Table 3: Rankings of global financial market major indexes on average significant causality.

RankIndexPCAGM

1OIL10.5239
2OIL20.4690
3MEX0.4112
4TUR0.3949
5AUS0.3837
6RUS0.3798
7DEU0.3793
8SWE10.3735
9USA10.3733
10HGK0.3732
11GOL0.3709
12AUT0.3574
13USA30.3412
14USA40.3403
15IND10.3231
16SWE20.3060
17IDN0.3054
18SGP0.3051
19GBR0.3048
20CHN0.2933
21CHE0.2915
22KOR0.2879
23CHL0.2785
24ARG0.2706
25USA20.2697
26FRA0.2600
27USA70.2555
28IND20.2546
29BRA0.2415
30BEL0.2362
31USA50.2268
32USA60.2210
33ESP20.2197
34ISR0.2143
35NLD0.2132
36MYS0.2116
37CAN0.2060
38NOR0.2026
39TWN0.1873
40NZL0.1858
41DNK0.1812
42ESP10.1759
43ITA0.1237
44JPN0.1107

The ranking is based on the average percentage of significant causality relations as a result of the Granger causality tests at level. For each of the indexes, we rank the average amount of significant causal relations. The arithmetic average is computed across different series of an index and all the outputs in the 30-day test window. PCAGM refers to the probability and capability of affecting global market of a certain financial index.