Dynamic Cross-Market Volatility Spillover Based on MSV Model: Evidence from Bitcoin, Gold, Crude Oil, and Stock Markets

Table 6

Granger causality result between gold and stock index.

Node	Mean	SD	MC error	2.50%	5.00%	10.00%	Median	97.50%	is it significant
	0.09419	0.04693	0.00181	0.02231	0.03025	0.04032	0.08754	0.204	Significant
	0.04243	0.03532	0.00115	−0.02026	−0.01088	−1.39E-04	0.03992	0.1196	Not significant
	0.1075	0.05273	0.00210	0.02767	0.03588	0.04673	0.1004	0.2316	Significant
	0.02677	0.03328	0.00095	−0.03251	−0.02359	−0.01318	0.02448	0.09864	Not significant
	0.1286	0.06646	0.00274	0.03335	0.04298	0.05513	0.1167	0.2915	Significant
	0.04202	0.03985	0.00142	−0.02514	−0.01551	−0.004593	0.03834	0.1302	Not significant
	0.03269	0.03447	0.00096	−0.03706	−0.02348	−0.009221	0.0326	0.1026	Not significant
	−0.02941	0.02648	0.00067	−0.08281	−0.0725	-0.06166	−0.02944	0.02366	Not significant
	0.09206	0.05971	0.00248	0.002851	0.01263	0.02488	0.08283	0.2343	Significant
	0.02522	0.03162	0.00124	−0.02382	−0.0173	−0.009797	0.02056	0.09874	Not significant
	0.1734	0.09629	0.00436	0.04157	0.05399	0.07054	0.1534	0.4118	Significant
	0.04525	0.04387	0.00163	−0.02623	−0.0163	−0.005077	0.03986	0.1469	Not significant
	0.2194	0.09351	0.00396	0.07583	0.09148	0.1126	0.2058	0.4397	Significant
	0.04403	0.04538	0.00163	−0.03077	−0.02058	−0.008529	0.0391	0.1466	Not significant