The evolution of foreign exchange market based on European sovereign debt crisis


  • Mansooreh Kazemi Lari
  • Maman Abdurachman Djauhari Department of Mathematics, Faculty of Science Universiti Teknologi Malaysia, 81310, UTM Johor Bahru, Malaysia





This study examined the network topology of international foreign exchange markets from 2009 to 2012 in terms of European sovereign debt crisis by using the minimum spanning tree (MST) approach. In the process, the time series evolution is analyzed in relation to the structure changes of MSTs during the crisis period. By deriving some notable changes in network feature, we compare their properties for two subdivided period of currency crisis.

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