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

Table 4

Results of cross-correlation test.

Lag (k)	HPI and SSE50 (−k)		HPI and SSE50 (+k)
	Mean	Variance	Mean	Variance
1	−0.059	−0.008	−0.116	−0.121
2	−0.074	−0.166	0.087	−0.064
3	−0.097	0.144	−0.128	−0.028
4	0.08	−0.248	−0.040	−0.031
5	0.082	−0.039	−0.103	0.087
6	−0.151	−0.085	0.139	−0.030
7	0.02	−0.050	−0.087	−0.148
8	−0.073	0.145	−0.198	0.142
9	0.012	0.057	−0.114	−0.031
10	0.049	0.036	−0.083	−0.084
11	0.225	0.003	0.146	0.053
12	−0.062	0.24	−0.165	−0.075
13	−0.022	0.039	−0.027	0.036
14	−0.072	−0.184	0.156	−0.086
15	−0.127	0.161	0.171	0.026
16	0.184	−0.269	−0.097	0.083
17	0.125	−0.071	0.029	−0.034
18	0.056	−0.093	−0.074	0.080
19	−0.134	−0.012	0.030	−0.046
20	0.123	0.138	0.172	0.116

Note. represents a 10% significant level; represents a 5% significant level; represents a 1% significant level.