“…Among the big and economically dominant states, CA and New York receive shocks from only three states. Studies show that big and economically powerful entities, given their dominant nature, are more immune to shock spillovers than their smaller counterparts (Yamamoto, 2014; Sugimoto et al , 2014). Our findings also show that California, which is one of the largest economies in the world, is immune from the fourth level value shock (crisis) except Texas, also another large state in the US.…”