Table 6.

Interaction of Sub-component with Resilience Index.

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
Var.	Conditional Variance Process
CTC	3.7192***	3.7973***	3.7676***	3.8831***	3.8515***	4.0456***	3.8477***	3.8941***	3.8691***	3.8431***
	(0.5356)	(0.5326)	(0.5337)	(0.5304)	(0.5313)	(0.5359)	(0.5305)	(0.5298)	(0.5377)	(0.5378)
CTD	3.8359***	3.5326***	3.3763***	3.1636***	3.3033***	2.6754***	3.1766***	3.1207***	2.9978***	3.0019***
	(0.3792)	(0.3782)	(0.3789)	(0.3777)	(0.3784)	(0.3830)	(0.3784)	(0.3777)	(0.3833)	(0.3834)
CSC	0.1568***	0.1414***	0.1338***	0.1263***	0.1178***	0.1240***	0.1227***	0.1198***	0.1163***	0.1172***
	(0.0331)	(0.0313)	(0.0312)	(0.0308)	(0.0314)	(0.0368)	(0.0309)	(0.0310)	(0.0313)	(0.0309)
CSD	0.0854**	0.1121***	0.1265***	0.1382***	0.1473***	0.1416***	0.1384***	0.1469***	0.1526***	0.1525***
	(0.0417)	(0.0395)	(0.0390)	(0.0386)	(0.0393)	(0.0446)	(0.0387)	(0.0388)	(0.0394)	(0.0387)
RES	3.9869***	−0.0024	−0.1296***	−0.0357	0.2973**	−1.8248**	−3.2894***	−0.8538	0.0704*	−0.0478
	(1.0395)	(0.5825)	(0.0363)	(0.0311)	(0.1894)	(0.9078)	(0.7705)	(2.1232)	(0.1090)	(0.1138)
CPS	2.9999***
	(1.0332)
RES*CPS	−0.9090***
	(0.2471)
COG		−0.2958**
		(0.5627)
RES*COG		−0.0107*
		(0.1365)
MPR			0.0293
			(0.0255)
RES*MPR			0.0116*
			(0.0066)
LGD				0.0036
				(0.0098)
RES*LGD				−0.0005
				(0.0014)
PRO					0.0598
					(0.2352)
RES*PRO					−0.0438
					(0.0575)
OIN						−1.8074**
						(0.9017)
RES*OIN						0.4177**
						(0.2103)
INQ							−3.2103***
							(0.7469)
RES*INQ							−0.7688***
							(0.1796)
HEL								−1.0224
								(1.9835)
RES*HEL								−0.1968
								(0.4873)
FDI									1.4210*
									(0.7647)
RES*FDI									−0.2926
									(0.1804)
FII										0.9174
										(0.7389)
RES*FII										−0.1481
										(0.1755)
$\alpha$	−0.0176	−0.0154	−0.0077	−0.0092	−0.0119	0.0025	−0.0125	−0.0103	0.0042	0.0050
	(0.0149)	(0.0152)	(0.0142)	(0.0145)	(0.0141)	(0.0146)	(0.0140)	(0.0141)	(0.0147)	(0.0145)
$\gamma$	0.4517***	0.4597***	0.4678***	0.4724***	0.4685***	0.4917***	0.4717***	0.4733***	0.4810***	0.4828***
	(0.0223)	(0.0225)	(0.0213)	(0.0215)	(0.0214)	(0.0218)	(0.0211)	(0.0211)	(0.0216)	(0.0216)
$\delta$	0.3320***	0.3610***	0.3619***	0.3879***	0.3725***	0.4228***	0.3801***	0.3902***	0.4063***	0.4049***
	(0.0427)	(0.0435)	(0.0439)	(0.0445)	(0.0439)	(0.0464)	(0.0442)	(0.0448)	(0.0456)	(0.0456)
${\lambda }_0$	−19.2976***	−4.6917*	−5.1780***	−5.3872***	−6.5106***	2.6809	8.0966***	−1.0744	−5.7678***	−5.3642***
	(4.4180)	(2.4051)	(0.3850)	(0.4112)	(0.8420)	(3.8632)	(3.1237)	(8.6434)	(0.6197)	(0.6200)
Observations	5,989	5,989	5,989	5,989	5,989	5,812	5,989	5,989	5,812	5,812

Note: In this table, we present the results of interaction terms between country-level resilience score, its sub-components and other macro characteristics. We use the interaction terms to estimate whether sub-components and other macro variables could affect the equity market variance via improving the market’s resilience. There is no simultaneous model in this table, as we have used the interaction terms of resilience score with its sub-components. The robust standard errors are reported in parentheses.

***, ** and * indicates statistical significance at the 1%, 5% and 10% levels, respectively.