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

Table 2

Descriptive summary (in-pandemic).

Variable	Mean	Std. Dev.	Skewness	Kurtosis	Jarque–Bera	ADF	PP	Obs
Panel A: stock returns
Botswana	0.000122	0.005547	−0.451	3.171952	6.288743	−14.3534	−14.3283	179
Egypt	8.56E−06	0.009939	0.161053	3.540566	2.953231	−11.0713	−10.9969	179
Ghana	0.000199	0.01022	0.131518	9.697635	335.0843	−3.33244	−16.6311	179
Kenya	0.001628	0.010566	−0.05567	4.093364	9.008475	−12.5648	−12.5802	179
Morocco	0.001375	0.007777	−0.51839	8.502871	233.8674	−12.4004	−12.4308	179
Namibia	0.002632	0.161099	0.309161	85.85493	51203.86	−12.2849	−55.358	179
Nigeria	0.001874	0.01105	1.1002	11.35024	556.1548	−10.6723	−10.6612	179
Rwanda	−0.00022	0.001032	1.48443	33.06706	6808.28	−13.3091	−13.4204	179
South Africa	0.003361	0.017655	−0.44674	4.546518	23.79226	−14.5887	−14.7316	179
Tunisia	0.000738	0.006507	−0.07514	6.728737	103.8652	−12.7152	−12.7088	179
Zambia	−0.00041	0.005707	0.597057	5.667759	63.71539	−10.7072	−10.7215	179
Panel B: exchange rate returns
Botswana	0.000513	0.005641	−0.67505	4.336424	26.9157	−16.1943	−16.2308	179
Egypt	−0.00012	0.001907	−1.76596	16.36703	1425.676	−17.0088	−16.5255	179
Ghana	−1.37E−06	0.488953	−0.02375	89.49023	55792.52	−39.9553	−31.7519	179
Kenya	−0.0003	0.005348	0.173191	3.402774	2.104796	−16.862	−16.7197	179
Morocco	−0.00126	0.013698	−0.26811	5.655417	54.73506	−12.8678	−18.7082	179
Namibia	0.000901	0.010545	−1.26331	8.794952	298.0745	−14.7146	−14.7292	179
Nigeria	−0.00096	0.018976	−0.51842	12.70733	710.8336	−15.116	−15.2424	179
Rwanda	4.84E−06	0.008584	0.14599	4.274751	12.75555	−13.0769	−20.731	179
South Africa	0.001536	0.010166	−0.59282	4.432993	25.79992	−12.0576	−79.5436	179
Tunisia	0.000199	0.003916	−0.15178	3.854719	6.135901	−16.1382	−16.1382	179
Zambia	0.000192	0.004947	−0.95181	7.167933	156.5907	−2.53392	−11.6371	179
Panel B: COVID-19 cases returns
Botswana	0.026606	0.067792	5.483864	42.96344	12808.7	−12.6283	−12.6311	179
Egypt	0.013955	0.021595	2.261811	8.2539	358.4969	−5.03298	−4.10002	179
Ghana	0.01468	0.033627	4.137287	22.45428	3333.409	−7.34583	−9.1469	179
Kenya	0.020236	0.037854	5.592923	41.22813	11832.74	−3.48187	−4.61491	179
Morocco	0.015963	0.019548	2.47985	10.80759	638.1132	−3.09357	−4.48749	179
Namibia	0.016474	0.035403	4.876873	32.66233	7271.797	−2.21248	−9.29663	179
Nigeria	0.018567	0.03617	4.293197	25.96695	4484.003	−10.7922	−6.97144	179
Rwanda	0.014379	0.017247	2.628798	11.00481	684.0726	−2.48826	−6.19568	179
South Africa	0.015909	0.021241	1.280628	3.30507	49.62106	−4.24794	−26.3344	179
Tunisia	0.016366	0.026689	4.052797	27.60951	5006.994	−4.56013	−10.9857	179
Zambia	0.018054	0.049913	7.443926	66.14494	31391.62	−2.668	−13.4998	179

Note. The significance levels are given as 1% (), 5% (), and 10% ().