| Mean Model | Granger causality | F-statistic | |
| From | To | ||
| VAR-DBEKK | Bond and T-bill | Stock | 34.750*** (0.0000) |
| Stock and T-bill | Bond | 0.2.306 (0.100) | |
| Stock and Bond | T-bill | 1.428 (0.2397) | |