Asymmetric Risk Spillover Networks and Risk Contagion Driver in Chinese Financial Markets: The Perspective of Economic Policy Uncertainty

Figure 1

Cross-sectoral risk spillover networks. In the risk spillover networks constructed in this paper, the risk absorption effect mainly refers to how many arrows point to the node, the more arrows pointing to the node, the more cross-sectoral risk contagion sources of the node, the thicker the pointing arrows, the stronger the risk spillover effect. The risk sending effect mainly refers to how many arrows point to other nodes at the node, and the more arrows point from the node, the more sectors are affected by the risk spillover from the node, and the thicker the pointing arrow, the stronger the risk spillover effect. (a) The upper triangular network of risk spillover, (b) The lower triangular network of risk spillover.

(a)

(b)