Fig. 1: Dynamic overall spillovers of carbon, energy and metals markets.

In order to avoid extreme values from masking other period trends, we drew the plots with the monthly mean of dynamic total connectedness. The top panels “Overall spillovers” is the dynamic total spillover index of the DY model. “Short-term” and “Long-term” is the dynamic frequency connectedness on the band:3.14 to 0.14 and 0.14 to 0 of BK model, respectively.