Fig. la - Stock market volatility (daily returns, 3M exp. mov. average)
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0
Korea
0.56
0.48
0.40
0.32
0.24
0.16
0.08
0.00
1990 1992 1994 1996 1998
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0
Brazil
1990 1992 1994 1996 1998
Hong Kong
1.00
0.75
0.50
0.25
0.00
1990 1992 1994 1996 1998
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0
Thailand
1990 1992 1994 1996 1998
Indonesia
Mexico
