Research Article

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

Table 2

Rényian transfer entropies between bonds and global equities.

CompositeIMF.1IMF.2IMF.3IMF.4IMF.5IMF.6Residual
eteseeteseeteseeteseeteseeteseeteseetese

BRIC
BRIC->Canada−0.0800.091−0.1740.073−0.1840.073−0.2150.067−0.0680.068−0.0640.057−0.0500.068−0.1450.041
Canada->BRIC−0.2210.095−0.1500.0790.0260.077−0.0660.061−0.1120.0600.0270.0620.0130.065−0.1440.039
BRIC->India0.1260.096−0.0840.075−0.0100.0730.0130.065−0.0170.065−0.0400.055−0.0230.069−0.1450.039
India->BRIC−0.0140.1070.0250.076−0.0250.075−0.0780.079−0.0430.061−0.1070.058−0.0600.054−0.1430.040
BRIC->Indonesia−0.0590.101−0.0860.072−0.1100.081−0.1320.065−0.1590.059−0.1040.057−0.0400.072−0.1460.043
Indonesia->BRIC0.0640.0980.0150.075−0.0990.0700.0960.0700.0760.058−0.0450.065−0.0630.055−0.1510.039
BRIC->Italy−0.1040.101−0.1780.075−0.1560.077−0.0610.068−0.0990.0660.0160.064−0.0600.066−0.1190.043
Italy->BRIC−0.1810.088−0.1130.0820.0670.084−0.0400.0700.0520.060−0.1550.0830.1750.057−0.0780.078
BRIC->Malaysia0.0090.096−0.0300.077−0.1110.082−0.0660.068−0.1500.070−0.0620.055−0.0650.070−0.0170.041
Malaysia->BRIC0.1440.102−0.1470.081−0.0610.075−0.0290.0620.0350.062−0.1340.054−0.0710.071−0.0180.064
BRIC->Pakistan0.1020.0970.0430.067−0.1110.077−0.0730.073−0.1540.0580.0080.057−0.0560.069−0.1460.038
Pakistan->BRIC−0.1420.105−0.1190.074−0.0340.079−0.0020.0720.0370.061−0.1260.0590.0250.064−0.1480.041
BRIC->Qatar0.0670.1000.0040.0710.0200.0670.0340.070−0.2450.058−0.0620.057−0.0110.066−0.1210.043
Qatar->BRIC−0.1010.103−0.1160.073−0.1220.072−0.2000.0660.0050.057−0.0200.0710.0270.073−0.0850.079
BRIC->UK0.0550.096−0.0610.071−0.0140.080−0.1680.066−0.1260.065−0.0870.054−0.0780.070−0.0780.042
UK->BRIC−0.0160.1000.0300.0780.0410.0840.0270.060−0.0080.064−0.0580.053−0.0310.057−0.0490.077
BRIC->USA0.1220.096−0.0580.067−0.1530.079−0.0690.0650.0090.0620.0090.054−0.0640.069−0.1440.041
USA->BRIC−0.1390.102−0.1610.073−0.0590.0760.0300.062−0.1330.058−0.1200.063−0.0710.069−0.1470.042

Developed markets index
DEVMI->Canada−0.1520.085−0.0970.073−0.1790.070−0.2100.066−0.1400.060−0.1510.061−0.0570.068−0.1460.037
Canada->DEVMI−0.1930.087−0.1660.0730.0110.068−0.1460.062−0.0500.054−0.0790.0580.0040.065−0.1470.040
DEVMI->India0.0220.091−0.0130.072−0.1620.070−0.1440.060−0.0530.055−0.0350.058−0.0700.073−0.1470.041
India->DEVMI−0.0070.088−0.1870.073−0.0750.0650.0250.066−0.0060.058−0.1530.060−0.0110.052−0.1480.040
DEVMI->Indonesia−0.0570.093−0.1880.071−0.0850.077−0.2190.061−0.1960.0580.0290.050−0.0150.068−0.1450.037
Indonesia->DEVMI0.0170.080−0.1350.0690.0780.073−0.0480.063−0.1800.058−0.0720.071−0.0500.052−0.1510.041
DEVMI->Italy−0.0850.0850.1240.083−0.1650.068−0.2600.066−0.2170.055−0.0280.057−0.0190.069−0.1290.043
Italy->DEVMI−0.1900.0910.0040.068−0.0890.074−0.1930.064−0.0140.054−0.1240.083−0.1110.059−0.0860.079
DEVMI->Malaysia−0.0150.095−0.1190.073−0.0450.075−0.1010.061−0.1050.061−0.0050.057−0.0670.072−0.0220.043
Malaysia->DEVMI0.0010.091−0.1940.0720.1140.072−0.0960.060−0.0580.056−0.1260.066−0.0580.070−0.0100.069
DEVMI->Pakistan−0.0900.0930.1170.074−0.0320.071−0.2480.063−0.2280.051−0.0040.0520.0300.065−0.1470.040
Pakistan->DEVMI−0.1630.102−0.0560.0690.0560.066−0.1620.0650.0180.059−0.0940.060−0.0730.073−0.1510.039
DEVMI->Qatar0.0180.086−0.2060.068−0.0700.061−0.1140.059−0.1550.0610.0140.0600.0040.070−0.1220.039
Qatar->DEVMI−0.0790.084−0.2080.065−0.1900.071−0.2030.063−0.0920.056−0.1480.073−0.0450.067−0.0830.077
DEVMI->UK−0.0800.090−0.0430.078−0.1820.080−0.1040.057−0.0250.064−0.0430.050−0.0500.074−0.0850.041
UK->DEVMI−0.1440.0900.0180.074−0.0160.068−0.0460.056−0.0290.063−0.0320.062−0.0570.062−0.0490.080
DEVMI->USA−0.0670.091−0.1230.067−0.1140.0770.0140.066−0.1130.063−0.0710.054−0.0630.068−0.1480.038
USA->DEVMI−0.1770.090−0.1340.0690.1600.0680.0010.0600.0120.056−0.0550.061−0.0640.067−0.1480.039

