{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,7,30]],"date-time":"2025-07-30T15:00:08Z","timestamp":1753887608004,"version":"3.41.2"},"reference-count":88,"publisher":"Wiley","issue":"1","license":[{"start":{"date-parts":[[2021,6,1]],"date-time":"2021-06-01T00:00:00Z","timestamp":1622505600000},"content-version":"vor","delay-in-days":151,"URL":"http:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100001809","name":"National Natural Science Foundation of China","doi-asserted-by":"publisher","award":["71903097"],"award-info":[{"award-number":["71903097"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100002338","name":"Ministry of Education of the People's Republic of China","doi-asserted-by":"publisher","award":["18YJC790226"],"award-info":[{"award-number":["18YJC790226"]}],"id":[{"id":"10.13039\/501100002338","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100004608","name":"Natural Science Foundation of Jiangsu Province","doi-asserted-by":"publisher","award":["BK20190767"],"award-info":[{"award-number":["BK20190767"]}],"id":[{"id":"10.13039\/501100004608","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":["onlinelibrary.wiley.com"],"crossmark-restriction":true},"short-container-title":["Complexity"],"published-print":{"date-parts":[[2021,1]]},"abstract":"<jats:p>Since the advent of Bitcoin, the cryptocurrency market has become an important financial market. However, due to the existence of the cryptocurrency bubble, investors face more difficulties in risk portfolios. We adopt wavelet packet decomposition, nonlinear Granger causality test, risk spillover network, and STVAR model; retain the mature research of multiscale systemic risk based on time and frequency; and thus extend systemic risk to different regimes. We found that when frequency is combined with regimes, the risk spillover center will undergo subversive changes in the long run. We also proposed that BTC will be more robust at extreme values (like longest and shortest periods), while cryptocurrencies with smaller market capitalization will be stronger in the medium term. At the same time, the recession period will also spur on it.<\/jats:p>","DOI":"10.1155\/2021\/5581843","type":"journal-article","created":{"date-parts":[[2021,6,1]],"date-time":"2021-06-01T22:05:19Z","timestamp":1622585119000},"update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":3,"title":["Multiscale Systemic Risk and Its Spillover Effects in the Cryptocurrency Market"],"prefix":"10.1155","volume":"2021","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-0155-5732","authenticated-orcid":false,"given":"Xu","family":"Zhang","sequence":"first","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-7274-3060","authenticated-orcid":false,"given":"Zhijing","family":"Ding","sequence":"additional","affiliation":[]}],"member":"311","published-online":{"date-parts":[[2021,6]]},"reference":[{"key":"e_1_2_9_1_2","unstructured":"NakamotoS. Bitcoin: a peer-to-peer electronic cash system 2008 https:\/\/bitcoin.org\/bitcoin.pdf."},{"key":"e_1_2_9_2_2","doi-asserted-by":"publisher","DOI":"10.1080\/10864415.2016.1061413"},{"key":"e_1_2_9_3_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.qref.2020.03.004"},{"key":"e_1_2_9_4_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfs.2014.07.002"},{"key":"e_1_2_9_5_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.dss.2016.12.001"},{"key":"e_1_2_9_6_2","doi-asserted-by":"publisher","DOI":"10.1080\/00036846.2017.1299102"},{"key":"e_1_2_9_7_2","doi-asserted-by":"publisher","DOI":"10.1057\/jam.2015.5"},{"key":"e_1_2_9_8_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.frl.2015.10.008"},{"key":"e_1_2_9_9_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.irfa.2018.07.010"},{"key":"e_1_2_9_10_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.ribaf.2020.101254"},{"key":"e_1_2_9_11_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.irfa.2016.02.008"},{"key":"e_1_2_9_12_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2015.02.029"},{"key":"e_1_2_9_13_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jebo.2020.05.005"},{"key":"e_1_2_9_14_2","doi-asserted-by":"publisher","DOI":"10.1080\/1540496X.2020.1787150"},{"key":"e_1_2_9_15_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.frl.2020.101607"},{"key":"e_1_2_9_16_2","doi-asserted-by":"publisher","DOI":"10.1108\/SEF-09-2020-0385"},{"key":"e_1_2_9_17_