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

Figure 4

Transfer entropies between bonds and global equities at the frequency-domain level (IMFs 1, 3, 5, and residual). (a) Renyi’s effective transfer entropy between BRIC and bonds at IMF1, (b) Renyi’s effective transfer entropy between DEVMI and bonds at IMF1, (c) Renyi’s effective transfer entropy between EMGMI and bonds IMF1, (d) Renyi’s effective transfer entropy between EURMI and bonds at IMF1, (e) Renyi’s effective transfer entropy between GLOBALMI and bonds at IMF1, (f) Renyi’s effective transfer entropy between BRIC and bonds at IMF3, (g) Renyi’s effective transfer entropy between DEVMI and bonds at IMF3, (h) Renyi’s effective transfer entropy between EMGMI and bonds at IMF3, (i) Renyi’s effective transfer entropy between EURMI and bonds at IMF3, (j) Renyi’s effective transfer entropy between GLOBALMI and bonds at IMF3, (k) Renyi’s effective transfer entropy between BRIC and bonds at IMF5, (l) Renyi’s effective transfer entropy between DEVMI and bonds at IMF5, (m) Renyi’s effective transfer entropy between EMGMI and bonds at IMF5, (n) Renyi’s effective transfer entropy between EURMI and bonds at IMF5, (o) Renyi’s effective transfer entropy between GLOBALMI and bonds at IMF5, (p) Renyi’s effective transfer entropy between BRIC and bonds at residual, (q) Renyi’s effective transfer entropy between DEVMI and bonds at residual, (r) Renyi’s effective transfer entropy between EMGMI and bonds residual, (s) Renyi’s effective transfer entropy between EURMI and bonds at residual, and (t) Renyi’s effective transfer entropy between GLOBALMI and bonds at residual.

(a)

(b)

(c)

(d)