Time-Frequency Volatility Spillover Between Supply Chain Tokens and Oil Market: The Role of Global Uncertainty Factors

This study examines the time-frequency volatility connectedness between supply chain tokens and crude oil. Utilizing an advanced static and dynamic wavelet-based, model-free connectedness methodology, we identify a time-varying pattern in the degree of interconnectedness, characterized by limited spillovers during normal and short-term periods and significant interdependence over the long term. Additionally, our analysis demonstrates that uncertainty factors impact spillovers across various frequencies. These results provide valuable insights for investors and policymakers concerning portfolio diversification and market stability.