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.ribaf.2021.101389"},{"key":"e_1_2_9_18_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.physa.2019.04.124"},{"key":"e_1_2_9_19_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.frl.2020.101668"},{"key":"e_1_2_9_20_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.qref.2019.09.011"},{"key":"e_1_2_9_21_2","doi-asserted-by":"publisher","DOI":"10.3923\/ijaef.2007.113.119"},{"key":"e_1_2_9_22_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.irfa.2005.02.004"},{"key":"e_1_2_9_23_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.irfa.2018.03.004"},{"key":"e_1_2_9_24_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.frl.2018.12.010"},{"key":"e_1_2_9_25_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2019.108741"},{"key":"e_1_2_9_26_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.frl.2020.101879"},{"key":"e_1_2_9_27_2","doi-asserted-by":"publisher","DOI":"10.1007\/s00181-014-0911-x"},{"key":"e_1_2_9_28_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.irfa.2018.08.012"},{"key":"e_1_2_9_29_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.ribaf.2019.01.001"},{"key":"e_1_2_9_30_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.ribaf.2019.101116"},{"key":"e_1_2_9_31_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.eneco.2018.07.007"},{"key":"e_1_2_9_32_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.eneco.2018.01.035"},{"key":"e_1_2_9_33_2","doi-asserted-by":"publisher","DOI":"10.2139\/ssrn.2492883"},{"key":"e_1_2_9_34_2","doi-asserted-by":"publisher","DOI":"10.1080\/00036846.2018.1466993"},{"volume-title":"Challenges in Identifying and Measuring Systemic Risk","year":"2014","author":"Hansen L. P.","key":"e_1_2_9_35_2"},{"key":"e_1_2_9_36_2","doi-asserted-by":"publisher","DOI":"10.5089\/9781484338605.001"},{"key":"e_1_2_9_37_2","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhw088"},{"volume-title":"Measuring Systemic Risk in Financial Institutions: a Factor-Copula Framework","year":"2017","author":"Reichert F.","key":"e_1_2_9_38_2"},{"key":"e_1_2_9_39_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.insmatheco.2012.01.001"},{"key":"e_1_2_9_40_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.frl.2019.04.018"},{"key":"e_1_2_9_41_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.physa.2020.124759"},{"key":"e_1_2_9_42_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.frl.2019.05.006"},{"key":"e_1_2_9_43_2","doi-asserted-by":"publisher","DOI":"10.3934\/QFE.2020026"},{"key":"e_1_2_9_44_2","unstructured":"CifterA.andOzunA. Multiscale systematic risk: an application on ISE-30 2007."},{"key":"e_1_2_9_45_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jimonfin.2004.10.003"},{"key":"e_1_2_9_46_2","doi-asserted-by":"publisher","DOI":"10.1093\/biomet\/82.3.619"},{"key":"e_1_2_9_47_2","doi-asserted-by":"publisher","DOI":"10.1017\/S1365100598006038"},{"key":"e_1_2_9_48_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.intfin.2021.101302"},{"key":"e_1_2_9_49_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2018.11.005"},{"key":"e_1_2_9_50_2","doi-asserted-by":"publisher","DOI":"10.1080\/0266476032000053682"},{"key":"e_1_2_9_51_2","doi-asserted-by":"publisher","DOI":"10.1080\/1350485042000203850"},{"key":"e_1_2_9_52_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.frl.2020.101534"},{"key":"e_1_2_9_53_2","article-title":"Smooth transition autoregressive models: a study of the industrial production index of Sweden","author":"Zhou J.","year":"2010","journal-title":"M. Sc thesis"},{"key":"e_1_2_9_54_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.ijforecast.2005.04.010"},{"key":"e_1_2_9_55_2","article-title":"ESTAR model with multiple fixed points","author":"Venetis I. A.","year":"2009","journal-title":"Testing and Estimation"},{"key":"e_1_2_9_56_2","unstructured":"DasM. KunduS. andSarkarN. Mean and volatility spillovers between REIT and stocks returns A STVAR-BTGARCH-M model MPRA Paper 2019."