Accessible Version

The Impact of COVID-19 on Emerging Market Economies' Financial Conditions, Accessible Data

Figure 1: U.S. and EME Financial Variables

VIX vs. EME Exchange Rates (FX per dollar)
Percent - Index (January 17 = 100)

Date VIX EME
1/17/2020 12.31 100.00
1/24/2020 13.08 100.14
1/31/2020 17.05 100.65
2/7/2020 15.92 100.80
2/14/2020 14.36 100.95
2/21/2020 15.11 101.11
2/28/2020 31.94 103.21
3/6/2020 36.76 104.30
3/13/2020 57.79 107.87
3/20/2020 74.62 114.45
3/27/2020 62.75 118.99
4/3/2020 53.08 119.02
4/10/2020 43.73 116.62
4/17/2020 39.61 113.98
4/24/2020 41.71 113.85
5/1/2020 33.89 112.23
5/8/2020 32.62 111.12
5/15/2020 32.08 110.23
5/22/2020 29.10 108.96
5/29/2020 27.98 108.32
6/5/2020 26.21 104.95
6/12/2020 31.57 104.00
6/19/2020 33.92 105.07
6/26/2020 32.79 105.39
7/3/2020 29.24 106.11
7/10/2020 28.40 106.07
7/17/2020 28.63 106.72
7/24/2020 25.11 107.29
7/31/2020 24.70 106.89
8/7/2020 23.18 107.39
8/14/2020 22.52 108.16
8/21/2020 22.13 108.60
8/28/2020 23.02 108.06

Note: Lines come from weekly averages of daily data and equally-weighted averages across 22 EMEs.

Source: Bloomberg Finance LP.

US High-Yield Spreads vs. EME CDS Spreads
Basis Points

Date US EME
1/17/2020 315.46 67.71
1/24/2020 320.28 67.65
1/31/2020 342.14 69.79
2/7/2020 336.70 68.45
2/14/2020 327.89 68.62
2/21/2020 329.44 67.62
2/28/2020 368.42 78.56
3/6/2020 401.09 87.89
3/13/2020 510.26 138.69
3/20/2020 649.28 175.64
3/27/2020 721.62 161.26
4/3/2020 659.18 172.20
4/10/2020 631.84 162.21
4/17/2020 557.33 156.69
4/24/2020 604.06 168.85
5/1/2020 588.15 167.16
5/8/2020 555.12 163.53
5/15/2020 555.89 160.38
5/22/2020 530.01 147.83
5/29/2020 502.08 138.22
6/5/2020 468.30 120.97
6/12/2020 459.92 116.22
6/19/2020 465.54 120.86
6/26/2020 476.84 122.56
7/3/2020 487.33 120.16
7/10/2020 472.06 119.21
7/17/2020 464.82 122.45
7/24/2020 440.84 115.17
7/31/2020 429.94 118.92
8/7/2020 418.11 120.16
8/14/2020 410.50 115.70
8/21/2020 418.61 115.65
8/28/2020 408.92 111.71

Note: Lines come from weekly averages of daily data and equally-weighted averages across 20 EMEs.

Source: Federal Reserve Board staff calculation based on ICE Data Pricing & Reference Data, LLC; Federal Reserve Bank of New York; Markit North America, Inc.

S&P 500 vs. EME Equity Prices
Index (January 17 = 100)

Date EME equity prices S&P 500
1/17/2020 100.00 100.00
1/24/2020 99.64 100.52
1/31/2020 96.98 98.76
2/7/2020 97.38 100.29
2/14/2020 98.08 102.04
2/21/2020 98.25 102.06
2/28/2020 92.49 93.31
3/6/2020 90.30 92.20
3/13/2020 78.32 82.16
3/20/2020 68.23 72.86
3/27/2020 69.10 74.71
4/3/2020 70.46 76.92
4/10/2020 74.18 82.71
4/17/2020 75.57 85.21
4/24/2020 75.17 84.77
5/1/2020 77.57 87.38
5/8/2020 76.95 87.06
5/15/2020 76.54 86.85
5/22/2020 77.75 89.37
5/29/2020 79.37 91.22
6/5/2020 83.30 94.30
6/12/2020 85.10 94.95
6/19/2020 84.29 94.01
6/26/2020 84.87 93.25
7/3/2020 84.97 94.08
7/10/2020 86.69 95.91
7/17/2020 86.53 97.05
7/24/2020 87.72 98.36
7/31/2020 87.74 98.34
8/7/2020 87.63 100.74
8/14/2020 88.54 101.90
8/21/2020 88.21 102.56
8/28/2020 88.06 105.08

Note: Lines come from weekly averages of daily data and equally-weighted averages across 21 EMEs.

Source: Bloomberg Finance LP.