Emerging markets index
EMGMI->Canada0.0620.092−0.1760.068−0.1030.072−0.1210.060−0.1630.068−0.1270.069−0.0090.069−0.1470.039
Canada->EMGMI−0.1000.096−0.1830.0810.0610.073−0.1840.0590.0400.060−0.0340.052−0.0260.066−0.1450.041
EMGMI->India0.1260.093−0.0670.068−0.0270.0680.0150.062−0.0620.069−0.0500.071−0.0290.066−0.1410.040
India->EMGMI−0.0200.0900.0090.0700.0450.0680.0200.0700.0080.063−0.0520.051−0.0610.049−0.1470.037
EMGMI->Indonesia0.0070.093−0.0670.075−0.0250.073−0.1490.065−0.2240.066−0.1070.068−0.0420.065−0.1500.037
Indonesia->EMGMI−0.0290.0940.0100.079−0.0200.0730.0160.071−0.0410.058−0.0340.067−0.0600.053−0.1460.038
EMGMI->Italy−0.0700.094−0.0970.077−0.1290.080−0.2470.063−0.1730.060−0.0260.068−0.0400.066−0.1200.044
Italy->EMGMI0.0770.090−0.0410.077−0.0870.080−0.1940.0690.0750.057−0.0200.078−0.0220.062−0.0850.079
EMGMI->Malaysia0.1260.100−0.0560.077−0.1170.074−0.0170.060−0.1350.062−0.0770.068−0.0600.065−0.0160.039
Malaysia->EMGMI0.0940.091−0.1170.080−0.0680.078−0.1480.062−0.0840.057−0.0240.058−0.0650.072−0.0120.064
EMGMI->Pakistan0.0160.0900.0480.063−0.0660.073−0.2290.070−0.2060.060−0.0720.069−0.0940.063−0.1470.040
Pakistan->EMGMI−0.0980.097−0.1400.083−0.0240.077−0.1410.067−0.0880.060−0.0220.060−0.0180.067−0.1440.039
EMGMI->Qatar−0.0700.093−0.0480.0720.0340.070−0.0930.066−0.0760.057−0.0630.073−0.0180.069−0.1210.041
Qatar->EMGMI−0.1200.093−0.1340.079−0.1320.079−0.2100.061−0.0670.061−0.0610.070−0.0190.069−0.0790.078
EMGMI->UK0.0230.092−0.0580.077−0.0760.076−0.1400.061−0.1260.065−0.0490.076−0.0520.072−0.0860.039
UK->EMGMI−0.0360.0980.1430.0800.0220.078−0.1110.064−0.0180.062−0.0720.057−0.0690.056−0.0480.080
EMGMI->USA0.0270.093−0.1740.069−0.1120.0790.0200.058−0.0740.063−0.0710.071−0.0220.061−0.1440.041
USA->EMGMI−0.1020.092−0.0370.072−0.0610.075−0.1500.060−0.1170.059−0.0050.060−0.0450.069−0.1440.040