},{"key":"e_1_2_9_57_2","doi-asserted-by":"publisher","DOI":"10.1016\/S0925-2312(01)00648-8"},{"key":"e_1_2_9_58_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.chaos.2004.11.015"},{"key":"e_1_2_9_59_2","doi-asserted-by":"publisher","DOI":"10.1016\/S1388-2481(01)00220-X"},{"key":"e_1_2_9_60_2","first-page":"639","article-title":"Electricity price forecasting in Ontario electricity market using wavelet transform in artificial neural network based model","volume":"6","author":"Aggarwal S.","year":"2008","journal-title":"International Journal of Control Automation and Systems"},{"key":"e_1_2_9_61_2","doi-asserted-by":"publisher","DOI":"10.2202\/1558-3708.1090"},{"key":"e_1_2_9_62_2","doi-asserted-by":"publisher","DOI":"10.1155\/2014\/538594"},{"key":"e_1_2_9_63_2","doi-asserted-by":"publisher","DOI":"10.1155\/2020\/1846926"},{"key":"e_1_2_9_64_2","doi-asserted-by":"publisher","DOI":"10.3390\/s20174965"},{"key":"e_1_2_9_65_2","doi-asserted-by":"publisher","DOI":"10.1007\/s10443-020-09823-5"},{"key":"e_1_2_9_66_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbef.2020.100404"},{"key":"e_1_2_9_67_2","first-page":"3","article-title":"Pathways to randomness in the economy: emergent nonlinearity and chaos in economics and finance","volume":"8","author":"Brock W. A.","year":"1993","journal-title":"Estudios Econ\u00f3micos"},{"key":"e_1_2_9_68_2","doi-asserted-by":"publisher","DOI":"10.1080\/07474939608800353"},{"key":"e_1_2_9_69_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2005.08.008"},{"key":"e_1_2_9_70_2","doi-asserted-by":"publisher","DOI":"10.1108\/IJMF-06-2017-0107"},{"key":"e_1_2_9_71_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.ribaf.2019.03.003"},{"key":"e_1_2_9_72_2","doi-asserted-by":"publisher","DOI":"10.1002\/jae.2495"},{"key":"e_1_2_9_73_2","doi-asserted-by":"publisher","DOI":"10.3934\/QFE.2018.4.798"},{"key":"e_1_2_9_74_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2014.04.012"},{"key":"e_1_2_9_75_2","doi-asserted-by":"publisher","DOI":"10.2307\/1912017"},{"key":"e_1_2_9_76_2","doi-asserted-by":"publisher","DOI":"10.1080\/01621459.1994.10476462"},{"key":"e_1_2_9_77_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2016.12.002"},{"key":"e_1_2_9_78_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.intfin.2017.11.001"},{"key":"e_1_2_9_79_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.najef.2020.101277"},{"key":"e_1_2_9_80_2","doi-asserted-by":"publisher","DOI":"10.5700\/rausp1143"},{"key":"e_1_2_9_81_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.frl.2017.02.009"},{"key":"e_1_2_9_82_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.najef.2020.101354"},{"key":"e_1_2_9_83_2","doi-asserted-by":"publisher","DOI":"10.1080\/01621459.1960.10482067"},{"key":"e_1_2_9_84_2","doi-asserted-by":"publisher","DOI":"10.2307\/2951764"},{"key":"e_1_2_9_85_2","doi-asserted-by":"publisher","DOI":"10.1002\/jae.659"},{"key":"e_1_2_9_86_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.econmod.2020.11.013"},{"key":"e_1_2_9_87_2","article-title":"Financial time series forecasting using improved wavelet neural network","author":"Tan C.","year":"2009","journal-title":"Master of Computer Science Faculty of Science"},{"key":"e_1_2_9_88_2","doi-asserted-by":"publisher","DOI":"10.2307\/2951764"}],"container-title":["Complexity"],"original-title":[],"language":"en","link":[{"URL":"http:\/\/downloads.hindawi.com\/journals\/complexity\/2021\/5581843.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"http:\/\/downloads.hindawi.com\/journals\/complexity\/2021\/5581843.xml","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/pdf\/10.1155\/2021\/5581843","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,8,9]],"date-time":"2024-08-09T23:27:35Z","timestamp":1723246055000},"score":1,"resource":{"primary":{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/10.1155\/2021\/5581843"}},"subtitle":[],"editor":[{"given":"Ning","family":"Cai","sequence":"additional","affiliation":[]}],"short-title":[],"issued":{"date-parts":[[2021,1]]},"references-count":88,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2021,1]]}},"alternative-id":["10.1155\/2021\/5581843"],"URL":"https:\/\/doi.org\/10.1155\/2021\/5581843","archive":["Portico"],"relation":{},"ISSN":["1076-2787","1099-0526"],"issn-type":[{"type":"print","value":"1076-2787"},{"type":"electronic","value":"1099-0526"}],"subject":[],"published":{"date-parts":[[2021,1]]},"assertion":[{"value":"2021-02-16","order":0,"name":"received","label":"Received","group":{"name":"publication_history","label":"Publication History"}},{"value":"2021-05-20","order":2,"name":"accepted","label":"Accepted","group":{"name":"publication_history","label":"Publication History"}},{"value":"2021-06-01","order":3,"name":"published","label":"Published","group":{"name":"publication_history","label":"Publication History"}}],"article-number":"5581843"}}