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

Table 3

Summary of flight-to-quality and flight-from-quality prospects between global equities and Islamic and conventional bonds.

Data series	Time scale	Market	Flight-to-quality (stocks to bonds)		Flight-from-quality (bonds to stocks)
			Potential?	Applicable countries	Potential?	Applicable countries
Composite	—	BRIC	No	—	Yes	Canada and Italy
		DEVMI	Yes	Canada	Yes	Canada, Italy, and the USA
		EMGMI	No	—	No	—
		EURMI	No	—	No	—
		GLOBALMI	Yes	Indonesia	No	—
IMF.1	Short term	BRIC	Yes	Canada, Italy	Yes	Canada, Malaysia, and the USA
		DEVMI	Yes	Indonesia, Malaysia, Qatar, and the USA	Yes	Canada, India, Indonesia, Malaysia, Qatar, and the USA
		EMGMI	Yes	Canada and the USA	Yes	Canada, Qatar, and Pakistan
		EURMI		USA	Yes	Qatar and the USA
		GLOBALMI	Yes	USA	Yes	Canada
IMF.2	Short term	BRIC	Yes	Canada, Italy, and the USA	Yes	Qatar
		DEVMI	Yes	Canada, India, Italy, and the UK	Yes	Qatar
		EMGMI	No	—	Yes	Qatar
		EURMI	Yes	India, Italy, Pakistan, the UK, and the USA	Yes	USA
		GLOBALMI	Yes	India	Yes	India and Qatar
IMF.3	Short term	BRIC	Yes	Canada, Indonesia, and the UK	Yes	Qatar
		DEVMI	Yes	Canada, India, Indonesia, Italy, Malaysia, Pakistan, Qatar, and the UK	Yes	Canada, Italy, Pakistan, and Qatar
		EMGMI	Yes	Canada, Indonesia, Italy, Pakistan, the UK, and the USA	Yes	Canada, Italy, Malaysia, Pakistan, Qatar, the UK, and the USA
		EURMI	Yes	Canada and Indonesia	Yes	Canada, Italy, and the USA
		GLOBALMI	Yes	India, Indonesia, Italy, Pakistan, and Qatar	Yes	Canada, India, Italy, Malaysia, Pakistan, and Qatar
IMF.4	Midterm	BRIC	Yes	Indonesia, Malaysia, Pakistan, and the UK	Yes	Canada and the USA
		DEVMI	Yes	Canada, Indonesia, Italy, Malaysia, Pakistan, Qatar, and the USA	Yes	Indonesia
		EMGMI	Yes	Canada, Indonesia, Italy, Malaysia, Pakistan, and the UK	Yes	USA
		EURMI	Yes	India, Indonesia, Italy, Malaysia, Pakistan, Qatar, and the USA	Yes	Malaysia, Qatar, and the USA
		GLOBALMI	Yes	Canada, Indonesia, Italy, Pakistan, Qatar, and the UK	Yes	Qatar and the USA
IMF.5	Midterm	BRIC	Yes	Indonesia	Yes	India, Italy, Malaysia, Pakistan, and the USA
		DEVMI	Yes	Canada	Yes	India, Malaysia, and Qatar
		EMGMI	Yes	Canada	No	—
		EURMI	Yes	India and Malaysia	No	—
		GLOBALMI	Yes	Canada and the USA	Yes	Indonesia, Pakistan, Qatar, and the USA
IMF.6	Midterm	BRIC	No	—	No	—
		DEVMI	No	—	Yes	Italy
		EMGMI	No	—	No	—
		EURMI	No	—	No	—
		GLOBALMI	No	—	No	—
Residual	Long term	BRIC	Yes	Canada, India, Indonesia, Italy, Pakistan, Qatar, the UK, and the USA	Yes	Canada, India, Indonesia, Pakistan, and the USA
		DEVMI	Yes	Canada, India, Indonesia, Italy, Pakistan, Qatar, the UK, and the USA	Yes	Canada, India, Indonesia, Pakistan, and the USA
		EMGMI	Yes	Canada, India, Indonesia, Italy, Pakistan, Qatar, the UK, and the USA	Yes	Canada, India, Indonesia, Pakistan, and the USA
		EURMI	Yes	Qatar	Yes	Canada, India, Indonesia, Italy, Pakistan, and the USA
		GLOBALMI	No	—	Yes	Canada, India, Indonesia, Pakistan, and the USA