**2. Literature review**

In the literature, the real business cycle in the world has been analysed within the framework of world trade and world output. However, financial flows in the world economy have brought up the question of whether the global financial cycle is suitable for this, as well as analyses based on this real business cycle. In this regard, studies have begun to take into account the relationship between commodity prices, asset prices and financial risk indicators. In these studies, not only the real business cycle, but also the financial cycle and financial risk channels in this context were revealed. Thus, the sensitivity of the financial cycle to the relationship between commodity, asset and risk indicators is shown [11, 12]. In this study, the relations developed based on the aforementioned literature were analysed on a country basis within the framework of the asymmetric connectedness approach.

Various empirical publications have contributed to the investigation of global financial variable connectedness. Chatziantoniou et al. [13] apply the TVP-VAR Connectedness Approach to study interlinkages within a network of six major crude oil benchmarks<sup>1</sup> . Their study [13] found that the crude oil market exhibits a relatively high degree of co-movement with overall dynamic connectedness staying persistently above the 50% mark from May 14th, 1996, to December 3rd, 2020. Li et al. [14] use a time-varying connectedness approach to investigate the dynamics of return connectedness among crude oil, gold, and corn and stock, bond, and currency in China and the US. They find that, the total return of connectedness of the US commodity and financial assets are more robust than that of China and that both increased rapidly following the outbreak of the Covid-19 pandemic.

Yoon et al. [15] use the connectedness approach to investigate net return spillover between financial markets of stock, currency, and bond with oil and gold in the Asia Pacific Belt. Their research finds that the US stock market is the most critical contributor to the return spillover shock of the major stock markets in the Asia Pacific Belt, effectively reinforcing the importance of the US stock market. Adekoya and Oliyede [16] use TVP-VAR and causality-in-quantiles to investigate how the COVID-19 pandemic drives the spillover connectedness among US Dollar exchange rate, crude oil, gold, S&P 500, and Bitcoin. They find evidence of solid volatility across these markets

<sup>1</sup> Six major crude oil benchmarks are Brent, WTI, Dubai crude, Bonny Light, Tapis and OPEC basket reference.

and that gold, and the USD dollar are net receivers of shocks, while others are net transmitters. Many other empirical studies exist on the connectedness of commodities and financial markets. Among others, an interested researcher can also refer to [17– 19]. For this brief chapter, we could not cover most empirical studies.
