Konstantinidi et. al. state in their broad survey of Volatility-Index forecasting: "The question whether the dynamics of implied volatility indices can be predicted has received little attention". The overall result of this and the quoted papers is: The VIX is too a very limited extend (R2 is...

We show empirically that a one standard deviation increase in customer countries realized return is associated with a 0.2 standard deviation increase in supplier country return, and the effect is stronger when trade flows are larger