| Variable | Definitions | Calculation | Sources |
| Corr | The stock return correlation | Annual correlation of daily returns between each emerging market with S & P 500 | Author’s calculation from data of Bloomberg |
| Trade | The trade openness (%) | The ratio of total trade value to GDP | World Development Indicators dataset |
| Fdi | The flow of direct investment (%) | The ratio of net foreign direct investment inflow/outflow to GDP | World Development Indicators dataset |
| Fpi | The flow of portfolio investment (%) | The ratio of net foreign portfolio investment inflow/outflow to GDP | World Development Indicators dataset |
| Bilateral trade | The bilateral trade between each emerging market with US, UK, Germany and France | The ratio to GDP or logarithm of bilateral trade | Trade Map |
| Control of corruption, Government effectiveness, Rule of law, Regulatory quality, Politic stability, Voice and Accountability | WGI | ||