Ripple-Spreading Network of China’s Systemic Financial Risk Contagion: New Evidence from the Regime-Switching Model

Figure 4

Heat maps for the dynamic ripple-spreading process under low systemic risk regimes. Due to space constraints, only some of the English abbreviations of financial institutions are shown, and their order from top to bottom and from left to right is consistent with Table 1. (a) Current time: t = 20, links: 3; (b) current time: t = 24, links: 17; (c) current time: t = 28, links: 32; (d) current time: t = 32, links: 74; (e) current time: t = 36, links: 227; (f) current time: t = 40, links: 487; (g) current time: t = 44, links: 752; (h) current time: t = 48, links: 953; (i) current time: t = 52, links: 1144; (j) current time: t = 56, links: 1342; (k) current time: t = 60, links: 1532; (l) current time: t = 64, links: 1733.

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