The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
Table 2 Summary on wavelet coherence
From: Comovement between commodity returns in Ghana: the role of exchange rates
Pair | Lead | Contagion/interdependence |
|---|---|---|
Biwavelet analysis between commodities | ||
 Cocoa–crude oil | Crude oil | Interdependence |
 Cocoa–gold | Cocoa | Contagion |
 Crude–gold |  | Interdependence |
Partial wavelet coherence analysis | ||
 Cocoa–crude oil| EXR |  |  |
 Cocoa–gold| EXR |  |  |
 Crude oil–gold| EXR |  |  |
Biwavelet analysis between EXR and commodities | ||
 EXR-gold | EXR | Contagion |
 EXR-cocoa | Cocoa | Contagion |
 EXR-crude oil | EXR | Contagion |