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Financial Innovation
Fig. 3 | Financial Innovation

Fig. 3

From: Salience theory value spillovers between China’s systemically important banks: evidence from quantile connectedness

Fig. 3

Dynamic total STV interconnectedness at different quantiles. Relative tail dependence is defined as the difference between the total STV interconnectedness at the 95th quantile and the total STV interconnectedness at the 5th quantile. A negative (positive) value indicates a strong dependence at the lower (upper) quantile. The strength of the total STV interconnectedness at all quantiles is shown by the colored bar with warm (red) shade refers to higher total STV interconnectedness and cold (blue) shade denotes lower total STV interconnectedness. Note: Please refer to Fig. 1

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