Conditional Heteroskedasticity and Cross-sectional Dependence in Panel MGARCH: Exchange Rate and Stock Market Uncertainty

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Abstract

Abstract Despite lots of research concerning different GARCH and Panel-GARCH as well as MGARCH models, we have not seen Panel MGARCH so far reviewing literatures. Though there are spillover effects between cross-sections for one variable, there may be spillover effects and cross-sections dependence for several variables too. The main aim in this research is to use the Panel MGARCH (P-MGARCH) model regarding weekly exchange rate and the stock market index across countries UK, Canada and China during 2010: 10 to 2020: 08. According to the results, the volatility spillover among cross-sections (UK, China and Canada) for variables (Exchange rates and Stock exchange returns) has been confirmed.JEL Classification: C33, C58, F30

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europepmc
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License: CC-BY-4.0