Mean Equation

Variance Equation

Indicator

Written

Oral

Written

Oral

SHIBOR_1w

0.0173***

0.0011***

−0.1562***

−0.0475***

(0.0000)

(0.0000)

(0.3134)

(0.6379)

SHIBOR_1m

0.0018***

0.0001***

−0.3352***

−0.3319***

(0.0000)

(0.2707)

(0.0027)

(0.0053)

SHIBOR_3m

−0.0008***

0.0000

−0.3066*

−0.3279***

(0.0000)

(0.8910)

(0.0662)

(0.0464)

SHIBOR_6m

0.0001

0.0003

−3.0044***

−0.1552***

(0.7866)

(0.2863)

(0.0000)

(0.0024)

SHIBOR_9m

−0.0001

0.0008*

0.0967

−0.0754

(0.9005)

(0.0797)

(0.1062)

(0.1977)

SHIBOR_1y

−0.0002

0.0036***

−0.2572

−0.2506*

(0.7054)

(0.0000)

(0.1212)

(0.0841)