ρ

Interest rate

Exchange rate

rating

bond

gold

R2/LIK

W1

0.9881***

(0)

0.4081***

(0)

−0.1054***

(0.0002)

−0.00034

(0.5446)

−0.3179***

(0.00003)

0.0107

(0.4669)

0.5613

(637.5)

W2

0.9895***

(0)

0.4094***

(0)

−0.1050***

(0.0002)

−0.00035

(0.5309)

−0.3195***

(0.00003)

0.0117

(0.4227)

0.5610

(636.71)

W3

1.0050***

(0)

0.4104***

(0)

−0.1040***

(0.0003)

−0.00035

(0.5242)

−0.3217***

(0.00002)

0.0124

(0.3952)

0.5639

(644.0)