Return to text

Figure 2: EME Credit Risk and Vulnerability

Basis Points

Date Country Vulnerability Change in Sovereign CDS Spreads
1/17/2020 BZ 2.33 0.00
1/24/2020 BZ 2.33 -0.30
1/31/2020 BZ 2.33 1.98
2/7/2020 BZ 2.33 -0.76
2/14/2020 BZ 2.33 -2.25
2/21/2020 BZ 2.33 -6.60
2/28/2020 BZ 2.33 16.60
3/6/2020 BZ 2.33 26.91
3/13/2020 BZ 2.33 128.80
3/20/2020 BZ 2.33 232.71
3/27/2020 BZ 2.33 176.18
4/3/2020 BZ 2.33 210.53
4/10/2020 BZ 2.33 190.78
4/17/2020 BZ 2.33 179.64
4/24/2020 BZ 2.33 223.40
5/1/2020 BZ 2.33 230.11
5/8/2020 BZ 2.33 218.19
5/15/2020 BZ 2.33 233.70
5/22/2020 BZ 2.33 211.94
5/29/2020 BZ 2.33 179.68
6/5/2020 BZ 2.33 133.88
6/12/2020 BZ 2.33 135.82
6/19/2020 BZ 2.33 157.50
6/26/2020 BZ 2.33 159.40
7/3/2020 BZ 2.33 140.63
7/10/2020 BZ 2.33 133.34
7/17/2020 BZ 2.33 136.70
7/24/2020 BZ 2.33 117.10
7/31/2020 BZ 2.33 118.79
8/7/2020 BZ 2.33 116.67
8/14/2020 BZ 2.33 116.17
8/21/2020 BZ 2.33 126.55
8/28/2020 BZ 2.33 117.68
1/17/2020 CH 0.00 0.00
1/24/2020 CH 0.00 3.17
1/31/2020 CH 0.00 9.43
2/7/2020 CH 0.00 5.59
2/14/2020 CH 0.00 3.96
2/21/2020 CH 0.00 3.91
2/28/2020 CH 0.00 11.39
3/6/2020 CH 0.00 16.54
3/13/2020 CH 0.00 48.58
3/20/2020 CH 0.00 41.53
3/27/2020 CH 0.00 25.36
4/3/2020 CH 0.00 28.06
4/10/2020 CH 0.00 18.72
4/17/2020 CH 0.00 12.69
4/24/2020 CH 0.00 18.81
5/1/2020 CH 0.00 17.26
5/8/2020 CH 0.00 20.91
5/15/2020 CH 0.00 21.73
5/22/2020 CH 0.00 19.10
5/29/2020 CH 0.00 21.87
6/5/2020 CH 0.00 19.56
6/12/2020 CH 0.00 18.29
6/19/2020 CH 0.00 19.75
6/26/2020 CH 0.00 19.50
7/3/2020 CH 0.00 18.00
7/10/2020 CH 0.00 15.11
7/17/2020 CH 0.00 14.12
7/24/2020 CH 0.00 12.58
7/31/2020 CH 0.00 13.58
8/7/2020 CH 0.00 11.35
8/14/2020 CH 0.00 10.04
8/21/2020 CH 0.00 8.42
8/28/2020 CH 0.00 5.87
1/17/2020 CL 1.17 0.00
1/24/2020 CL 1.17 2.93
1/31/2020 CL 1.17 4.50
2/7/2020 CL 1.17 3.79
2/14/2020 CL 1.17 2.62
2/21/2020 CL 1.17 1.02
2/28/2020 CL 1.17 10.86
3/6/2020 CL 1.17 22.30
3/13/2020 CL 1.17 64.14
3/20/2020 CL 1.17 96.37
3/27/2020 CL 1.17 84.79
4/3/2020 CL 1.17 100.79
4/10/2020 CL 1.17 85.10
4/17/2020 CL 1.17 62.92
4/24/2020 CL 1.17 74.19
5/1/2020 CL 1.17 67.13
5/8/2020 CL 1.17 60.01
5/15/2020 CL 1.17 63.08
5/22/2020 CL 1.17 57.76
5/29/2020 CL 1.17 47.60
6/5/2020 CL 1.17 34.97
6/12/2020 CL 1.17 36.26
6/19/2020 CL 1.17 41.98
6/26/2020 CL 1.17 40.55
7/3/2020 CL 1.17 36.41
7/10/2020 CL 1.17 29.92
7/17/2020 CL 1.17 31.74
7/24/2020 CL 1.17 24.02
7/31/2020 CL 1.17 25.43
8/7/2020 CL 1.17 24.21
8/14/2020 CL 1.17 22.85
8/21/2020 CL 1.17 21.67
8/28/2020 CL 1.17 17.14
1/17/2020 CO 5.67 0.00
1/24/2020 CO 5.67 5.13
1/31/2020 CO 5.67 7.92
2/7/2020 CO 5.67 3.45
2/14/2020 CO 5.67 0.50
2/21/2020 CO 5.67 -2.41
2/28/2020 CO 5.67 16.39
3/6/2020 CO 5.67 28.30
3/13/2020 CO 5.67 146.76
3/20/2020 CO 5.67 234.70
3/27/2020 CO 5.67 180.60
4/3/2020 CO 5.67 174.66
4/10/2020 CO 5.67 158.57
4/17/2020 CO 5.67 163.96
4/24/2020 CO 5.67 190.07
5/1/2020 CO 5.67 184.23
5/8/2020 CO 5.67 158.91
5/15/2020 CO 5.67 156.37
5/22/2020 CO 5.67 132.86
5/29/2020 CO 5.67 101.28
6/5/2020 CO 5.67 67.93
6/12/2020 CO 5.67 74.39
6/19/2020 CO 5.67 80.74
6/26/2020 CO 5.67 85.04
7/3/2020 CO 5.67 75.04
7/10/2020 CO 5.67 70.49
7/17/2020 CO 5.67 74.20
7/24/2020 CO 5.67 53.16
7/31/2020 CO 5.67 55.87
8/7/2020 CO 5.67 53.10
8/14/2020 CO 5.67 53.82
8/21/2020 CO 5.67 55.82
8/28/2020 CO 5.67 49.02
1/17/2020 CZ -3.83 0.00
1/24/2020 CZ -3.83 0.32
1/31/2020 CZ -3.83 0.90
2/7/2020 CZ -3.83 0.86
2/14/2020 CZ -3.83 0.83
2/21/2020 CZ -3.83 0.59
2/28/2020 CZ -3.83 -0.89
3/6/2020 CZ -3.83 -0.26
3/13/2020 CZ -3.83 1.10
3/20/2020 CZ -3.83 2.95
3/27/2020 CZ -3.83 3.59
4/3/2020 CZ -3.83 2.92
4/10/2020 CZ -3.83 1.16
