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 9 Weighted degree 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	The United Kingdom	6	1	2	1	1	8	3.17	Developed	Europe
2	Portugal	9	4	4	5	7	3	5.33	Emerging	Europe
3	Sweden	3	2	1	17	9	2	5.67	Developed	Europe
4	Norway	2	5	5	3	3	18	6.00	Developed	Europe
5	Ireland	11	7	7	4	4	7	6.67	Developed	Europe
6	South Africa	10	6	9	6	5	5	6.83	Developed	Africa
7	Finland	5	8	6	13	6	12	8.33	Developed	Europe
8	Austria	29	3	3	2	2	13	8.67	Developed	Europe
9	Belgium	16	13	8	12	8	4	10.17	Developed	Europe
10	France	13	10	11	15	17	6	12.00	Developed	Europe
11	Netherlands	8	15	12	19	18	11	13.83	Developed	Europe
12	Germany	17	21	13	14	13	15	15.50	Developed	Europe
12	Luxembourg	12	11	10	7	16	37	15.50	Developed	Europe
14	Switzerland	7	18	18	16	28	9	16.00	Developed	Europe
15	Czech	23	19	14	8	19	16	16.50	Emerging	Europe
16	Chile	15	12	19	20	14	24	17.33	Emerging	South America
17	Denmark	4	9	15	46	25	10	18.17	Developed	Europe
18	Poland	20	26	21	11	27	14	19.83	Emerging	Europe
19	Russia	14	16	22	24	26	20	20.33	Emerging	Europe
19	Greece	27	24	25	9	11	26	20.33	Emerging	Europe
21	Spain	19	20	17	22	24	21	20.50	Developed	Europe
22	Israel	22	17	26	29	15	25	22.33	Developed	Asia
23	Brazil	18	25	23	23	23	23	22.50	Emerging	South America
24	The United States	26	27	20	36	21	22	25.33	Developed	North America
25	Italy	25	22	16	21	20	50	25.67	Developed	Europe
26	Argentina	28	29	28	32	10	33	26.67	Emerging	South America
26	Mexico	21	32	31	27	22	27	26.67	Emerging	North America
28	Hungary	48	14	24	10	12	64	28.67	Emerging	Europe
29	Taiwan	35	23	27	31	30	32	29.67	Emerging	Asia
30	New Zealand	1	44	51	43	48	1	31.33	Developed	Oceania
31	India	24	31	37	26	31	42	31.83	Emerging	Asia
32	The United Arab Emirates	40	35	32	28	29	31	32.50	Emerging	Asia
33	Singapore	34	28	30	25	44	40	33.50	Developed	Asia
34	Malaysia	36	33	34	47	36	34	36.67	Emerging	Asia
35	Saudi Arabia	45	37	33	30	35	41	36.83	Emerging	Asia
35	Hong Kong	33	38	29	40	34	47	36.83	Developed	Asia
37	Turkey	53	34	43	37	37	28	38.67	Emerging	Europe
38	Japan	32	40	41	38	39	43	38.83	Developed	Asia
39	Croatia	49	47	54	35	33	19	39.50	Frontier	Europe
40	Bulgaria	37	46	49	42	50	17	40.17	Frontier	Europe
41	Thailand	41	45	40	44	46	30	41.00	Emerging	Asia
42	Indonesia	46	36	42	39	38	48	41.50	Emerging	Asia
43	Canada	30	43	45	53	42	38	41.83	Developed	North America
44	Romania	64	30	38	18	32	70	42.00	Frontier	Europe
45	China	39	41	36	49	40	51	42.67	Emerging	Asia
45	South Korea	51	42	35	50	43	36	42.83	Developed	Asia
47	Philippines	38	39	44	48	47	49	44.17	Emerging	Asia
48	Estonia	65	51	46	41	45	29	46.17	Frontier	Europe
49	Pakistan	44	50	47	45	53	52	48.50	Emerging	Asia
50	Slovenia	59	49	69	33	41	45	49.33	Frontier	Europe
50	Vietnam	52	48	39	51	60	46	49.33	Frontier	Asia
52	Ukraine	31	64	56	54	63	35	50.50	Emerging	Europe
53	Serbia	42	62	58	67	56	39	54.00	Frontier	Europe
54	Australia	43	60	55	59	66	44	54.50	Developed	Oceania
55	Egypt	66	65	48	34	49	66	54.67	Emerging	Africa
56	Peru	63	63	50	58	52	57	57.17	Emerging	South America
56	Nigeria	60	52	53	52	61	65	57.17	Frontier	Africa
58	Qatar	58	59	59	66	55	55	58.67	Emerging	Asia
59	Colombia	57	57	52	63	59	68	59.33	Emerging	South America
59	Lebanon	70	54	60	57	62	53	59.33	Frontier	Asia
61	Tunisia	67	53	57	68	54	60	59.83	Frontier	Africa
62	Kuwait	50	67	61	64	57	61	60.00	Emerging	Asia
63	Kenya	54	55	68	61	67	63	61.33	Frontier	Africa
64	Mauritius	62	61	65	62	65	54	61.50	Frontier	Africa
65	Kazakhstan	61	66	63	55	58	67	61.67	Frontier	Asia
65	Sri Lanka	68	58	64	70	51	59	61.67	Frontier	Asia
67	Jordan	55	69	62	60	69	56	61.83	Frontier	Asia
68	Bahrain	56	68	66	65	64	58	62.83	Frontier	Asia
69	Morocco	47	70	67	69	68	62	63.83	Frontier	Africa
70	Venezuela	69	56	70	56	70	69	65.00	Emerging	North America

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