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

Table 1

Descriptive statistics of variables.

	Bank	Securities	Insurance	Estate	Diversified finance
Mean	0.0098	0.0048	−0.0003	0.0089	0.0105
Median	−0.0172	−0.0188	0.0183	0.0228	−0.0090
Maximum	4.1478	4.1394	4.1469	4.0845	4.1455
Minimum	−4.5626	−4.5761	−4.5764	−4.2359	−4.5758
Std. dev.	0.7969	1.1528	1.0248	0.9198	0.9884
Skewness	0.0194	−0.0378	−0.5070	−0.4888	−0.0063
Kurtosis	7.8855	5.6911	6.1296	5.7515	5.8542
Static correlation matrix
Bank	1.0000	0.7160	0.8101	0.6845	0.6420
Securities	0.7160	1.0000	0.7530	0.7503	0.7997
Insurance	0.8101	0.7530	1.0000	0.6699	0.6454
Estate	0.6845	0.7503	0.6699	1.0000	0.7555
Diversified finance	0.6420	0.7997	0.6454	0.7555	1.0000