Causality Tests and Their Applications to China’s Stock and Housing Markets

Table 3

Results of cross-correlation test.

Lag (k)	HPI and CSI300 (−k)		HPI and CSI300 (+k)
	Mean	Variance	Mean	Variance
1	−0.052	−0.009	−0.130	−0.127
2	−0.042	−0.146	0.041	−0.052
3	−0.054	0.116	−0.109	−0.087
4	0.022	−0.234	−0.073	−0.020
5	0.099	−0.039	−0.101	0.033
6	−0.123	−0.099	0.134	−0.029
7	0.047	−0.070	−0.090	−0.104
8	−0.064	0.184	−0.150	0.128
9	0.043	0.022	−0.135	−0.073
10	0.042	0.038	−0.012	−0.082
11	0.216	0.006	0.159	0.064
12	−0.069	0.021	−0.107	−0.029
13	−0.049	0.033	−0.017	0.040
14	−0.131	−0.122	0.129	−0.093
15	−0.104	0.118	0.177	0.019
16	0.118	−0.206	−0.066	0.046
17	0.153	−0.179	0.043	−0.006
18	0.014	−0.012	−0.046	0.088
19	−0.101	−0.054	0.023	−0.085
20	0.180	0.218	0.177	0.111

Note. represents a 10% significant level; represents a 5% significant level.