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

Table 7

Granger causality result between oil and stock index.

Node	Mean	SD	MC error	2.50%	5.00%	10.00%	Median	97.50%	is it significant
	0.2311	0.1148	0.00527	0.07038	0.08623	0.106	0.208	0.5111	Significant
	0.06949	0.04401	0.00160	−0.002345	0.006382	0.0174	0.06467	0.1691	Subsignificant
	0.3681	0.1406	0.00612	0.1179	0.1464	0.1864	0.3638	0.6645	Significant
	0.1216	0.07619	0.00327	0.004598	0.01845	0.03468	0.1107	0.3041	Significant
	0.1664	0.08967	0.00404	0.04858	0.06113	0.07583	0.1467	0.4111	Significant
	0.05074	0.03531	0.00125	−0.006018	0.001438	0.01032	0.04664	0.1334	Subsignificant
	0.03292	0.02493	0.00071	−0.01775	−0.007994	0.001954	0.03312	0.08241	Not significant
	−0.01133	0.01926	0.00048	−0.0499	−0.04269	−0.03493	−0.01147	0.02766	Not significant
	0.08945	0.09993	0.00467	-0.03178	-0.01846	−0.001841	0.06752	0.3702	Not significant
	0.1762	0.09136	0.00414	0.03627	0.04927	0.06766	0.165	0.3844	Significant
	0.5833	0.2177	0.01000	0.1867	0.2401	0.3059	0.5752	1.035	Significant
	0.08572	0.07122	0.00305	-0.01649	−0.007184	0.005536	0.07334	0.2571	Not significant
	0.489	0.2033	0.00946	0.1199	0.1687	0.228	0.4818	0.9241	Significant
	0.1819	0.1261	0.00663	0.02189	0.03725	0.05604	0.1508	0.5201	Significant