Research Article
Volatility Similarity and Spillover Effects in G20 Stock Market Comovements: An ICA-Based ARMA-APARCH-M Approach
Figure 9
The volatility spillovers from SSE Composite (China), MERVAL (Argentina), BSE Sensex (India), Jakarta Composite (Indonesia), TASI (Saudi Arabia), and ISE 100 (Turkey) to Nikkei 225 (Japan).