4/17/2020 CZ -3.83 1.83
4/24/2020 CZ -3.83 2.16
5/1/2020 CZ -3.83 2.91
5/8/2020 CZ -3.83 2.23
5/15/2020 CZ -3.83 1.72
5/22/2020 CZ -3.83 1.76
5/29/2020 CZ -3.83 3.25
6/5/2020 CZ -3.83 3.85
6/12/2020 CZ -3.83 4.82
6/19/2020 CZ -3.83 4.97
6/26/2020 CZ -3.83 5.15
7/3/2020 CZ -3.83 3.57
7/10/2020 CZ -3.83 2.00
7/17/2020 CZ -3.83 3.27
7/24/2020 CZ -3.83 4.11
7/31/2020 CZ -3.83 3.94
8/7/2020 CZ -3.83 3.90
8/14/2020 CZ -3.83 4.10
8/21/2020 CZ -3.83 3.95
8/28/2020 CZ -3.83 3.69
1/17/2020 HK -2.83 0.00
1/24/2020 HK -2.83 -1.21
1/31/2020 HK -2.83 -1.83
2/7/2020 HK -2.83 -1.76
2/14/2020 HK -2.83 -2.49
2/21/2020 HK -2.83 -2.53
2/28/2020 HK -2.83 -2.58
3/6/2020 HK -2.83 -2.07
3/13/2020 HK -2.83 1.34
3/20/2020 HK -2.83 2.21
3/27/2020 HK -2.83 0.56
4/3/2020 HK -2.83 2.30
4/10/2020 HK -2.83 2.70
4/17/2020 HK -2.83 2.93
4/24/2020 HK -2.83 3.31
5/1/2020 HK -2.83 3.70
5/8/2020 HK -2.83 3.82
5/15/2020 HK -2.83 3.85
5/22/2020 HK -2.83 3.63
5/29/2020 HK -2.83 4.10
6/5/2020 HK -2.83 6.35
6/12/2020 HK -2.83 7.01
6/19/2020 HK -2.83 7.54
6/26/2020 HK -2.83 7.61
7/3/2020 HK -2.83 7.71
7/10/2020 HK -2.83 7.66
7/17/2020 HK -2.83 7.82
7/24/2020 HK -2.83 7.86
7/31/2020 HK -2.83 7.85
8/7/2020 HK -2.83 7.88
8/14/2020 HK -2.83 7.85
8/21/2020 HK -2.83 7.86
8/28/2020 HK -2.83 7.73
1/17/2020 HU -0.50 0.00
1/24/2020 HU -0.50 -9.14
1/31/2020 HU -0.50 -14.30
2/7/2020 HU -0.50 -14.70
2/14/2020 HU -0.50 -13.59
2/21/2020 HU -0.50 -18.06
2/28/2020 HU -0.50 -17.07
3/6/2020 HU -0.50 -9.40
3/13/2020 HU -0.50 -1.06
3/20/2020 HU -0.50 10.74
3/27/2020 HU -0.50 13.33
4/3/2020 HU -0.50 12.18
4/10/2020 HU -0.50 13.69
4/17/2020 HU -0.50 13.45
4/24/2020 HU -0.50 11.76
5/1/2020 HU -0.50 10.85
5/8/2020 HU -0.50 9.08
5/15/2020 HU -0.50 9.09
5/22/2020 HU -0.50 10.01
5/29/2020 HU -0.50 13.55
6/5/2020 HU -0.50 14.47
6/12/2020 HU -0.50 12.43
6/19/2020 HU -0.50 10.53
6/26/2020 HU -0.50 10.29
7/3/2020 HU -0.50 10.45
7/10/2020 HU -0.50 8.57
7/17/2020 HU -0.50 7.63
7/24/2020 HU -0.50 5.02
7/31/2020 HU -0.50 4.69
8/7/2020 HU -0.50 5.61
8/14/2020 HU -0.50 5.26
8/21/2020 HU -0.50 4.70
8/28/2020 HU -0.50 4.38
1/17/2020 ID 2.00 0.00
1/24/2020 ID 2.00 1.64
1/31/2020 ID 2.00 5.90
2/7/2020 ID 2.00 2.95
2/14/2020 ID 2.00 1.28
2/21/2020 ID 2.00 -1.09
2/28/2020 ID 2.00 13.69
3/6/2020 ID 2.00 33.42
3/13/2020 ID 2.00 117.32
3/20/2020 ID 2.00 169.69
3/27/2020 ID 2.00 166.87
4/3/2020 ID 2.00 172.26
4/10/2020 ID 2.00 159.68
4/17/2020 ID 2.00 135.34
4/24/2020 ID 2.00 156.16
5/1/2020 ID 2.00 154.23
5/8/2020 ID 2.00 151.03
5/15/2020 ID 2.00 142.35
5/22/2020 ID 2.00 120.87
5/29/2020 ID 2.00 105.28
6/5/2020 ID 2.00 75.61
6/12/2020 ID 2.00 62.24
6/19/2020 ID 2.00 64.74
6/26/2020 ID 2.00 69.06
7/3/2020 ID 2.00 66.56
7/10/2020 ID 2.00 61.16
7/17/2020 ID 2.00 65.22
7/24/2020 ID 2.00 58.28
7/31/2020 ID 2.00 56.19
8/7/2020 ID 2.00 49.97
8/14/2020 ID 2.00 44.74
8/21/2020 ID 2.00 42.12
8/28/2020 ID 2.00 36.53
1/17/2020 IN 3.50 0.00
1/24/2020 IN 3.50 -0.36
1/31/2020 IN 3.50 1.94
2/7/2020 IN 3.50 1.96
2/14/2020 IN 3.50 -0.23
2/21/2020 IN 3.50 -1.71
2/28/2020 IN 3.50 1.54
3/6/2020 IN 3.50 12.76
3/13/2020 IN 3.50 52.95
3/20/2020 IN 3.50 105.68
3/27/2020 IN 3.50 127.77
4/3/2020 IN 3.50 107.20
4/10/2020 IN 3.50 97.97
4/17/2020 IN 3.50 82.63
4/24/2020 IN 3.50 85.43
5/1/2020 IN 3.50 89.21
5/8/2020 IN 3.50 85.16
5/15/2020 IN 3.50 76.38
5/22/2020 IN 3.50 60.82
5/29/2020 IN 3.50 45.28
6/5/2020 IN 3.50 32.13
6/12/2020 IN 3.50 4.74
6/19/2020 IN 3.50 34.48
6/26/2020 IN 3.50 33.69
7/3/2020 IN 3.50 36.45
7/10/2020 IN 3.50 33.28
7/17/2020 IN 3.50 35.04
7/24/2020 IN 3.50 28.80
7/31/2020 IN 3.50 36.41
8/7/2020 IN 3.50 38.70
8/14/2020 IN 3.50 35.30
8/21/2020 IN 3.50 33.84