Europe markets index
EURMI->Canada−0.0210.097−0.0600.069−0.0790.071−0.1300.062−0.0650.060−0.0880.074−0.0700.065−0.0800.079
Canada->EURMI−0.0850.104−0.0520.0780.0330.074−0.2680.061−0.0700.0580.0250.0550.0140.065−0.1120.039
EURMI->India0.0710.093−0.0340.074−0.1580.076−0.0540.062−0.0930.052−0.1330.069−0.0780.068−0.0850.078
India->EURMI0.0240.0910.0040.0720.0330.075−0.0750.067−0.0010.063−0.0250.052−0.0280.050−0.1250.038
EURMI->Indonesia−0.0450.093−0.0260.077−0.0840.076−0.1150.062−0.1600.046−0.0900.068−0.0370.069−0.0820.078
Indonesia->EURMI−0.0170.095−0.0080.073−0.1010.075−0.0010.068−0.0360.0570.0360.062−0.0640.059−0.1270.040
EURMI->Italy−0.0150.0930.1210.073−0.1470.078−0.0530.061−0.1420.0590.1980.063−0.0330.062−0.1250.078
Italy->EURMI−0.0100.094−0.0400.0730.0720.077−0.1580.065−0.0070.0560.1790.0750.0680.069−0.1130.077
EURMI->Malaysia0.1400.096−0.1160.077−0.0620.071−0.0690.063−0.2240.056−0.1310.077−0.0770.070−0.0280.079
Malaysia->EURMI0.1030.097−0.0380.0780.1870.073−0.0650.061−0.2330.0560.0140.059−0.0650.061−0.0200.067
EURMI->Pakistan−0.0720.0980.0000.075−0.2240.078−0.1070.065−0.1510.057−0.0630.073−0.0880.067−0.0840.080
Pakistan->EURMI−0.1210.0930.1130.0790.0440.072−0.0240.0740.0660.057−0.0260.0580.1980.070−0.1240.043
EURMI->Qatar0.1210.096−0.0610.071−0.0230.070−0.0370.060−0.0730.053−0.0630.070−0.0550.065−0.1280.074
Qatar->EURMI−0.1310.097−0.1690.072−0.1020.080−0.0180.058−0.1710.0570.0150.069−0.0740.066−0.1230.079
EURMI->UK0.0290.105−0.0530.075−0.1250.076−0.0050.059−0.0050.058−0.0530.074−0.0860.066−0.1090.081
UK->EURMI0.0760.1020.0700.0680.1820.078−0.0890.058−0.0300.058−0.0610.053−0.0220.060−0.1240.078
EURMI->USA−0.0080.093−0.1450.074−0.1460.078−0.0420.062−0.1430.063−0.0240.074−0.0640.068−0.0800.076
USA->EURMI−0.1080.093−0.1770.070−0.1300.078−0.1170.057−0.2110.0560.0110.057−0.0710.059−0.1200.043

Global market Comp. Index
GLOBALMI->Canada0.0980.085−0.0560.078−0.0060.080−0.0310.060−0.1430.060−0.2260.058−0.0630.055−0.0040.066
Canada->GLOBALMI−0.0230.085−0.1440.076−0.0720.074−0.1600.060−0.0430.058−0.0400.056−0.0440.074−0.1160.053
GLOBALMI->India0.1460.0990.0590.075−0.1700.079−0.1200.062−0.0430.066−0.0730.052−0.0370.060−0.0100.068
India->GLOBALMI0.0930.092−0.0720.074−0.1270.076−0.1420.0630.0150.059−0.0700.055−0.0500.058−0.1160.044
GLOBALMI->Indonesia−0.2160.087−0.1020.075−0.0350.076−0.2130.063−0.2340.062−0.0280.060−0.0230.060−0.0080.066
Indonesia->GLOBALMI−0.0320.094−0.0490.075−0.0330.075−0.0570.0630.0630.061−0.1470.070−0.0480.056−0.1140.044
GLOBALMI->Italy0.0360.0940.0120.076−0.1040.077−0.1500.060−0.1690.067−0.0180.055−0.0660.061−0.0270.059
Italy->GLOBALMI0.2000.092−0.0290.067−0.0280.082−0.2140.0630.1470.058−0.0680.086−0.0410.066−0.1160.081
GLOBALMI->Malaysia−0.0780.098−0.0050.0780.0280.080−0.0360.057−0.0480.058−0.0690.059−0.0150.061−0.0180.071
Malaysia->GLOBALMI−0.0990.0900.1590.0810.0040.080−0.1180.058−0.0810.056−0.0700.065−0.0200.066−0.1010.062
GLOBALMI->Pakistan0.0470.0910.0290.0710.0400.075−0.1770.061−0.2060.059−0.0110.049−0.0580.058−0.0080.066
Pakistan->GLOBALMI0.1090.089−0.0420.075−0.0050.083−0.1620.068−0.0040.057−0.1030.059−0.0540.071−0.1180.046
GLOBALMI->Qatar0.0370.0970.0230.0710.0600.073−0.2160.062−0.1470.060−0.0330.060−0.0650.060−0.0190.067
Qatar->GLOBALMI0.0260.092−0.0960.075−0.2680.087−0.2330.056−0.1340.053−0.1450.078−0.0390.074−0.1150.086
GLOBALMI->UK0.0500.0810.0110.076−0.0550.0860.0100.060−0.1250.059−0.0610.058−0.0800.056−0.0240.067
UK->GLOBALMI0.0830.0890.0320.071−0.0570.077−0.0760.064−0.0060.060−0.0330.064−0.0010.062−0.1140.081
GLOBALMI->USA0.1050.089−0.1330.070−0.1100.080−0.0030.060−0.0840.061−0.1270.054−0.0640.058−0.0100.070
USA->GLOBALMI−0.0880.0920.0310.072−0.0440.081−0.0410.054−0.1150.059−0.1050.055−0.0570.068−0.1240.046

Notes: ete = effective transfer entropy; se = standard error.