Impulse Response of USD	Periods of time	stage	Impulse Response of Developing Economies									Impulse Response of Developed Economies
	2006/08/01- 2008/9/15		ARS	BRL	IDR	LKR	NIS	PHP	THB	TWD	ZAR	JPY	EUR	USD
		2	0.0012		0.0010
		7						−0.0012
		8	0.0011		0.0012			0.0013
		9						0.0018
	2008/09/16- 2010/6/18	2			0.0012						−0.0014
		4				0.0011			0.0011	0.0013
		5	0.0012	0.0032	0.0016			0.0013			0.0015		0.0008
		6			−0.0013			0.0010			0.0020
		7		0.0024			0.0010				0.0015
		8		0.0019
		9				0.0010							0.0005
	2010/06/19- 2015/8/11	5							0.0006
	2010/06/19- 2015/8/11	5							0.0006
	2015/08/12- 2018/12/31	2						0.0007
		6		−0.0012
		8		−0.0013					−0.0005	−0.0006
		9										−0.0005