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)