ρ

Interest rate

Exchange rate

RAT

Bond(本)

gold

R2/LIK

W1

0.9221***

(0)

0.2907***

(0.0065)

−0.1731***

(0.0001)

−0.2496***

(0.0017)

0.4866

(337.2)

W2

0.9095***

(0)

0.2967***

(0.0056)

−0.1752***

(0.0001)

−0.2529***

(0.0015)

0.4839

(333.6)

W3

0.9391***

(0)

0.2919***

(0.0061)

−0.1661***

(0.0001)

−0.2530***

(0.0015)

0.4891

(340.5)