Abstract
This paper uses a complex network method to study the liquidity changes and liquidity commonality effects of the Chinese stock market in the two crises of 2015 and 2020. Liquidity indicator and liquidity commonality indicator-the average weighted degree are calculated to revel the risk characteristic of the two crisis. By comparing the two crisis, main conclusions are obtained: Highly leveraged transactions and excess macro-liquidity may lead to the good liquidity condition and the stronger commonality effect in 2015; Besides, the average weighted degree better reflects the systemic risks in a way of revealing the liquidity risk faced by the system.
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