KOREA

0.0143

0.0955

−0.2688

4.1409

4.4410

0.0590

0.0220

0.2310

MALAYSIA

0.0134

0.0559

−0.4859

4.2220

6.8045

0.2630

0.1810

0.2150

MEXICO

0.0158

0.0771

−1.1238

6.2245

43.1284

0.2360

0.0780

0.1740

PERU

0.0312

0.1070

−0.6491

4.3210

9.5759

−0.0960

0.0890

0.1490

PHILIPPINES

0.0154

0.0758

−0.4839

4.3512

7.7116

0.0510

0.1300

0.0590

POLAND

0.0124

0.1099

−0.4461

3.7311

3.7141

0.1200

−0.0610

0.2030

QATAR

0.0017

0.1017

−0.0975

3.3908

0.5246

0.0910

0.0420

0.0960

SOUTH AFRICA

0.0166

0.0876

−0.4322

3.1125

2.1210

0.1000

−0.0560

0.0610

TAIWAN

0.0077

0.0797

−0.1685

2.8349

0.3930

0.1690

0.1660

0.0520

THAILAND

0.0150

0.0844

−0.8535

5.6772

28.1439

0.2070

−0.0820

0.2210

TURKEY

0.0184

0.1253

−0.4244

3.2808

2.2316

0.0060

0.0570

0.1050

RUSSIA

0.0152

0.1128

−0.4496

3.9977

4.9605

0.3650

0.2570

0.1390

Frontier Countries

Countries

M.R.

S.D.

SKEWNESS

KURTOSIS

J.B. Stat.

Autocorrelations

L1

L2

L3

ARGENTINA

0.0209

0.1132

−0.8731

5.3497

23.9262

0.2470

5.4944

0.1310

BANGLADESH

0.0266

0.0503

1.7629

6.0868

11.8947

−0.2270

−0.3300

0.0810

BULGARIA

−0.0098

0.1113

−1.3573

7.2905

71.9619

0.4190

0.1160

0.2920

LATVIA

0.0023

0.0820

−0.6509

4.0057

7.5547

0.3390

0.1940

0.2240

Lithuania

−0.0133

0.1818

−0.6606

7.8522

30.5578

0.2300

0.2230

0.0880

MOROCCO

0.0155

0.0690

0.0467

3.8425

2.0057

0.0310

0.2380

0.0760

PAKISTAN

0.0052

0.1067

−1.7339

9.6333

156.4089

0.1670

−0.0850

−0.0460

ROMANIA

0.0102

0.1518

−0.5345

4.6349

9.6982

0.2090

−0.0670

0.0640

SRI LANKA

0.0172

0.1175

1.9441

11.1557

227.8945

0.1710

0.1660

−0.0380

UKRAINE

−0.0104

0.1392

−0.0532

3.9075

1.9133

0.3920

0.0930

0.1080

VIETNAM

0.0110

0.1593

0.8919

4.3338

10.1289

0.3400

−0.1930

−0.1460

Panel B: Post Crisis Descriptive Statistics

Developed Countries

Countries

MEAN

STD. DEV

SKEWNESS

KURTOSIS

J.B. Stat.

Autocorrelations

L1

L2

L3

AUSTRIA

−0.0058

0.0718

−0.5346

3.6281

4.1646

0.0410

−0.0020

−0.0130

AUSTRALIA

−0.0009

0.0606

−0.0658

3.8997

2.2391

−0.1630

−0.0140

−0.0560

BELGIUM

0.0088

0.0475

0.0475

2.6273

0.4007

−0.0950

0.0070

−0.0500

CANADA

−0.0026

0.0459

−0.2416

3.4402

1.1570

−0.0730

0.0970

−0.1130

DENMARK

0.0100

0.0521

−0.0488

3.8759

2.1037

0.0710

−0.0450

−0.0020

FINLAND

0.0004

0.0622

−0.1776

3.7112

1.7116

0.0250

0.0100

0.0020

FRANCE

0.0017

0.0552

−0.2191

2.8419

0.5878

−0.0860

0.0100

0.0400

GERMANY

0.0029

0.0617

−0.3412

3.7229

2.6760

0.0100

−0.2100

0.0610

HONG KONG

0.0024

0.0547

−0.4752

3.7950

4.1584

−0.1680

−0.0900

0.1240

IRELAND

0.0108

0.0563

0.4493

3.4553

2.7486

−0.1850

0.0790

0.0170