Table 3.

ARCH effect test.

	Bangladesh	Sri Lanka	India	China	Pakistan
ADF (level)	−11.15	−17.39	−10.91	−9.33	−23.45
Significance	0.002	0.001	0.031	0.000	0.006
ADF 1st difference	−16.79	−24.51	−12.01	−17.06	−13.99
Significance	0.000	0.007	0.000	0.005	0.000
Q statistics	6.70	5.16	7.01	8.91	9.33
Significance	0.008	0.000	0.000	0.000	0.000
LM test	92.03	90.11	89.47	88.09	94.44
Significance	0.001	0.000	0.000	0.004	0.000
ARCH test	134.00	270.98	213.35	335.40	200.05
Significance	0.022	0.011	0.000	0.000	0.001

Significance level: p-value < 0.05.