Table 1.

Statistics for returns and volatility for complete period.

	Daily return				EGARCH volatility
	Mean	Standard dev	Min	Max	Mean	Standard dev	Min	Max
WRLD	−0.61%	2.73%	−10.44%	5.75%	0.07%	0.11%	0.00%	0.48%
EUR	−0.69%	2.46%	−14.06%	1.81%	39.23%	291.80%	0.00%	2203.55%
USA	−0.59%	3.34%	−12.92%	8.71%	0.11%	0.18%	0.00%	0.93%
ASIA	−0.49%	1.46%	−5.19%	2.75%	0.02%	0.02%	0.00%	0.09%
ITL	−0.77%	3.49%	−20.54%	6.60%	0.45%	1.96%	0.01%	13.21%
SPN	−0.74%	3.07%	−17.22%	5.32%	0.29%	1.24%	0.01%	8.87%
CHN	−0.29%	1.86%	−6.09%	3.79%	0.04%	0.04%	0.00%	0.18%
GER	−0.77%	2.67%	−15.09%	3.69%	0.06%	0.08%	0.00%	0.27%
FRA	−0.74%	2.78%	−14.90%	5.12%	0.07%	0.11%	0.00%	0.39%
KOR	−0.66%	2.97%	−11.00%	10.05%	0.08%	0.10%	0.01%	0.44%
SWZ	−0.38%	2.02%	−11.33%	3.91%	1.03%	5.27%	0.01%	32.17%
UK	−0.85%	2.52%	−14.21%	1.57%	0.05%	0.07%	0.00%	0.22%
BC	−0.31%	6.28%	−31.57%	15.83%	0.29%	0.37%	0.03%	1.53%
WTI	−1.48%	7.31%	−38.83%	21.36%	1.74%	8.19%	0.00%	62.11%
GLD	−0.04%	1.31%	−4.88%	2.59%	0.02%	0.01%	0.01%	0.09%
Trsry	0.12%	0.72%	−2.10%	1.82%	0.50%	0.74%	0.06%	2.95%
S&P	−0.17%	0.83%	−3.42%	0.81%	0.48%	0.97%	0.05%	5.10%