Summary of the empirical results in the current study
| Frequency band | Time span | Partial co-movement | Wavelet gains coefficient | Partial causality |
|---|---|---|---|---|
| Panel A: Results between CNCI and CCPU | CEPU | ||||
| 1–4 months | 4Q-2018 to 1Q-2019 | Negative | Approximately 2.5 | CCPU→CNCI |
| 1–4 months | 2Q-2021 to 3Q-2021 | Negative | Approximately 2 | CCPU→CNCI |
| 8–20 months | 1Q-2019 to 2Q-2020 | Positive | Approximately 2.3 | CCPU→CNCI |
| Panel B: Results between CNCI and CFTI | CEPU | ||||
| 1–4 months | 2Q-2018 to 1Q-2019 | Negative | Approximately 1.2 | CFTI→CNCI |
| 4–8 months | 1Q-2018 to 2Q-2018 | Negative | Approximately 1 | CFTI→CNCI |
| 8–20 months | 1Q-2019 to 3Q-2020 | Positive | Approximately 2.2 | CFTI→CNCI |
| Frequency band | Time span | Partial | Wavelet gains coefficient | Partial causality |
|---|---|---|---|---|
| 1–4 months | 4Q-2018 to 1Q-2019 | Negative | Approximately 2.5 | CCPU→CNCI |
| 1–4 months | 2Q-2021 to 3Q-2021 | Negative | Approximately 2 | CCPU→CNCI |
| 8–20 months | 1Q-2019 to 2Q-2020 | Positive | Approximately 2.3 | CCPU→CNCI |
| 1–4 months | 2Q-2018 to 1Q-2019 | Negative | Approximately 1.2 | CFTI→CNCI |
| 4–8 months | 1Q-2018 to 2Q-2018 | Negative | Approximately 1 | CFTI→CNCI |
| 8–20 months | 1Q-2019 to 3Q-2020 | Positive | Approximately 2.2 | CFTI→CNCI |
Source(s): Table created by authors
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