In this paper , we have applied data from various sources . A detailed list of the variables , their definitions and sources is provided in Table 1 . Our dataset , including daily price indices , daily trading volumes and the daily CBOE VIX index cover the period 1 July 2019 to 14 August 2020 . We have collected these capital market , resilience and macroeconomic data for 34 economies based on the data availability and comprehensiveness of the market . A description of our sample by country is presented in Table 2 . There are an equal number of observations for each country and thus we have a balanced panel .