Financial Innovation

Table 8 Statistics to the different interdependences

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

Countries	Two Crises		US Subprime Crisis		European Debt Crisis		Robustness Test
Countries	Short-term Bond	Long-Term Bond	Short-term Bond	Long-Term Bond	Short-term Bond	Long-Term Bond	Short-term Bond	Long-Term Bond
Argentina
Austria		FTQ		FTQ	NS	FTQ
Australia
Belgium	FTQ		FTQ^a				FTQ
Brazil		NS		NS^a				NS
Canada		FTQ		FTQ		FTQ	FTQ^a	FTQ
Switzerland	FTQ^a		FTQ^a		FTQ^a	FTQ	FTQ
Chile
China		FTQ		FTQ		FTQ		FTQ^a
Czech
Germany							FTQ^a
Denmark							FTQ^a
Spain
Finland
France						FTQ
Greece							FTQ	NS^a
Hungary	NS^a		NS^a			NS	NS^a
Indonesia								FTQ^a
Ireland							NS	FTQ^a
Israel	FTQ		FTQ		FTQ
India							NS	FTQ^a
Italy	FTQ	NS	FTQ^a	NS		NS^a	FTQ^a	NS^a
Japan		FTQ^a			NS	FTQ^a	NS
Korea	FTQ		FTQ			FTQ	FTQ	NS
Netherlands	FTQ^a		FTQ^a		FTQ^a	FTQ	FTQ^a
Norway	FTQ^a		FTQ		FTQ^a	NS	FTQ^a
New Zealand			NS				NS
Poland		NS		NS				NS^a
Portugal				FTQ				FTQ^a
Sweden							FTQ^a
Thailand								FTQ
Taiwan		NS^a		NS^a		NS^a	FTQ^a	NS^a
UK
US	FTQ^a	FTQ	FTQ^a		FTQ	FTQ	FTQ^a
Vietnam
South Africa				NS			NS	NS

‘FTQ’ stands for Flight to Quality while ‘NQ’ stands for Negative Spillover
^astands for significance in 10% confidential interval

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