“…Chen et al., 2013; He et al., 2017; Khedun et al., 2014). Researchers in economics also considered the use of copulas to predict macroeconomic variables such as GDP growth, inflation, unemployment, interest rate, industrial production, and price indices (Bianchi et al., 2010; Liu et al., 2014; Loaiza-Maya & Smith, 2019; Smith & Vahey, 2016). In the finance literature, the copula method is an attractive statistical tool for risk prediction estimation (Sahamkhadam et al., 2018; Segnon & Trede, 2018; Weiß, 2013).…”