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Table 1 Possible interdependences between the stock and the government bond markets

From: Interdependence between the stock market and the bond market in one country: evidence from the subprime crisis and the European debt crisis

Returns Change Short-term (1-3 year) government bond Long-term (7-10 year) government bond
Negative Correlation & Negative Changing Direction Positive Correlation & Positive Changing Direction Negative Correlation & Negative Changing Direction Positive Correlation & Positive Changing Direction
Stock Market Downside Flight to Quality (FTQ) Negative Spillover (NS) Flight to Quality (FTQ) Negative Spillover (NS)
Upside Flight from Quality (FFQ) Positive Spillover (PS) Flight from Quality (FFQ) Positive Spillover (PS)