Research Article

Flights-to-and-from-Quality with Islamic and Conventional Bonds in the COVID-19 Pandemic Era: ICEEMDAN-Based Transfer Entropy

Figure 5

Transfer entropies between bonds and global equities at the frequency-domain level (IMFs 2, 4, and 6). (a) Renyi’s effective transfer entropy between BRIC and bonds at IMF2, (b) Renyi’s effective transfer entropy between DEVMI and bonds at IMF2, (c) Renyi’s effective transfer entropy between EMGMI and bonds at IMF2, (d) Renyi’s effective transfer entropy between EURMI and bonds at IMF2, (e) Renyi’s effective transfer entropy between GLOBALMI and bonds at IMF2, (f) Renyi’s effective transfer entropy between BRIC and bonds at IMF4, (g) Renyi’s effective transfer entropy between DEVMI and bonds at IMF4, (h) Renyi’s effective transfer entropy between EMGMI and bonds at IMF4, (i) Renyi’s effective transfer entropy between EURMI and bonds at IMF4, (j) Renyi’s effective transfer entropy between GLOBALMI and bonds at IMF4, (k) Renyi’s effective transfer entropy between BRIC and bonds at IMF6, (l) Renyi’s effective transfer entropy between DEVMI and bonds at IMF6, (m) Renyi’s effective transfer entropy between EMGMI and bonds IMF6, (n) Renyi’s effective transfer entropy between EURMI and bonds at IMF6, and (o) Renyi’s effective transfer entropy between GLOBALMI and bonds at IMF6.
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