.6	55.6	47.0	25.4	42.0	11.2	39.1	Europe	Frontier
44	Bulgaria	33.0	42.0	53.6	43.4	53.0	13.4	39.7	Europe	Frontier
45	Indonesia	44.8	28.8	42.8	46.4	41.0	42.2	41.0	Asia	Emerging
46	Slovenia	46.8	41.8	52.8	28.8	39.2	37.2	41.1	Europe	Frontier
47	Philippines	30.0	41.0	42.0	39.4	44.4	52.4	41.5	Asia	Emerging
48	China	37.8	37.6	43.0	52.2	37.2	46.6	42.4	Asia	Emerging
49	South Korea	49.6	47.4	39.4	52.2	40.4	42.6	45.3	Asia	Developed
50	Vietnam	49.2	44.6	34.6	48.2	55.4	48.2	46.7	Asia	Frontier
51	Ukraine	26.6	63.2	61.8	51.8	61.8	21.0	47.7	Europe	Emerging
52	Australia	47.6	60.2	47.8	45.2	44.2	50.8	49.3	Oceania	Developed
53	Pakistan	49.8	53.2	47.4	45.0	47.8	53.2	49.4	Asia	Emerging
54	Egypt	64.6	53.2	55.4	24.0	48.4	60.4	51.0	Africa	Emerging
55	Peru	59.6	67.6	54.4	47.8	46.6	47.4	53.9	South America	Emerging
56	Nigeria	63.6	47.0	58.8	51.0	49.0	55.6	54.2	Africa	Frontier
57	Serbia	44.6	59.4	65.0	67.6	56.0	38.8	55.2	Europe	Frontier
58	Qatar	55.6	65.6	45.2	56.4	61.8	51.6	56.0	Asia	Emerging
59	Kenya	59.6	56.4	52.2	59.0	49.8	61.8	56.5	Africa	Frontier
60	Sri Lanka	63.4	54.0	63.0	51.2	49.0	59.4	56.7	Asia	Frontier
61	Morocco	44.6	49.2	68.0	67.6	53.8	58.0	56.9	Africa	Frontier
62	Colombia	52.2	62.6	49.8	58.6	57.2	62.4	57.1	South America	Emerging
63	Lebanon	53.0	61.4	65.6	52.0	56.0	55.0	57.2	Asia	Frontier
64	Jordan	66.6	54.0	55.0	61.8	52.0	55.4	57.5	Asia	Frontier
65	Tunisia	54.4	53.0	60.4	55.8	59.0	67.4	58.3	Africa	Frontier
66	Kuwait	52.4	61.4	50.2	64.6	61.6	63.0	58.9	Asia	Emerging
67	Venezuela	62.0	61.2	64.2	45.4	60.0	61.0	59.0	North America	Emerging
68	Mauritius	67.8	51.4	64.0	62.6	62.2	47.8	59.3	Africa	Frontier
69	Bahrain	62.0	67.2	60.2	57.6	59.0	55.0	60.2	Asia	Frontier
70	Kazakhstan	57.4	66.0	59.4	54.4	61.8	64.4	60.6	Asia	Frontier

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