Table 5 The determinants of net connectedness in four exchanges

Lagged LnTotal

0.725***

0.777***

0.851***

0.796***

(7.70)

(9.50)

(12.01)

(9.91)

Lagged RES_LTC

0.000174**

0.000124*

 − 0.0000757

0.0000986

(2.06)

(1.85)

( − 0.59)

(1.45)

Lagged RES_XLM

 − 0.000244***

 − 0.000223***

 − 0.0000748

 − 0.000192**

( − 3.02)

( − 3.20)

( − 1.01)

( − 2.43)

Lagged LnVolLTC

 − 0.000587

 − 0.000107

0.000397

0.000179

( − 0.98)

( − 0.14)

(0.35)

(0.17)

L.LnVolXLM

0.00184**

0.000719

0.00145***

0.000602

(2.32)

(0.79)

(2.66)

(0.72)

Lagged LnVolXRP

 − 0.0000447

0.000877

 − 0.00207

0.000530

( − 0.15)

(0.82)

( − 1.40)

(0.71)

Lagged LnPV_ETH

 − 0.00642**

 − 0.00722**

 − 0.00607

 − 0.00744***

( − 2.25)

( − 2.41)

( − 1.19)

( − 2.74)

Lagged LnMSCI_World

 − 0.285**

 − 0.258**

 − 0.0522

 − 0.242**

( − 2.41)

( − 2.16)

( − 0.46)

( − 2.33)

Lagged LnSP_500

0.284**

0.278**

0.0892

0.266**

(2.33)

(2.16)

(0.84)

(2.38)

Lagged LnLBMA_Gold

0.0811***

0.0607***

0.0269

0.0571***

(2.84)

(2.75)

(1.17)

(2.64)

Lagged LnGEPU

0.0146**

0.0134**

0.0125**

0.0117**

(2.54)

(2.51)

(2.41)

(2.09)

Lagged LnElePrice

0.254**

0.212**

0.178**

0.206**

(2.61)

(2.30)

(2.47)

(2.31)

_cons

 − 0.184

 − 0.300

 − 0.336

 − 0.363

( − 0.56)

( − 0.81)

( − 0.98)

( − 0.96)

R-squared

0.987

0.985

0.984

0.986

Adjusted R-squared

0.985

0.983

0.982

0.984

Observations

99

99

99

99