| Mean | Std. dev. | Skewness | Excess | Normality |
| |
| (%) | (%) |
| Kurtosis | (p-value) | ADF | ARCH-LM |
Panel A: Summary statistics | |||||||
Colombia | 20.50 | 25.19 | −1.964 | 22.848 | <0.001 | <0.001 | <0.001 |
Indonesia | 18.34 | 26.24 | −1.046 | 10.364 | <0.001 | <0.001 | <0.001 |
Vietnam | 0.22 | 31.60 | −0.275 | 5.453 | <0.001 | <0.001 | <0.001 |
Egypt | 19.14 | 32.60 | −0.666 | 5.910 | <0.001 | <0.001 | <0.001 |
Turkey | 14.39 | 33.03 | −0.350 | 4.885 | <0.001 | <0.001 | <0.001 |
South Africa | 13.04 | 20.20 | −0.298 | 5.672 | <0.001 | <0.001 | <0.001 |
Panel B: Pairwise correlations | |||||||
| Colombia | Indonesia | Vietnam | Egypt | Turkey | South Africa |
|
Colombia | 1.000 |
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Indonesia | 0.426 | 1.000 |
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Vietnam | 0.143 | 0.227 | 1.000 |
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Egypt | 0.304 | 0.413 | 0.196 | 1.000 |
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Turkey | 0.373 | 0.432 | 0.186 | 0.340 | 1.000 |
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South Africa | 0.427 | 0.522 | 0.168 | 0.313 | 0.438 | 1.000 |
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