TABLE 1.

Descriptive statistics of study variables.

	VIX	UKD	UKC	SPD	SPC	ITD	ITC	GRD
Mean	35.26	14.00	238.79	88.04	1061	142.4	13876	5.95
Skewness	0.614	3.679	2.697	2.45	2.23	1.50	1.218	2.65
Kurtosis	1.884	17.86	9.659	7.88	6.90	3.78	2.836	9.03
Jarque–Bera	5.626	561.5	149.9	98.03	71.8	19.78	12.17	131
Probability	0.06	0.000	0.000	0.00	0.00	0.00	0.002	0.0
	GRC	USD	USC	SWD	SWC	NETD	NETC	FRD
Mean	770.8	28.59	1843	3.122	182.7	10.16	140.9	36.0
Skewness	2.182	2.723	2.56	4.457	1.68	3.085	2.18	2.5
Kurtosis	6.351	9.199	8.428	24.78	4.15	12.51	6.71	8.5
Jarque–Bera	61.84	139.0	113.7	1131.	26.060	262.4	66.9	115
Probability	0.000	0.000	0.000	0.000	0.000	0.000	0.00	0.00
	FRC	CHC	CHD	IRC	IRD	JAPC	JAPD	PAKC
Mean	536.7	1308	51.30	619.2	46.12	27.8	1.00	28.4
Skewness	2.07	3.97	1.715	1.24	0.79	2.13	1.322	1.5
Kurtosis	6.37	21.30	6.60	4.05	1.90	8.88	3.66	3.7
Jarque–Bera	58.48	663.7	41.22	12.1	6.271	88.08	12.39	17.2
Probability	0.000	0.000	0.00	0.00	0.04	0.000	0.00	0.00
	QTRC	SAC	UAEC	EGPC	GHNC	KENC	MORC	TUNC
Mean	27.20	43.0	15.45	23.9	8.93	2.46	23.53	13.2
Skewness	3.431	1.540	1.98	1.20	2.58	1.13	2.085	1.68
Kurtosis	14.23	4.497	6.465	4.25	8.83	2.96	6.803	4.47
Jarque–Bera	144.4	9.782	23.1	4.585	38.0	3.19	19.91	8.45
Probability	0.000	0.007	0.000	0.100	0.00	0.20	0.000	0.01

Author’s calculation.