"Financial Stress Index—Selected Asian Economies" "Figure 4.5b" ,IND,INO,JPN,PHI,SIN,THA date,India,Indonesia,Japan,Philippines,Singapore,Thailand,episodes 1/1/2008,-1.3438,-1.3776,0.7736,-0.1715,-1.0598,-1.2330,1 2/1/2008,-0.8731,-1.5823,0.9757,0.0811,-0.3888,-1.2001,1 3/1/2008,-0.6367,-1.4115,0.9929,0.1663,-0.3471,-0.9272,1 4/1/2008,-0.3397,-0.4750,0.7767,0.5143,-0.1361,-1.8387,1 5/1/2008,0.9959,-0.4920,0.5289,0.7022,0.2826,-2.0011,1 6/1/2008,1.5246,-0.5092,0.6924,1.1495,0.7990,-1.2266,1 7/1/2008,2.7567,-0.4406,1.1706,1.5650,0.9506,0.4118,1 8/1/2008,2.4659,-1.1116,1.0980,0.6448,1.4302,-0.2572,1 9/1/2008,3.3841,-0.7531,1.3750,1.2132,2.4369,0.1379,1 10/1/2008,6.2092,0.5141,2.9938,2.2752,5.7459,1.6914,1 11/1/2008,8.7484,3.2335,2.9480,3.8917,8.6619,4.1572,1 12/1/2008,7.4590,2.3007,2.5268,3.3475,6.5175,4.0253,1 1/1/2009,7.0084,2.1706,2.0528,2.2318,6.4628,3.3377,1 2/1/2009,6.6531,2.4496,2.6882,2.3851,6.6450,3.5084,1 3/1/2009,5.6045,2.0667,2.8829,1.8690,5.9806,3.6440,1 4/1/2009,4.6229,1.1399,2.4406,1.3143,4.9113,3.1911,1 5/1/2009,3.8411,1.3924,2.1031,1.5944,3.9724,2.8435,1 6/1/2009,4.6236,1.4177,1.6650,1.4041,5.1625,2.7993 7/1/2009,4.1035,1.0057,1.1705,0.9340,3.8363,2.1648 8/1/2009,3.3539,0.3736,0.4996,0.6287,3.7187,1.4906 9/1/2009,1.7147,0.0367,0.0651,0.5268,1.7747,0.7778 10/1/2009,0.2707,-1.0692,-1.2707,-0.3928,-0.3495,-0.4813 11/1/2009,-0.3200,-1.5149,-1.2882,-0.7095,-1.1832,-1.1111 12/1/2009,-0.4163,-1.5336,-1.2259,-1.5554,-1.1645,-1.5997 1/1/2010,-0.8354,-1.7942,-1.4917,-1.7269,-1.1949,-1.4526 2/1/2010,-1.0209,-1.9502,-1.9448,-1.6105,-1.4745,-1.8885 3/1/2010,-1.6666,-2.2418,-2.4755,-1.8794,-2.4812,-2.1540 4/1/2010,-1.0592,-2.1259,-1.8637,-1.8783,-2.0711,-1.9095 5/1/2010,0.1434,-1.4036,-0.8227,-1.2833,0.0615,-1.6429,1 6/1/2010,-0.2882,-1.4997,-0.3698,-0.7197,-0.2645,-1.2384,1 7/1/2010,-0.4980,-1.5927,-0.3148,-0.9423,-0.6146,-1.5505,1 8/1/2010,-0.6226,-1.5566,0.0875,-1.7174,-0.6929,-1.3886,1 9/1/2010,-1.3398,-1.7713,0.1216,-2.3699,-1.2639,-1.0842,1 10/1/2010,-1.0740,-1.8084,-0.2203,-1.9978,-1.5363,-1.1841,1 11/1/2010,-0.6727,-1.5656,-0.5736,-1.6296,-0.7362,-1.8973,1 12/1/2010,-1.0433,-1.6729,-0.5420,-1.2987,-0.7093,-1.8572,1 1/1/2011,-0.8511,-1.4747,-0.4892,-1.4773,-1.2997,-1.9217,1 2/1/2011,-0.1951,-1.7546,-0.8186,-1.5614,-1.0820,-1.8267,1 3/1/2011,-0.5269,-1.7840,-0.1511,-1.3711,-1.0879,-1.7093,1 4/1/2011,-0.2150,-1.7334,0.1827,-1.5068,-1.3990,-2.3768,1 5/1/2011,-0.7628,-1.8410,-0.4857,-1.4155,-1.4146,-2.7541,1 6/1/2011,-0.7086,-1.8238,-0.5945,-0.8681,-1.6284,-2.5040,1 7/1/2011,-0.7976,-1.8190,-0.9707,-1.1338,-1.9198,-2.3024,1 8/1/2011,-0.3205,-1.6162,-0.5047,-0.7729,-1.1302,-1.9473,1 9/1/2011,0.8411,-1.2399,-0.1227,0.0342,1.4078,-1.2947,1 10/1/2011,0.5169,-1.2117,0.1043,0.1467,0.3848,-0.2766,1 