Exchange Rate, COVID-19, and Stock Returns in Africa: Insights from Time-Frequency Domain

Figure 4

WMCC among selected African STK and EXR returns. (a–c) All-period (13 February 2013 to 6 May 2021), pre-COVID-19 (13 February 2013 to 30 March 2020), and COVID-19 period (31 March 2020 to 6 May 2021).

(a)

(b)

(c)