8/28/2020 IN 3.50 30.78
1/17/2020 IS -1.33 0.00
1/24/2020 IS -1.33 -0.77
1/31/2020 IS -1.33 0.39
2/7/2020 IS -1.33 0.30
2/14/2020 IS -1.33 0.12
2/21/2020 IS -1.33 0.13
2/28/2020 IS -1.33 1.28
3/6/2020 IS -1.33 3.69
3/13/2020 IS -1.33 15.36
3/20/2020 IS -1.33 25.55
3/27/2020 IS -1.33 28.92
4/3/2020 IS -1.33 31.20
4/10/2020 IS -1.33 30.56
4/17/2020 IS -1.33 31.03
4/24/2020 IS -1.33 31.34
5/1/2020 IS -1.33 29.93
5/8/2020 IS -1.33 29.95
5/15/2020 IS -1.33 28.81
5/22/2020 IS -1.33 29.27
5/29/2020 IS -1.33 28.78
6/5/2020 IS -1.33 29.76
6/12/2020 IS -1.33 18.51
6/19/2020 IS -1.33 9.54
6/26/2020 IS -1.33 9.94
7/3/2020 IS -1.33 9.96
7/10/2020 IS -1.33 8.74
7/17/2020 IS -1.33 9.45
7/24/2020 IS -1.33 9.46
7/31/2020 IS -1.33 9.46
8/7/2020 IS -1.33 11.22
8/14/2020 IS -1.33 10.20
8/21/2020 IS -1.33 9.47
8/28/2020 IS -1.33 9.46
1/17/2020 KO -2.83 0.00
1/24/2020 KO -2.83 1.10
1/31/2020 KO -2.83 4.75
2/7/2020 KO -2.83 3.79
2/14/2020 KO -2.83 1.99
2/21/2020 KO -2.83 1.47
2/28/2020 KO -2.83 9.58
3/6/2020 KO -2.83 11.18
3/13/2020 KO -2.83 23.45
3/20/2020 KO -2.83 29.85
3/27/2020 KO -2.83 18.78
4/3/2020 KO -2.83 20.97
4/10/2020 KO -2.83 11.45
4/17/2020 KO -2.83 8.88
4/24/2020 KO -2.83 14.66
5/1/2020 KO -2.83 14.53
5/8/2020 KO -2.83 14.63
5/15/2020 KO -2.83 13.17
5/22/2020 KO -2.83 8.04
5/29/2020 KO -2.83 5.89
6/5/2020 KO -2.83 3.91
6/12/2020 KO -2.83 3.56
6/19/2020 KO -2.83 6.41
6/26/2020 KO -2.83 6.64
7/3/2020 KO -2.83 5.38
7/10/2020 KO -2.83 3.77
7/17/2020 KO -2.83 3.67
7/24/2020 KO -2.83 2.54
7/31/2020 KO -2.83 2.40
8/7/2020 KO -2.83 1.56
8/14/2020 KO -2.83 0.91
8/21/2020 KO -2.83 0.71
8/28/2020 KO -2.83 0.85
1/17/2020 MA -2.83 0.00
1/24/2020 MA -2.83 2.25
1/31/2020 MA -2.83 7.00
2/7/2020 MA -2.83 4.10
2/14/2020 MA -2.83 2.61
2/21/2020 MA -2.83 1.85
2/28/2020 MA -2.83 13.80
3/6/2020 MA -2.83 26.83
3/13/2020 MA -2.83 95.83
3/20/2020 MA -2.83 134.23
3/27/2020 MA -2.83 100.95
4/3/2020 MA -2.83 93.68
4/10/2020 MA -2.83 74.77
4/17/2020 MA -2.83 65.60
4/24/2020 MA -2.83 81.09
5/1/2020 MA -2.83 77.57
5/8/2020 MA -2.83 76.87
5/15/2020 MA -2.83 76.25
5/22/2020 MA -2.83 66.59
5/29/2020 MA -2.83 57.42
6/5/2020 MA -2.83 43.14
6/12/2020 MA -2.83 37.60
6/19/2020 MA -2.83 38.11
6/26/2020 MA -2.83 38.89
7/3/2020 MA -2.83 36.82
7/10/2020 MA -2.83 32.23
7/17/2020 MA -2.83 31.87
7/24/2020 MA -2.83 27.35
7/31/2020 MA -2.83 25.83
8/7/2020 MA -2.83 21.89
8/14/2020 MA -2.83 18.61
8/21/2020 MA -2.83 16.35
8/28/2020 MA -2.83 14.06
1/17/2020 MX 2.83 0.00
1/24/2020 MX 2.83 2.66
1/31/2020 MX 2.83 4.45
2/7/2020 MX 2.83 0.86
2/14/2020 MX 2.83 -1.50
2/21/2020 MX 2.83 -5.54
2/28/2020 MX 2.83 11.76
3/6/2020 MX 2.83 23.55
3/13/2020 MX 2.83 122.42
3/20/2020 MX 2.83 184.88
3/27/2020 MX 2.83 152.83
4/3/2020 MX 2.83 182.38
4/10/2020 MX 2.83 170.08
4/17/2020 MX 2.83 170.29
4/24/2020 MX 2.83 209.64
5/1/2020 MX 2.83 198.39
5/8/2020 MX 2.83 164.74
5/15/2020 MX 2.83 156.86
5/22/2020 MX 2.83 132.88
5/29/2020 MX 2.83 99.95
6/5/2020 MX 2.83 64.05
6/12/2020 MX 2.83 71.37
6/19/2020 MX 2.83 74.87
6/26/2020 MX 2.83 78.32
7/3/2020 MX 2.83 68.61
7/10/2020 MX 2.83 65.72
7/17/2020 MX 2.83 74.30
7/24/2020 MX 2.83 57.89
7/31/2020 MX 2.83 63.29
8/7/2020 MX 2.83 60.01
8/14/2020 MX 2.83 55.36
8/21/2020 MX 2.83 51.56
8/28/2020 MX 2.83 43.61
1/17/2020 PH 1.17 0.00
1/24/2020 PH 1.17 2.41
1/31/2020 PH 1.17 6.48
2/7/2020 PH 1.17 3.59
2/14/2020 PH 1.17 1.93
2/21/2020 PH 1.17 1.07
2/28/2020 PH 1.17 9.44
3/6/2020 PH 1.17 19.37
3/13/2020 PH 1.17 69.39
3/20/2020 PH 1.17 104.26
3/27/2020 PH 1.17 85.41
4/3/2020 PH 1.17 80.80
4/10/2020 PH 1.17 62.01
4/17/2020 PH 1.17 50.40
4/24/2020 PH 1.17 54.35
5/1/2020 PH 1.17 51.58
