| Panel A: Pre-Crisis Period | ||||
| Market Group | Developed | Emerging | Frontier | Combined Market Groups |
| Developed | 0.7377 | 0.6831 | 0.5078 | |
| Emerging | 0.6831 | 0.6485 | 0.4788 | |
| Frontier | 0.5078 | 0.4788 | 0.3651 | |
| Combined Market Groups | 0.5393 | |||
| Panel B: Post-Crisis Period | ||||
| Market Group | Developed | Emerging | Frontier | Combined Market Groups |
| Developed | 0.5554 | 0.4855 | 0.3876 | |
| Emerging | 0.4855 | 0.4876 | 0.3462 | |
| Frontier | 0.3876 | 0.3462 | 0.2031 | |
| Combined Market Groups | 0.4004 | |||