11/1/2011,0.8685,-1.1914,0.5066,-0.1477,1.2015,-0.2110,1 12/1/2011,1.8850,-1.2939,0.7716,-0.1310,1.3226,-0.3592,1 1/1/2012,0.3226,-1.4997,0.7804,-0.6350,-0.1032,-0.5308,1 2/1/2012,0.6010,-1.5366,0.5799,-0.9833,-0.1018,-0.7491,1 3/1/2012,1.3403,-1.3725,0.0098,-0.7328,0.5472,-0.8625,1 4/1/2012,1.3671,-1.4316,-0.1242,-0.7486,0.2524,-0.6744,1 5/1/2012,1.5010,-1.1160,0.4490,-0.5842,0.9733,-1.0155,1 6/1/2012,1.3775,-1.0574,0.5520,-0.6766,0.4609,-0.8911 7/1/2012,1.0656,-0.5971,0.8232,-0.8720,-0.0334,-0.7782 8/1/2012,0.5188,-0.6386,0.2305,-0.5210,-0.3002,-0.6867 9/1/2012,-0.4405,-0.8430,-0.0647,-0.8357,-1.3328,-1.1077 10/1/2012,-0.2195,-1.5923,0.1324,-1.0331,-0.9261,-1.8748 11/1/2012,-0.6030,-1.5920,-0.1078,-1.0671,-1.4077,-1.7117 12/1/2012,-1.2274,-0.9362,-0.4199,-1.1939,-1.8482,-1.7367 1/1/2013,-1.0168,-0.8454,-0.4610,-1.3128,-1.1536,-1.7460 2/1/2013,-0.6397,-0.7805,-0.2090,-1.3234,-0.7889,-1.7674,1 3/1/2013,-0.6714,-0.7109,-0.4139,-1.3025,-0.9003,-1.7018,1 4/1/2013,-1.0775,-0.6831,-0.8302,-1.4018,-1.5399,-1.7023,1 5/1/2013,-1.4304,-0.7181,-1.6347,-1.6450,-1.2894,-2.4498,1 6/1/2013,-0.9768,-0.6984,-1.3392,-1.0910,-0.7036,-2.1336,1 7/1/2013,-1.1747,-0.3963,-1.6284,-0.0230,-0.6115,-0.8913,1 8/1/2013,-0.6164,-0.1760,-1.3209,0.1313,-0.2486,-0.5817,1 9/1/2013,-0.0868,0.0613,-1.4809,-0.0431,-0.6014,-0.1080,1 10/1/2013,-0.6779,-0.1189,-1.7042,-0.2135,-0.6822,-0.2875,1 11/1/2013,0.1094,0.0563,-1.8165,0.0848,-0.1677,-0.5564,1 12/1/2013,-0.0832,0.1118,-1.6119,0.3793,0.1379,-0.0805,1 1/1/2014,0.0876,0.1031,-1.3665,0.5960,0.5480,0.4442,1 2/1/2014,-0.2411,0.0215,-1.0158,0.3853,0.1047,0.8348 3/1/2014,-0.8473,-0.2554,-0.6640,0.3480,0.2752,0.7021 4/1/2014,-0.6774,-0.2167,-0.2613,0.1248,-0.1685,0.5104 5/1/2014,-1.3818,-0.2732,0.1465,-0.0396,-0.3807,-0.0486 6/1/2014,-1.2346,-0.2815,-0.5960,-0.3559,-0.9559,-0.6990 7/1/2014,-1.6173,-0.3627,-0.3100,-0.4787,-1.0242,-0.8360 8/1/2014,-2.0709,-0.5339,-0.3739,-0.5963,-1.1131,-0.8211 9/1/2014,-2.0694,-0.6564,-0.1461,-0.6478,-0.3563,-1.0602 10/1/2014,-1.8366,-0.5393,0.1841,-0.4810,-0.3590,-0.7169 11/1/2014,-2.0499,-0.6684,0.0778,-0.8063,-0.3229,-0.9689 12/1/2014,-1.7956,-0.7309,0.1911,-1.1004,-0.5182,-1.1331 1/1/2015,-2.1611,-0.7775,0.1811,-1.3158,-0.8693,-1.4764 2/1/2015,-1.8891,-0.7373,-0.3688,-1.4133,-0.6834,-1.3965 3/1/2015,-1.5266,-0.5158,-0.6558,-1.1483,-0.5113,-1.1343 4/1/2015,-1.4335,-0.6936,-0.9908,-1.1873,-1.3413,-0.7978 5/1/2015,-1.3971,-0.6599,-1.0031,-0.9316,-0.9424,-1.0365 6/1/2015,-1.3569,-0.6327,-0.6660,-0.8225,-0.5386,-0.1485 7/1/2015,-1.4240,-0.4901,-0.5522,-0.8689,0.2689,0.0250 8/1/2015,-0.8514,-0.1814,-0.5080,-1.2867,0.9227,0.2567,1 9/1/2015,-0.4282,0.1200,-0.0281,-1.2348,1.2857,0.7095,1 10/1/2015,-0.5617,-0.3938,-0.4354,-1.4422,0.2652,0.6886 