Summary statistics for macro-variables.

<p>Summary statistics for macro-variables.</p

Dynamic feature of average spreads, conditional variances and high state probabilities for AA+ bonds.

<p>Dynamic feature of average spreads, conditional variances and high state probabilities for AA+ bonds.</p

Average spreads of 4 group bonds from May 2013 to April 2017.

<p>Average spreads of 4 group bonds from May 2013 to April 2017.</p

Dynamic feature of average spreads, conditional variances and high state probabilities for AAA bonds.

<p>Dynamic feature of average spreads, conditional variances and high state probabilities for AAA bonds.</p

Summary statistics for average spreads of different credit grade.

<p>Summary statistics for average spreads of different credit grade.</p

The volatility of Shanghai composite index.

<p>The volatility of Shanghai composite index.</p

Parameter estimating based on GED-MRS.

<p>Parameter estimating based on GED-MRS.</p

Dynamic feature of average spreads, conditional variances and high state probabilities for AA bonds.

<p>Dynamic feature of average spreads, conditional variances and high state probabilities for AA bonds.</p

Money supply (M1) from May 2013 to April 2017, which reflects the China's monthly currency growth year on year.

<p>Money supply (M1) from May 2013 to April 2017, which reflects the China's monthly currency growth year on year.</p

Parameter estimation under fixed structure model.

<p>Parameter estimation under fixed structure model.</p