Figure 4: Multiscale network connectedness. Notes: (1) the size of nodes and nodes’ names and colors all indicate total risk spillover to others, with the risk spillover effect from high to low as red (C90407 ∼ DB2104), yellow (FAF616), green (81F505), and blue (47E1F5). (2) The obvious directional red line marks the high value of the pairwise connectedness among the indexes, that is, the high-correlated stock markets, which appears mostly between markets within country, and cross-country but within continents. (a) Low frequency (D1 ∼ D2). (b) Moderate frequency (D3 ∼ D6). (c) High frequency (D7 ∼ D8).