“…Moreover, in order to gauge the convergent/discriminant validity of the PSI index, that is, the degree to which alternative indicators of the same concepts are empirically associated, we need to correlate PSI with total volatility. We did so with five data sets on total volatility in Western European countries, those by Bartolini and Mair (1990), Powell and Tucker (2014), Dassonneville (2015), Emanuele (2015), and Mainwaring et al (2016): the Pearson's r coefficient of the correlation between PSI and Bartolini and Mair's data is −0.79 (N = 134), that with Powell and Tucker's data is −0.60 (N = 95), that with Dassonneville's data is −0.80 (N = 312), that with Emanuele's TV is −0.84 (N = 324), 13 and finally that with Mainwaring, España and Gervasoni's data is −0.77 (N = 229). While the differences among the three correlation coefficients depend upon the different rules employed in the calculation of volatility data, 14 these results clearly indicate that the association between PSI and volatility is high, but far from deterministic.…”