Financial Innovation

Table 6 Statistics to the results of Formula 2

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

Regions	Short-term Bond	Short-term Bond	Short-term Bond	Short-term Bond	Short-term Bond* Crisis Dummy	Short-term Bond* Crisis Dummy	Short-term Bond* Crisis Dummy	Short-term Bond* Crisis Dummy
Regions	Mean	Median	Standard Error	Negative Coefficient	Mean	Median	Standard Error	Negative Coefficient
Developed America	−0.31	−0.31	0.51	50%	−2.27	−2.27	0.18	100%
Developed Europe	0.35	0.16	0.85	38%	−2.00	−1.81	1.33	94%
Developed Asia	0.16	0.06	0.36	40%	−1.32	−1.10	1.14	100%
Emerging America	0.90	0.35	1.43	25%	−0.78	−0.35	1.27	75%
Emerging Europe	0.49	0.54	0.36	20%	−0.92	−0.97	1.85	60%
Emerging Asia	−1.00	−0.07	2.65	71%	1.26	0.06	3.13	29%
Developed Market	0.25	0.05	0.75	39%	−1.87	−1.89	1.24	96%
Emerging Markets	−0.06	0.20	2.00	44%	0.07	−0.06	2.52	50%
All	0.12	0.06	1.39	41%	−1.08	−0.98	2.08	77%
Regions	Long-Term Bond	Long-Term Bond	Long-Term Bond	Long-Term Bond	Long-Term Bond* Crisis Dummy	Long-Term Bond* Crisis Dummy	Long-Term Bond* Crisis Dummy	Long-Term Bond* Crisis Dummy
Regions	Mean	Median	Standard Error	Negative Coefficient	Mean	Median	Standard Error	Negative Coefficient
Developed America	−0.05	−0.05	0.04	100%	−0.02	−0.02	0.03	100%
Developed Europe	−0.24	−0.20	0.25	81%	0.18	0.17	0.28	19%
Developed Asia	−0.14	−0.11	0.26	60%	0.23	−0.03	0.65	60%
Emerging America	0.13	0.10	0.12	0%	−0.14	−0.20	0.23	75%
Emerging Europe	0.04	0.01	0.13	40%	0.02	0.00	0.20	40%
Emerging Asia	0.06	0.02	0.42	29%	−0.27	−0.09	0.46	71%
Developed Market	−0.20	−0.18	0.25	78%	0.18	0.13	0.37	35%
Emerging Markets	0.07	0.04	0.28	25%	−0.15	−0.10	0.35	63%
All	−0.09	−0.08	0.29	56%	0.04	0.05	0.39	46%

* refers to the multiple symbol between two explanatory variables, i.e. the item with * inside is an interaction term

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