| Stock returns | Exchange rates | ||
| At Level | Ln Returns | At Level | Ln Returns |
Brazil | −2.207 | −29.838* | 0.646 | −26.798* |
| (0.204) | (0.000) | (0.990) | (0.000) |
Indonesia | −1.522 | −19.802* | 0.786 | −30.286* |
| (0.522) | (0.000) | (0.993) | (0.000) |
Malaysia | −1.633 | −26.315* | −1.429 | −28.353* |
| (0.465) | (0.000) | (0.569) | (0.000) |
Pakistan | 1.251 | −27.105* | −0.781 | −33.452* |
| (0.998) | (0.000) | (0.823) | (0.000) |
S Korea | 0.134 | −28.475* | −2.288 | −21.97* |
| (0.968) | (0.000) | (0.176) | (0.000) |
WTI | At Level | −1.232 | Ln Returns | −19.182* |
|
| (0.662) |
| (0.000) |