5/8/2020 PH 1.17 51.59
5/15/2020 PH 1.17 53.31
5/22/2020 PH 1.17 46.47
5/29/2020 PH 1.17 40.77
6/5/2020 PH 1.17 31.93
6/12/2020 PH 1.17 29.02
6/19/2020 PH 1.17 29.98
6/26/2020 PH 1.17 30.63
7/3/2020 PH 1.17 29.90
7/10/2020 PH 1.17 27.39
7/17/2020 PH 1.17 27.15
7/24/2020 PH 1.17 24.16
7/31/2020 PH 1.17 23.59
8/7/2020 PH 1.17 20.66
8/14/2020 PH 1.17 17.23
8/21/2020 PH 1.17 15.44
8/28/2020 PH 1.17 13.06
1/17/2020 PL -1.00 0.00
1/24/2020 PL -1.00 -2.41
1/31/2020 PL -1.00 -2.61
2/7/2020 PL -1.00 -0.43
2/14/2020 PL -1.00 -3.01
2/21/2020 PL -1.00 -2.63
2/28/2020 PL -1.00 1.06
3/6/2020 PL -1.00 0.42
3/13/2020 PL -1.00 4.53
3/20/2020 PL -1.00 8.56
3/27/2020 PL -1.00 11.24
4/3/2020 PL -1.00 11.21
4/10/2020 PL -1.00 12.97
4/17/2020 PL -1.00 11.79
4/24/2020 PL -1.00 11.77
5/1/2020 PL -1.00 12.45
5/8/2020 PL -1.00 9.23
5/15/2020 PL -1.00 7.16
5/22/2020 PL -1.00 7.96
5/29/2020 PL -1.00 8.15
6/5/2020 PL -1.00 9.83
6/12/2020 PL -1.00 10.26
6/19/2020 PL -1.00 10.48
6/26/2020 PL -1.00 7.04
7/3/2020 PL -1.00 7.11
7/10/2020 PL -1.00 7.81
7/17/2020 PL -1.00 9.76
7/24/2020 PL -1.00 8.61
7/31/2020 PL -1.00 8.06
8/7/2020 PL -1.00 8.67
8/14/2020 PL -1.00 8.94
8/21/2020 PL -1.00 9.69
8/28/2020 PL -1.00 10.18
1/17/2020 RO 1.00 0.00
1/24/2020 RO 1.00 -5.05
1/31/2020 RO 1.00 -4.94
2/7/2020 RO 1.00 -4.68
2/14/2020 RO 1.00 -2.67
2/21/2020 RO 1.00 4.90
2/28/2020 RO 1.00 3.83
3/6/2020 RO 1.00 0.08
3/13/2020 RO 1.00 1.61
3/20/2020 RO 1.00 5.68
3/27/2020 RO 1.00 18.05
4/3/2020 RO 1.00 31.43
4/10/2020 RO 1.00 50.10
4/17/2020 RO 1.00 68.32
4/24/2020 RO 1.00 72.35
5/1/2020 RO 1.00 95.64
5/8/2020 RO 1.00 94.84
5/15/2020 RO 1.00 92.13
5/22/2020 RO 1.00 90.91
5/29/2020 RO 1.00 87.20
6/5/2020 RO 1.00 86.24
6/12/2020 RO 1.00 85.94
6/19/2020 RO 1.00 84.05
6/26/2020 RO 1.00 82.21
7/3/2020 RO 1.00 81.53
7/10/2020 RO 1.00 82.44
7/17/2020 RO 1.00 83.65
7/24/2020 RO 1.00 83.38
7/31/2020 RO 1.00 83.64
8/7/2020 RO 1.00 83.68
8/14/2020 RO 1.00 73.44
8/21/2020 RO 1.00 60.16
8/28/2020 RO 1.00 54.10
1/17/2020 RU -2.83 0.00
1/24/2020 RU -2.83 1.17
1/31/2020 RU -2.83 4.56
2/7/2020 RU -2.83 2.13
2/14/2020 RU -2.83 1.22
2/21/2020 RU -2.83 -0.32
2/28/2020 RU -2.83 12.43
3/6/2020 RU -2.83 26.24
3/13/2020 RU -2.83 136.77
3/20/2020 RU -2.83 205.48
3/27/2020 RU -2.83 162.68
4/3/2020 RU -2.83 135.18
4/10/2020 RU -2.83 99.76
4/17/2020 RU -2.83 106.84
4/24/2020 RU -2.83 119.89
5/1/2020 RU -2.83 111.35
5/8/2020 RU -2.83 102.10
5/15/2020 RU -2.83 88.49
5/22/2020 RU -2.83 69.84
5/29/2020 RU -2.83 61.11
6/5/2020 RU -2.83 35.35
6/12/2020 RU -2.83 29.42
6/19/2020 RU -2.83 33.11
6/26/2020 RU -2.83 36.38
7/3/2020 RU -2.83 44.22
7/10/2020 RU -2.83 40.13
7/17/2020 RU -2.83 40.67
7/24/2020 RU -2.83 33.38
7/31/2020 RU -2.83 38.15
8/7/2020 RU -2.83 38.17
8/14/2020 RU -2.83 26.94
8/21/2020 RU -2.83 40.36
8/28/2020 RU -2.83 43.72
1/17/2020 SF 4.17 0.00
1/24/2020 SF 4.17 5.85
1/31/2020 SF 4.17 14.59
2/7/2020 SF 4.17 8.68
2/14/2020 SF 4.17 3.82
2/21/2020 SF 4.17 1.01
2/28/2020 SF 4.17 24.33
3/6/2020 SF 4.17 48.76
3/13/2020 SF 4.17 145.91
3/20/2020 SF 4.17 200.89
3/27/2020 SF 4.17 203.49
4/3/2020 SF 4.17 286.09
4/10/2020 SF 4.17 248.48
4/17/2020 SF 4.17 218.74
4/24/2020 SF 4.17 248.23
5/1/2020 SF 4.17 253.21
5/8/2020 SF 4.17 244.61
5/15/2020 SF 4.17 224.59
5/22/2020 SF 4.17 187.83
5/29/2020 SF 4.17 175.03
6/5/2020 SF 4.17 121.56
6/12/2020 SF 4.17 105.98
6/19/2020 SF 4.17 115.34
6/26/2020 SF 4.17 126.70
7/3/2020 SF 4.17 127.96
7/10/2020 SF 4.17 135.40
7/17/2020 SF 4.17 149.71
7/24/2020 SF 4.17 129.19
7/31/2020 SF 4.17 132.92
8/7/2020 SF 4.17 143.11
8/14/2020 SF 4.17 128.90
8/21/2020 SF 4.17 126.80
8/28/2020 SF 4.17 119.40
