An Empirical Analysis of Oil and Stock Markets’ Volatility Based on the DGC-MSV-t Model

Table 4

Volatility spillover parameter estimation result of different oil markets.

Node	Mean	2.50%	5.00%	10.00%	Median	97.50%	Is it significant?
	0.06004	−0.05696	−0.04283	−0.02776	0.03806	0.3061	Not significant
	0.3032	0.09063	0.1076	0.1295	0.269	0.6695	Significant
	0.1751	−0.008907	0.003472	0.02068	0.1491	0.4627	Significant
	0.293	−0.046 09	−0.0207	0.01095	0.2267	1.017	Subsignificant
	0.2184	−0.02287	−0.01117	0.006664	0.1973	0.5731	Subsignificant
	0.2808	−0.1651	−0.1231	−0.07586	0.1751	1.345	Not significant
	0.06786	−0.04367	−0.03385	−0.021 8	0.03545	0.338	Not significant
	0.2809	−0.006196	0.018 92	0.06708	0.2548	0.714	Significant
	0.1161	−0.02453	−0.01588	−0.005733	0.05401	0.5984	Not significant
	0.2948	−0.01432	0.01946	0.07073	0.2718	0.7241	Significant
	0.5694	0.056 01	0.1235	0.2235	0.5508	1.177	Significant
	0.02523	−0.1666	−0.1376	−0.1076	0.0007	0.3682	Not significant
	0.06786	−0.04367	−0.03385	−0.0218	0.03545	0.338	Not significant
	0.2809	−0.006196	0.01892	0.06708	0.2548	0.714	Significant
	0.1161	−0.02453	−0.01588	−0.005733	0.05401	0.5984	Not significant
	0.2948	−0.01432	0.01946	0.07073	0.2718	0.7241	Significant
	0.5694	0.05601	0.1235	0.2235	0.5508	1.177	Significant
	0.02523	−0.1666	−0.1376	−0.1076	0.0007	0.3682	Not significant