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 8 Degree 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	2	8	3	3.33	Developed	Africa
2	Portugal	26	3	4	4	5	4	7.67	Emerging	Europe
3	Austria	18	3	5	4	3	18	8.50	Developed	Europe
4	Czech	8	11	5	18	5	11	9.67	Emerging	Europe
5	Chile	1	11	5	24	9	13	10.50	Emerging	South America
6	Norway	7	9	2	12	1	34	10.83	Developed	Europe
7	Poland	6	17	15	1	26	3	11.33	Emerging	Europe
8	Ireland	13	3	10	2	12	31	11.83	Developed	Europe
9	The United Kingdom	20	1	2	12	1	37	12.17	Developed	Europe
10	Sweden	3	9	1	33	17	12	12.50	Developed	Europe
11	Finland	7	17	13	31	9	1	13.00	Developed	Europe
12	Brazil	14	17	13	12	22	10	14.67	Emerging	South America
13	Mexico	4	17	25	24	4	17	15.17	Emerging	North America
14	Greece	24	14	15	4	9	27	15.50	Emerging	Europe
15	Luxembourg	18	11	10	4	14	42	16.50	Developed	Europe
16	Argentina	20	24	15	18	12	18	17.83	Emerging	South America
17	India	4	26	24	18	14	24	18.33	Emerging	Asia
18	Belgium	12	36	21	24	17	4	19.00	Developed	Europe
19	Denmark	13	3	9	49	26	25	20.83	Developed	Europe
20	Russia	26	7	12	31	16	35	21.17	Emerging	Europe
21	Switzerland	13	28	34	18	35	1	21.50	Developed	Europe
22	The United States	20	15	19	35	24	23	22.67	Developed	North America
23	Hungary	46	7	15	4	5	64	23.50	Emerging	Europe
24	Israel	20	15	25	35	19	29	23.83	Developed	Asia
25	Taiwan	38	21	21	10	19	38	24.50	Emerging	Asia
26	The United Arab Emirates	43	26	21	12	22	27	25.17	Emerging	Asia
26	Singapore	38	21	30	4	43	15	25.17	Developed	Asia
28	France	24	24	30	35	26	26	27.50	Developed	Europe
29	Italy	7	38	30	24	24	51	29.00	Developed	Europe
30	Germany	26	35	25	35	26	30	29.50	Developed	Europe
31	Netherlands	30	33	25	35	30	32	30.83	Developed	Europe
32	Spain	13	36	30	40	33	34	31.00	Developed	Europe
33	Japan	32	33	42	24	30	27	31.33	Developed	Asia
34	New Zealand	7	42	50	42	48	7	32.67	Developed	Oceania
35	Thailand	40	30	36	33	47	11	32.83	Emerging	Asia
36	Hong Kong	33	40	19	24	37	46	33.17	Developed	Asia
37	Romania	52	23	36	10	19	64	34.00	Frontier	Europe
38	Malaysia	34	28	34	49	41	22	34.67	Emerging	Asia
39	Croatia	52	46	55	18	30	9	35.00	Frontier	Europe
40	Estonia	55	53	46	18	43	3	36.33	Frontier	Europe
41	Saudi Arabia	46	44	25	24	40	42	36.83	Emerging	Asia
41	Turkey	59	30	42	40	33	17	36.83	Emerging	Europe
43	Bulgaria	34	46	48	42	51	9	38.33	Frontier	Europe
44	Slovenia	46	49	48	12	35	41	38.50	Frontier	Europe
45	Indonesia	41	30	45	45	39	43	40.50	Emerging	Asia
45	Canada	26	42	41	53	41	44	41.17	Developed	North America
47	China	34	40	39	48	37	50	41.33	Emerging	Asia
48	Philippines	34	38	42	44	43	48	41.50	Emerging	Asia
49	South Korea	43	46	36	52	43	36	42.67	Developed	Asia
50	Vietnam	46	44	40	47	54	44	45.83	Frontier	Asia
51	Egypt	66	51	50	12	56	56	48.50	Emerging	Africa
52	Pakistan	47	52	47	46	49	52	48.83	Emerging	Asia
53	Ukraine	30	65	61	54	66	20	49.33	Emerging	Europe
54	Australia	43	62	53	58	54	48	53.00	Developed	Oceania
55	Serbia	42	60	67	69	59	39	56.00	Frontier	Europe
56	Nigeria	68	50	61	49	50	59	56.17	Frontier	Africa
57	Venezuela	57	59	58	55	56	60	57.50	Emerging	North America
58	Peru	63	69	53	56	51	55	57.83	Emerging	South America
59	Lebanon	51	62	67	58	60	53	58.50	Frontier	Asia
59	Morocco	52	53	70	67	51	63	59.33	Frontier	Africa
61	Colombia	55	65	55	60	60	62	59.50	Emerging	South America
62	Jordan	69	56	58	63	56	61	60.50	Frontier	Asia
63	Qatar	58	69	50	63	70	58	61.33	Emerging	Asia
64	Kenya	63	60	60	63	60	63	61.50	Frontier	Africa
65	Bahrain	66	67	61	60	60	57	61.83	Frontier	Asia
65	Tunisia	58	55	64	60	65	69	61.83	Frontier	Africa
67	Mauritius	70	56	64	67	66	54	62.83	Frontier	Africa
68	Kazakhstan	58	67	64	56	66	68	63.17	Frontier	Asia
69	Kuwait	58	62	55	70	66	69	63.33	Emerging	Asia
69	Sri Lanka	63	58	69	63	60	67	63.33	Frontier	Asia

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