1/17/2020 SI -2.67 NA
1/24/2020 SI -2.67 NA
1/31/2020 SI -2.67 NA
2/7/2020 SI -2.67 NA
2/14/2020 SI -2.67 NA
2/21/2020 SI -2.67 NA
2/28/2020 SI -2.67 NA
3/6/2020 SI -2.67 NA
3/13/2020 SI -2.67 NA
3/20/2020 SI -2.67 NA
3/27/2020 SI -2.67 NA
4/3/2020 SI -2.67 NA
4/10/2020 SI -2.67 NA
4/17/2020 SI -2.67 NA
4/24/2020 SI -2.67 NA
5/1/2020 SI -2.67 NA
5/8/2020 SI -2.67 NA
5/15/2020 SI -2.67 NA
5/22/2020 SI -2.67 NA
5/29/2020 SI -2.67 NA
6/5/2020 SI -2.67 NA
6/12/2020 SI -2.67 NA
6/19/2020 SI -2.67 NA
6/26/2020 SI -2.67 NA
7/3/2020 SI -2.67 NA
7/10/2020 SI -2.67 NA
7/17/2020 SI -2.67 NA
7/24/2020 SI -2.67 NA
7/31/2020 SI -2.67 NA
8/7/2020 SI -2.67 NA
8/14/2020 SI -2.67 NA
8/21/2020 SI -2.67 NA
8/28/2020 SI -2.67 NA
1/17/2020 TA -5.67 NA
1/24/2020 TA -5.67 NA
1/31/2020 TA -5.67 NA
2/7/2020 TA -5.67 NA
2/14/2020 TA -5.67 NA
2/21/2020 TA -5.67 NA
2/28/2020 TA -5.67 NA
3/6/2020 TA -5.67 NA
3/13/2020 TA -5.67 NA
3/20/2020 TA -5.67 NA
3/27/2020 TA -5.67 NA
4/3/2020 TA -5.67 NA
4/10/2020 TA -5.67 NA
4/17/2020 TA -5.67 NA
4/24/2020 TA -5.67 NA
5/1/2020 TA -5.67 NA
5/8/2020 TA -5.67 NA
5/15/2020 TA -5.67 NA
5/22/2020 TA -5.67 NA
5/29/2020 TA -5.67 NA
6/5/2020 TA -5.67 NA
6/12/2020 TA -5.67 NA
6/19/2020 TA -5.67 NA
6/26/2020 TA -5.67 NA
7/3/2020 TA -5.67 NA
7/10/2020 TA -5.67 NA
7/17/2020 TA -5.67 NA
7/24/2020 TA -5.67 NA
7/31/2020 TA -5.67 NA
8/7/2020 TA -5.67 NA
8/14/2020 TA -5.67 NA
8/21/2020 TA -5.67 NA
8/28/2020 TA -5.67 NA
1/17/2020 TH -6.17 0.00
1/24/2020 TH -6.17 0.43
1/31/2020 TH -6.17 4.00
2/7/2020 TH -6.17 6.03
2/14/2020 TH -6.17 5.57
2/21/2020 TH -6.17 4.93
2/28/2020 TH -6.17 11.16
3/6/2020 TH -6.17 20.27
3/13/2020 TH -6.17 50.37
3/20/2020 TH -6.17 70.26
3/27/2020 TH -6.17 71.56
4/3/2020 TH -6.17 66.30
4/10/2020 TH -6.17 62.51
4/17/2020 TH -6.17 50.58
4/24/2020 TH -6.17 49.80
5/1/2020 TH -6.17 45.04
5/8/2020 TH -6.17 43.99
5/15/2020 TH -6.17 41.85
5/22/2020 TH -6.17 35.37
5/29/2020 TH -6.17 31.57
6/5/2020 TH -6.17 25.58
6/12/2020 TH -6.17 20.47
6/19/2020 TH -6.17 22.31
6/26/2020 TH -6.17 22.03
7/3/2020 TH -6.17 22.02
7/10/2020 TH -6.17 20.72
7/17/2020 TH -6.17 21.34
7/24/2020 TH -6.17 20.36
7/31/2020 TH -6.17 20.39
8/7/2020 TH -6.17 19.63
8/14/2020 TH -6.17 18.81
8/21/2020 TH -6.17 18.69
8/28/2020 TH -6.17 17.25
1/17/2020 TK 2.50 0.00
1/24/2020 TK 2.50 -10.91
1/31/2020 TK 2.50 -13.50
2/7/2020 TK 2.50 -10.90
2/14/2020 TK 2.50 17.59
2/21/2020 TK 2.50 18.37
2/28/2020 TK 2.50 68.46
3/6/2020 TK 2.50 94.77
3/13/2020 TK 2.50 194.01
3/20/2020 TK 2.50 292.52
3/27/2020 TK 2.50 238.13
4/3/2020 TK 2.50 339.66
4/10/2020 TK 2.50 339.08
4/17/2020 TK 2.50 341.77
4/24/2020 TK 2.50 364.55
5/1/2020 TK 2.50 339.80
5/8/2020 TK 2.50 374.50
5/15/2020 TK 2.50 362.66
5/22/2020 TK 2.50 308.64
5/29/2020 TK 2.50 292.54
6/5/2020 TK 2.50 225.25
6/12/2020 TK 2.50 202.23
6/19/2020 TK 2.50 216.71
6/26/2020 TK 2.50 228.06
7/3/2020 TK 2.50 220.80
7/10/2020 TK 2.50 244.15
7/17/2020 TK 2.50 267.50
7/24/2020 TK 2.50 242.07
7/31/2020 TK 2.50 293.75
8/7/2020 TK 2.50 328.98
8/14/2020 TK 2.50 300.38
8/21/2020 TK 2.50 304.68
8/28/2020 TK 2.50 281.58
8/28/2020 HK -2.83 7.73
8/28/2020 HK -2.83 7.73
8/28/2020 HK -2.83 7.73
8/28/2020 SI -2.67 NA
8/28/2020 TA -5.67 NA
8/28/2020 SI -2.67 NA
8/28/2020 TA -5.67 NA
8/28/2020 SI -2.67 NA
8/28/2020 TA -5.67 NA
8/28/2020 CO 5.67 49.02
8/28/2020 CO 5.67 49.02
8/28/2020 CO 5.67 49.02
8/28/2020 HK -2.83 7.73
8/28/2020 HK -2.83 7.73
8/28/2020 HK -2.83 7.73
8/28/2020 SI -2.67 NA
8/28/2020 TA -5.67 NA
8/28/2020 SI -2.67 NA
8/28/2020 TA -5.67 NA
8/28/2020 SI -2.67 NA
8/28/2020 TA -5.67 NA
8/28/2020 CO 5.67 49.02
8/28/2020 CO 5.67 49.02
8/28/2020 CO 5.67 49.02

