Table 4 Conditional correlations and deciles
From: Extreme dependencies and spillovers between gold and stock markets: evidence from MENA countries
Decile Equity Returns | Conditional correlations with gold | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
UAE | Bahrain | Lebanon | Qatar | Egypt | Jordan | Kuwait | Morocco | Oman | Saudi | |
Arabia | ||||||||||
Lowest | − 0.024 (0.017) | 0.016 (0.015) | − 0.027 (0.015) | 0.016 (0.021) | − 0.002 (0.016) | − 0.022 (0.019) | 0.012 (0.019) | 0.188 (0.025) | 0.014 (0.023) | − 0.018 (0.015) |
2nd | − 0.024 (0.016) | 0.013 (0.012) | − 0.03 (0.015) | 0.01 (0.016) | − 0.002 (0.016) | − 0.024 (0.016) | 0.014 (0.021) | 0.186 (0.024) | 0.011 (0.022) | − 0.016 (0.015) |
3rd | − 0.023 (0.014) | 0.012 (0.014) | − 0.03 (0.016) | 0.011 (0.016) | − 0.001 (0.017) | − 0.026 (0.017) | 0.013 (0.02) | 0.186 (0.022) | 0.01 (0.022) | − 0.016 (0.015) |
4th | − 0.022 (0.015) | 0.012 (0.013) | − 0.03 (0.015) | 0.01 (0.015) | − 0.001 (0.014) | − 0.029 (0.015) | 0.002 (0.016) | 0.184 (0.023) | 0.014 (0.02) | − 0.015 (0.013) |
5th | − 0.027 (0.015) | 0.015 (0.016) | − 0.031 (0.014) | 0.018 (0.018) | 0.005 (0.016) | − 0.015 (0.019) | 0.003 (0.023) | 0.186 (0.022) | 0.016 (0.018) | − 0.013 (0.018) |
6th | − 0.022 (0.018) | 0.014 (0.013) | − 0.031 (0.015) | 0.009 (0.017) | − 0.01 (0.015) | − 0.031 (0.015) | 0.013 (0.016) | 0.185 (0.02) | − 0.002 (0.018) | − 0.019 (0.013) |
7th | − 0.021 (0.015) | 0.011 (0.01) | − 0.031 (0.014) | 0.015 (0.015) | − 0.002 (0.016) | − 0.025 (0.016) | 0.019 (0.021) | 0.184 (0.023) | 0.016 (0.023) | − 0.019 (0.015) |
8th | − 0.023 (0.015) | 0.012 (0.012) | − 0.031 (0.015) | 0.013 (0.017) | − 0.001 (0.018) | − 0.025 (0.017) | 0.012 (0.021) | 0.184 (0.022) | 0.011 (0.021) | − 0.016 (0.015) |
9th | − 0.024 (0.016) | 0.013 (0.013) | − 0.031 (0.016) | 0.011 (0.016) | − 0.002 (0.018) | − 0.026 (0.016) | 0.011 (0.021) | 0.184 (0.022) | 0.008 (0.019) | − 0.015 (0.016) |
Highest | − 0.024 (0.016) | 0.014 (0.013) | − 0.027 (0.015) | 0.011 (0.019) | − 0.001 (0.017) | − 0.024 (0.019) | 0.01 (0.021) | 0.185 (0.023) | 0.014 (0.021) | − 0.016 (0.015) |