Table 3.
Summary of descriptive statistics.
| Country | Min | Max | Median | Mean | Std.Dev | ADF |
|---|---|---|---|---|---|---|
| United States (US) | -2.027 | 2.642 | -0.003 | 0.018 | 0.561 | -5.524*** |
| Germany (DE) | -2.604 | 2.084 | 0.013 | 0.022 | 0.652 | -6.736*** |
| France (FRA) | -2.828 | 2.995 | 0.007 | 0.019 | 0.714 | -6.658*** |
| Italy (ITA) | -2.241 | 4.015 | -0.006 | 0.015 | 0.732 | -7.051*** |
| Spain (SP) | -2.838 | 3.246 | 0.001 | 0.018 | 0.709 | -7.520*** |
| UK | -3.207 | 3.274 | 0.003 | 0.020 | 0.647 | -6.258*** |
| China (CH) | -3.798 | 3.683 | -0.007 | 0.023 | 0.829 | -5.757*** |
| South Africa (S_A) | -2.726 | 3.737 | 0.014 | 0.020 | 0.651 | -7.204*** |
| Australia (AU) | -1.666 | 2.189 | 0.000 | 0.022 | 0.674 | -6.040*** |
| Japan (JP) | -2.622 | 2.108 | 0.035 | 0.024 | 0.711 | -7.389*** |
| India (IN) | -4.019 | 4.205 | -0.002 | 0.016 | 0.668 | -7.529*** |
| Russia (RUS) | -2.181 | 2.412 | 0.000 | 0.019 | 0.748 | -7.276*** |
| South Korea (S_K) | -2.742 | 3.253 | 0.012 | 0.017 | 0.785 | -6.216*** |
| Turkey (TURK) | -4.185 | 3.902 | 0.000 | 0.012 | 1.004 | -7.934*** |
| Argentina (ARG) | -2.863 | 3.511 | 0.008 | 0.018 | 0.919 | -8.442*** |
| Brazil (BRA) | -2.942 | 4.768 | 0.020 | 0.020 | 0.767 | -8.117*** |
| Indonesia (INDO) | -4.323 | 3.827 | 0.074 | 0.020 | 0.999 | -7.874*** |
Notes: The total observations are 4,862. ADF represents the Augmented Dickey-Fuller for the stationary test.