Table 1. Model parameters.
Numerical estimates of model parameters for each country, obtained by non-linear least squares analysis on the log transformation of the global shock index. BIC indicates the Bayesian Information Criterion indicator.
| Country | M | B | A | BIC | Strategy |
|---|---|---|---|---|---|
| ARG | 140.03 | 0.0099 | 0.0068 | -296.85 | Reactive |
| AUS | 123.47 | 0.0095 | 0.0067 | -326.54 | Proactive |
| AUT | 135.39 | 0.0094 | 0.0063 | -238.84 | Reactive |
| BEL | 139.97 | 0.0088 | 0.0064 | -277.35 | Reactive |
| BGR | 133.61 | -0.0066 | -0.0098 | -199.95 | Reactive |
| BRA | 138.22 | -0.0067 | -0.0094 | -269.45 | Reactive |
| CAN | 134.64 | -0.0063 | -0.009 | -285.32 | Reactive |
| CHE | 134.86 | 0.0092 | 0.0063 | -282.64 | Reactive |
| CHL | 140.29 | -0.0067 | -0.0097 | -334.4 | Reactive |
| COL | 139.3 | 0.0099 | 0.007 | -286.43 | Reactive |
| CZE | 136.1 | -0.0061 | -0.0094 | -233.93 | Reactive |
| DEU | 134 | 0.0093 | 0.0063 | -269.15 | Reactive |
| DNK | 129.67 | 0.0092 | 0.0063 | -290.78 | Reactive |
| ESP | 140.23 | 0.0086 | 0.0064 | -232.99 | Reactive |
| EST | 127.4 | 0.0096 | 0.0063 | -212.74 | Reactive |
| FIN | 125.57 | 0.0093 | 0.0065 | -286.16 | Reactive |
| FRA | 139.08 | -0.0063 | -0.0086 | -221.81 | Reactive |
| GBR | 140.2 | 0.0091 | 0.0065 | -293.18 | Reactive |
| GRC | 134.15 | -0.0063 | -0.0095 | -186.44 | Reactive |
| HUN | 135.71 | 0.0096 | 0.0064 | -215.38 | Reactive |
| IDN | 126.62 | 0.0102 | 0.0068 | -250.72 | Reactive |
| IND | 130.58 | 0.01 | 0.0069 | -260.91 | Reactive |
| IRL | 135.66 | 0.009 | 0.0064 | -275.85 | Reactive |
| ISR | 134.02 | 0.0095 | 0.0065 | -275.63 | Reactive |
| ITA | 141.77 | -0.0062 | -0.0084 | -216.55 | Reactive |
| JPN | 120.39 | 0.0103 | 0.0066 | -287.05 | Reactive |
| KOR | 119.04 | 0.01 | 0.0067 | -346.1 | Proactive |
| LTU | 132.06 | 0.0098 | 0.0064 | -221.29 | Reactive |
| LUX | 135.1 | 0.0093 | 0.0065 | -247.36 | Reactive |
| LVA | 130.9 | 0.0094 | 0.0061 | -261.43 | Reactive |
| MEX | 137.9 | 0.0098 | 0.0068 | -323.22 | Reactive |
| NLD | 135.11 | -0.0063 | -0.0089 | -313.11 | Reactive |
| NOR | 125.01 | 0.0092 | 0.0063 | -270.93 | Reactive |
| NZL | 114.11 | 0.0094 | 0.0072 | -289.59 | Proactive |
| POL | 133.92 | -0.0064 | -0.0095 | -204.01 | Reactive |
| PRT | 137.98 | -0.0063 | -0.0091 | -212.78 | Reactive |
| ROU | 134.93 | 0.0095 | 0.0064 | -210.98 | Reactive |
| RUS | 131.45 | 0.0095 | 0.0064 | -261.13 | Reactive |
| SVK | 135.04 | -0.0063 | -0.0098 | -211.91 | Reactive |
| SVN | 136.51 | 0.0094 | 0.0063 | -239.4 | Reactive |
| SWE | 135.17 | -0.0063 | -0.009 | -342.45 | Reactive |
| TUR | 131.49 | 0.0094 | 0.0065 | -221.61 | Reactive |
| USA | 137.63 | -0.0064 | -0.0092 | -327.78 | Reactive |
| ZAF | 136.21 | 0.0096 | 0.0067 | -266.25 | Reactive |