Note: 5-year CDS spreads are used. Country abbreviations are as follows: BZ = Brazil, CH = China, CL = Chile, CO = Colombia, CZ = Czech Republic, HK = Hong Kong, HU = Hungary, ID = Indonesia, IN = India, IS = Israel, KO = Korea, MA = Malaysia, MX = Mexico, PH = Philippines, PL = Poland, RO = Romania, RU = Russia, SF = South Africa, TH = Thailand, TK = Turkey.

Source: Markit North America, Inc.

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Figure 3: COVID-19 Cases, Deaths, and Stringency of Restrictions in Selected Countries

*Per Hundred Thousand

Date Country Cases* Deaths* Oxford Stringency Index
1/17/2020 Brazil 0.00 0.00 0.00
1/24/2020 Brazil 0.00 0.00 0.00
1/31/2020 Brazil 0.00 0.00 2.38
2/7/2020 Brazil 0.00 0.00 5.56
2/14/2020 Brazil 0.00 0.00 5.56
2/21/2020 Brazil 0.00 0.00 5.56
2/28/2020 Brazil 0.00 0.00 5.56
3/6/2020 Brazil 0.01 0.00 9.52
3/13/2020 Brazil 0.07 0.00 17.46
3/20/2020 Brazil 0.37 0.01 53.90
3/27/2020 Brazil 1.61 0.04 72.16
4/3/2020 Brazil 4.26 0.17 74.54
4/10/2020 Brazil 9.24 0.50 74.54
4/17/2020 Brazil 15.85 1.01 74.54
4/24/2020 Brazil 25.42 1.74 74.54
5/1/2020 Brazil 43.38 3.02 76.91
5/8/2020 Brazil 69.11 4.71 79.43
5/15/2020 Brazil 103.64 7.04 81.02
5/22/2020 Brazil 155.67 9.90 81.02
5/29/2020 Brazil 218.84 13.12 81.02
6/5/2020 Brazil 303.81 16.48 78.37
6/12/2020 Brazil 389.92 19.68 77.31
6/19/2020 Brazil 485.94 23.03 77.31
6/26/2020 Brazil 599.82 26.33 77.31
7/3/2020 Brazil 724.07 29.72 77.84
7/10/2020 Brazil 847.21 33.12 81.02
7/17/2020 Brazil 962.71 36.63 81.02
7/24/2020 Brazil 1102.45 40.10 81.02
7/31/2020 Brazil 1252.58 43.51 77.45
8/7/2020 Brazil 1393.70 46.84 72.69
8/14/2020 Brazil 1517.90 49.63 66.73
8/21/2020 Brazil 1661.80 53.33 64.35
8/28/2020 Brazil 1789.99 56.22 64.35
1/17/2020 Chile 0.00 0.00 0.00
1/24/2020 Chile 0.00 0.00 0.00
1/31/2020 Chile 0.00 0.00 0.00
2/7/2020 Chile 0.00 0.00 0.00
2/14/2020 Chile 0.00 0.00 0.00
2/21/2020 Chile 0.00 0.00 0.00
2/28/2020 Chile 0.00 0.00 0.00
3/6/2020 Chile 0.02 0.00 0.00
3/13/2020 Chile 0.22 0.00 0.00
3/20/2020 Chile 2.27 0.00 42.06
3/27/2020 Chile 8.42 0.03 60.98
4/3/2020 Chile 19.54 0.12 73.15
4/10/2020 Chile 34.00 0.34 73.15
4/17/2020 Chile 48.39 0.61 73.15
4/24/2020 Chile 64.36 0.91 73.15
5/1/2020 Chile 88.95 1.22 73.15
5/8/2020 Chile 135.84 1.54 73.55
5/15/2020 Chile 206.81 2.06 76.26
5/22/2020 Chile 323.52 3.29 78.24
5/29/2020 Chile 474.05 4.94 78.24
6/5/2020 Chile 640.69 7.57 78.24
6/12/2020 Chile 841.24 15.01 78.24
6/19/2020 Chile 1210.21 21.41 78.24
6/26/2020 Chile 1377.41 26.51 78.24
7/3/2020 Chile 1506.74 31.65 79.83
7/10/2020 Chile 1617.54 35.47 89.35
7/17/2020 Chile 1707.32 43.66 88.95
7/24/2020 Chile 1785.06 46.62 86.57
7/31/2020 Chile 1860.18 49.46 86.57
8/7/2020 Chile 1929.00 52.08 89.35
8/14/2020 Chile 1998.49 54.08 85.39
8/21/2020 Chile 2059.46 56.08 83.80
8/28/2020 Chile 2123.28 58.22 83.80
1/17/2020 Korea 0.00 0.00 0.00
1/24/2020 Korea 0.00 0.00 0.00
1/31/2020 Korea 0.02 0.00 0.40
2/7/2020 Korea 0.05 0.00 23.68
2/14/2020 Korea 0.05 0.00 31.48
2/21/2020 Korea 0.40 0.00 33.46
2/28/2020 Korea 4.56 0.03 53.31
3/6/2020 Korea 12.86 0.08 55.56
3/13/2020 Korea 15.56 0.13 55.56
3/20/2020 Korea 16.88 0.18 55.56
3/27/2020 Korea 18.20 0.27 75.00
4/3/2020 Korea 19.63 0.34 75.93
4/10/2020 Korea 20.38 0.41 81.35
4/17/2020 Korea 20.74 0.45 82.41
4/24/2020 Korea 20.91 0.47 51.99
5/1/2020 Korea 21.03 0.49 43.52
5/8/2020 Korea 21.14 0.50 43.52
5/15/2020 Korea 21.53 0.51 43.52
5/22/2020 Korea 21.78 0.52 41.93
5/29/2020 Korea 22.32 0.52 42.26
6/5/2020 Korea 22.86 0.53 56.94
6/12/2020 Korea 23.50 0.54 56.94
6/19/2020 Korea 24.13 0.55 56.94
6/26/2020 Korea 24.68 0.55 56.94
7/3/2020 Korea 25.41 0.55 56.94
7/10/2020 Korea 26.08 0.56 54.17
7/17/2020 Korea 26.74 0.57 48.61
7/24/2020 Korea 27.49 0.58 48.61
7/31/2020 Korea 27.96 0.59 48.61
8/7/2020 Korea 28.40 0.59 48.61
8/14/2020 Korea 29.33 0.59 48.61
8/21/2020 Korea 33.16 0.60 53.38
8/28/2020 Korea 37.84 0.63 54.17
1/17/2020 Thailand 0.00 0.00 0.00
1/24/2020 Thailand 0.01 0.00 0.00
1/31/2020 Thailand 0.03 0.00 0.00
2/7/2020 Thailand 0.04 0.00 0.00
2/14/2020 Thailand 0.05 0.00 0.00
2/21/2020 Thailand 0.05 0.00 0.00
2/28/2020 Thailand 0.06 0.00 0.00
3/6/2020 Thailand 0.07 0.00 2.38
3/13/2020 Thailand 0.11 0.00 21.43
3/20/2020 Thailand 0.46 0.00 38.69
3/27/2020 Thailand 1.63 0.01 57.60
4/3/2020 Thailand 2.83 0.03 69.32
4/10/2020 Thailand 3.54 0.05 76.85
4/17/2020 Thailand 3.87 0.07 76.85
4/24/2020 Thailand 4.16 0.07 76.85
5/1/2020 Thailand 4.24 0.08 76.85
5/8/2020 Thailand 4.30 0.08 75.26
5/15/2020 Thailand 4.33 0.08 75.00
5/22/2020 Thailand 4.35 0.08 74.47
5/29/2020 Thailand 4.41 0.08 75.00
6/5/2020 Thailand 4.44 0.08 75.00
6/12/2020 Thailand 4.48 0.08 62.96
6/19/2020 Thailand 4.51 0.08 60.32
6/26/2020 Thailand 4.53 0.08 59.26
7/3/2020 Thailand 4.56 0.08 54.89
7/10/2020 Thailand 4.59 0.08 49.07
7/17/2020 Thailand 4.64 0.08 49.07
7/24/2020 Thailand 4.70 0.08 49.07
7/31/2020 Thailand 4.74 0.08 49.07
8/7/2020 Thailand 4.79 0.08 49.07
8/14/2020 Thailand 4.84 0.08 48.67
8/21/2020 Thailand 4.86 0.08 46.30
8/28/2020 Thailand 4.89 0.08 46.30

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Figure 4: Actual and Predicted Changes in EME Financial Variables Since the Outbreak Began
Panel a: Foreign Currency per US Dollar; Panel b: Basis Points; Panel c: Percent

 

