Dynamic distances between stock markets: use of uncertainty indices measures

In this study we consider how to more accurately identify the possible impact of systemic risk on spatial dependence related most significant financial crises over last 17 years: Lehman Brothers bankruptcy, sub-prime mortgage crisis, European debt Brexit and COVID-19 pandemic which has also affected markets. We analyse two new dynamic distances applied stock markets based exogenous criteria known as World Uncertainty Index (WUI) our proposed Google Trends (GTUI). address feasibility benefits these compared an alternative criterion hours. Using distance obtain Moran’s I statistic, between losses 46