Table 2.

Exchange rate and COVID-19.

	(1)	(2)	(3)	(4)
	Emerging	Emerging	Advanced	Advanced
$L.Covid$	−0.0102**		−0.0014
	(0.0039)		(0.0083)
$L.{Covid}^{us}$	−0.0045		0.0138
	(0.0046)		(0.0118)
$L.Covid\text{\_}adj$		−0.3326*		−0.0060
		(0.1622)		(0.0045)
$L.{Covid}^{us}\text{\_}adj$		−0.0659		0.8050***
		(0.2362)		(0.1679)
$i$	0.0001*	0.0001	−0.0056***	−0.0043
	(0.0001)	(0.0001)	(0.0014)	(0.0035)
$i^{us}$	−0.0013**	−0.0057	−0.0044**	0.0011
	(0.0005)	(0.0062)	(0.0017)	(0.0019)
$\mathit{\Delta }stock$	0.1164***	0.1041**	−0.0289	0.0158
	(0.0343)	(0.0463)	(0.0233)	(0.0267)
$vix$	−0.0045***	−0.0069***	−0.0102***	−0.0087***
	(0.0012)	(0.0014)	(0.0027)	(0.0017)
$\Delta QE$	0.1234**	0.1333*	0.2186	0.0708*
	(0.0466)	(0.0719)	(0.1252)	(0.0309)
$t$	−0.0000***	−0.0000***	−0.0000***	−0.0000***
	(0.0000)	(0.0000)	(0.0000)	(0.0000)
$constant$	0.0160***	0.0243***	0.0367***	0.0329***
	(0.0042)	(0.0054)	(0.0091)	(0.0063)
$R^2$	0.1120	0.0971	0.0823	0.0725
$N$	2533	1814	1522	1179

Clustered standard errors by country in parentheses.

${}^{\mathrm{\ast }}$p < 0.10, ${}^{\mathrm{\ast \ast }}$p < 0.05, ${}^{\mathrm{\ast \ast \ast }}$p < 0.01.