Date Panel a: Currencies Panel b: CDS Spreads Panel c: Equity Prices
Actual Contribution of U.S. Variables to Predicted Value Predicted Value, Including Contribution of Coronavirus Measures Actual Contribution of U.S. Variables to Predicted Value Predicted Value, Including Contribution of Coronavirus Measures Actual Contribution of U.S. Variables to Predicted Value Predicted Value, Including Contribution of Coronavirus Measures
1/17/2020 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1/24/2020 0.42 0.10 0.18 -0.05 1.34 1.84 -0.43 -0.60 -0.72
1/31/2020 1.27 0.56 0.85 2.08 7.39 9.43 -3.27 -3.25 -3.77
2/7/2020 1.50 0.44 0.92 0.74 5.88 8.95 -3.32 -2.58 -3.44
2/14/2020 1.86 0.26 0.82 0.91 3.44 7.05 -2.51 -1.53 -2.52
2/21/2020 2.35 0.29 0.85 -0.08 3.94 7.55 -2.58 -1.89 -2.89
2/28/2020 3.49 1.05 1.67 10.85 15.23 19.21 -7.80 -8.16 -9.23
3/6/2020 3.20 1.78 2.51 20.18 23.80 28.52 -9.98 -10.72 -11.92
3/13/2020 5.77 4.22 5.27 70.98 52.40 59.04 -21.39 -19.18 -20.87
3/20/2020 10.14 7.39 9.36 107.94 88.21 100.99 -35.13 -28.20 -31.12
3/27/2020 10.58 9.09 11.74 93.55 106.28 124.05 -33.78 -31.20 -34.94
4/3/2020 11.08 7.68 10.70 104.49 90.10 110.84 -31.02 -26.86 -31.05
4/10/2020 10.26 7.08 10.20 94.51 82.79 103.94 -26.10 -24.29 -28.72
4/17/2020 10.15 5.38 8.53 88.98 63.66 84.99 -24.54 -19.67 -24.22
4/24/2020 11.16 6.45 9.53 101.15 75.64 96.69 -24.97 -22.51 -26.95
5/1/2020 10.35 6.12 9.20 99.46 71.21 92.45 -22.37 -20.50 -24.92
5/8/2020 10.39 5.36 8.36 95.82 62.74 83.42 -22.71 -18.48 -22.82
5/15/2020 10.43 5.38 8.38 92.68 62.90 83.59 -22.77 -18.43 -22.77
5/22/2020 9.26 4.80 7.80 80.13 56.14 76.74 -21.67 -16.48 -20.80
5/29/2020 8.23 4.16 7.16 70.51 48.97 69.44 -20.15 -14.73 -19.02
6/5/2020 6.16 3.39 6.26 53.27 40.26 59.58 -15.89 -12.53 -16.62
6/12/2020 5.67 3.17 5.98 48.52 38.48 57.36 -14.19 -13.09 -17.06
6/19/2020 6.73 3.28 6.09 53.16 40.04 58.74 -15.62 -13.80 -17.70
6/26/2020 6.85 3.55 6.32 54.86 42.85 61.19 -15.33 -14.23 -17.94
7/3/2020 6.97 3.81 6.60 52.46 45.30 63.51 -15.19 -14.17 -17.84
7/10/2020 6.53 3.54 6.52 51.50 42.81 61.90 -13.12 -13.21 -16.83
7/17/2020 6.43 3.30 6.21 54.74 39.54 58.05 -13.61 -12.82 -16.49
7/24/2020 5.63 2.77 5.70 47.46 33.20 51.37 -13.01 -10.79 -14.41
7/31/2020 5.06 2.52 5.48 51.21 30.40 48.15 -13.63 -10.10 -13.65
8/7/2020 5.58 2.26 5.33 52.45 27.27 45.09 -13.75 -9.10 -12.68
8/14/2020 5.93 2.09 5.21 47.99 25.28 42.83 -12.21 -8.53 -12.06
8/21/2020 5.91 2.28 5.44 47.94 27.31 44.62 -12.48 -8.88 -12.38
8/28/2020 5.79 2.05 5.27 44.00 24.92 42.09 -12.78 -8.56 -12.07

Note: Coronavirus measures come from deaths per hundred thousand and Oxford Stringency Index values.

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Figure 5: Contributions to Changes in EME Financial Variables Since the Outbreak Began

Panel a: Currencies
Percent

Country Actual Residual USA Variables Covid-19 Variables
Brazil 28.60 19.00 2.64 6.95
China 0.19 -5.23 2.08 3.33
Chile 1.25 -5.43 2.36 4.32
Colombia 14.72 -2.62 3.44 13.90
Czech Republic -2.16 -3.38 1.16 0.05
Hungary -0.26 -3.68 1.96 1.45
Indonesia 7.00 1.44 2.56 2.99
India 4.30 -3.43 2.92 4.80
Israel -2.10 -3.92 1.76 0.05
Korea 2.40 -0.56 1.40 1.56
Malaysia 2.55 -0.56 1.40 1.70
Mexico 15.69 4.80 2.76 8.12
Philippines -4.35 -9.91 2.36 3.19
Poland -2.22 -5.03 1.84 0.96
Romania -4.89 -9.25 2.32 2.03
Russia 19.70 18.56 1.40 -0.26
South Africa 15.69 4.61 3.08 8.00
Singapore 1.40 -1.60 1.44 1.55
Taiwan -1.75 -2.87 0.72 0.40
Thailand 3.29 1.83 0.60 0.86
Turkey 22.61 16.98 2.68 2.95
EME Average 5.79 0.46 2.05 3.28

Panel b: Credit spreads
Basis Points

Country Actual Residual USA Variables Covid-19 Variables
Brazil 117.68 60.40 33.62 23.67
China 5.87 -39.65 24.50 21.02
Chile 17.14 -42.13 29.06 30.21
Colombia 49.02 -37.09 46.64 39.48
Czech Republic 3.69 -9.48 9.52 3.65
Hong Kong 7.73 -13.46 13.43 7.77
Hungary 4.38 -30.55 22.55 12.38
Indonesia 36.53 -17.21 32.31 21.42
India 30.78 -41.65 38.18 34.26
Israel 9.46 -18.55 19.29 8.72
Korea 0.85 -18.80 13.43 6.22
Malaysia 14.06 -5.87 13.43 6.51
Mexico 43.61 -18.40 35.57 26.44
Philippines 13.06 -38.40 29.06 22.41
Poland 10.18 -19.64 20.59 9.22
Romania 54.10 10.39 28.41 15.30
Russia 43.72 19.70 13.43 10.59
South Africa 119.40 45.00 40.78 33.62
Thailand 17.25 19.54 0.40 -2.69
Turkey 281.58 228.97 34.27 18.34
EME Average 44.00 1.66 24.92 17.43

Panel c: Equities
Percent

Country Actual Residual USA Variables Covid-19 Variables
Brazil -14.42 -4.43 -8.77 -1.22
China 8.55 21.94 -8.60 -4.78
Chile -21.52 -4.79 -8.69 -8.04
Czech Republic -22.56 -9.66 -8.33 -4.58
Hong Kong -12.76 0.82 -8.40 -5.18
Hungary -22.98 -10.20 -8.57 -4.21
Indonesia -16.57 -4.95 -8.75 -2.87
India -7.05 4.51 -8.86 -2.71
Israel -17.98 -4.53 -8.51 -4.94
Korea 4.93 17.43 -8.40 -4.10
Malaysia -2.31 10.33 -8.40 -4.24
Mexico -17.27 -8.87 -8.81 0.41
Philippines -26.28 -13.73 -8.69 -3.87
Poland -12.01 0.28 -8.53 -3.76
Romania -13.20 -0.72 -8.68 -3.80
Russia -24.02 -6.70 -8.40 -8.93
South Africa -3.00 4.68 -8.91 1.23
Singapore -25.19 -12.96 -8.41 -3.82
Taiwan 5.19 15.04 -8.19 -1.66
Thailand -18.53 -6.29 -8.16 -4.08
Turkey -9.38 1.28 -8.79 -1.88
EME Average -12.78 -0.55 -8.56 -3.67

Note: The dots in the panels represent the actual cumulative changes in financial variables in each EME from January 17 to August 28, 2020. The bars represent the cumulative contributions of U.S. financial variables (high-yield spread, VIX and their interactions), Covid-19 variables (deaths per hundred thousand, Oxford Stringency Index and their interactions) and residuals for each EME as predicted by the regressions in Table 1.

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Last Update: October 07, 2020