11/1/2015,-0.0837,-0.1674,-0.4885,-1.1555,1.2759,0.4796 12/1/2015,-0.3151,-0.2410,-0.4497,-1.2436,1.2645,0.5850 1/1/2016,-0.0557,-0.1709,-0.0011,-0.9802,2.0301,0.9456 2/1/2016,0.3465,-0.3717,0.4162,-0.9145,1.4710,1.0011 3/1/2016,-0.3384,-0.5104,0.4159,-1.0354,0.7783,0.4331 4/1/2016,0.3619,-0.4630,0.5884,-0.8006,1.0682,0.2398 5/1/2016,0.0587,-0.4307,0.5242,-0.2490,1.6830,-0.3066 6/1/2016,0.0484,-1.4549,0.5135,-0.6121,0.7327,-0.1219,1 7/1/2016,-0.2859,-1.6509,0.4009,-0.5346,0.3088,-0.3898,1 8/1/2016,-0.9067,-1.7593,-0.0612,-0.9246,-0.6071,-0.8748 9/1/2016,-1.0780,-1.9320,-0.5927,-0.7817,-0.8486,-0.9603 10/1/2016,-0.9164,-1.8301,-0.4375,-0.5199,-0.0568,-0.8958 11/1/2016,-0.7870,-1.6198,-0.1135,-0.3682,-0.3785,-1.0496 12/1/2016,-0.5800,-1.1816,-0.2352,-0.2502,-0.0384,-1.3557 1/1/2017,-1.0198,-1.1375,-0.8301,-0.7240,-1.5354,-1.2646 2/1/2017,-1.6895,-1.0527,-1.0981,-0.4511,-1.2792,-1.1835 3/1/2017,-1.5375,-0.9815,-0.8463,-0.2803,-1.1514,-1.1546 4/1/2017,-1.5972,-1.0406,-0.7509,-0.5904,-1.0340,-1.0435 5/1/2017,-1.8241,-1.0714,-0.8914,-0.5600,-1.4801,-1.3008 6/1/2017,-1.7476,-0.9598,-1.0672,-0.4430,-1.4704,-1.6610 7/1/2017,-1.8390,-1.7512,-0.8652,-0.2213,-1.8054,-1.4853 8/1/2017,-1.6565,-1.6458,-0.5575,-0.3115,-1.8109,-1.3203 9/1/2017,-1.5087,-1.6698,-0.5586,-0.6976,-1.7961,-1.8808 10/1/2017,-1.6191,-1.5362,-0.8604,-0.8914,-1.9887,-2.0819 11/1/2017,-1.8692,-1.6962,-1.2800,-1.2519,-2.2660,-1.9600 12/1/2017,-2.2202,-1.7401,-1.2902,-1.3753,-2.5066,-2.1370 1/1/2018,-2.5561,-0.9676,-1.5499,-1.1837,-2.7119,-1.3442 2/1/2018,-1.7127,-0.6412,-1.1470,-0.7008,-2.0462,-1.5107 3/1/2018,-1.2916,-0.6298,-1.0235,-0.6575,-2.3607,-2.0277 4/1/2018,-1.4876,-0.5977,-1.1093,-0.3282,-2.5432,-2.1092 5/1/2018,-0.8210,-0.4791,-0.9925,-0.2152,-1.5186,-2.3005 6/1/2018,-1.0305,-0.4071,-0.7861,-0.1221,-0.9703,-1.5517 7/1/2018,-1.1456,-0.2949,-0.7186,-0.2216,-0.7488,-1.1510 8/1/2018,-1.1855,-0.2859,-0.7706,-0.5349,-0.8928,-0.8953 9/1/2018,-0.8950,-0.1983,-0.8718,-0.1554,-1.1541,-0.7726 10/1/2018,-0.1223,-0.0854,-0.4074,-0.1339,-0.1694,-1.3719,1 11/1/2018,-0.6141,-0.4086,0.1998,-0.3781,-0.0920,-1.1325,1 12/1/2018,-0.2753,-0.3723,0.4702,-0.5000,-0.0441,-0.8888 1/1/2019,-0.4380,-0.3223,0.8311,-0.5234,-0.4062,-0.5260 2/1/2019,-0.5297,-0.2209,0.4166,-0.5194,-0.0832,-0.8524 3/1/2019,-1.2923,-0.1583,0.2988,-0.6379,-0.4162,-1.0291 4/1/2019,-0.7549,-0.3734,0.2177,-0.9750,-0.3619,-1.1155 5/1/2019,-0.9649,-0.2148,0.4227,-1.6603,0.8668,-1.1210 6/1/2019,-1.1814,-0.2206,0.3269,-1.9160,-1.0300,-1.3081 7/1/2019,-0.9682,-0.2128,0.0310,-1.9652,-0.2649,-1.7377 8/1/2019,-0.4534,-0.0745,0.2783,-1.5305,-0.0445,-1.5784 9/1/2019,-1.1360,-0.2488,0.1947,-0.9899,-0.3377,-1.4095 10/1/2019,-1.5044,-0.2742,-0.1156,-1.1642,-1.3243,-1.4573 11/1/2019,-1.3151,-0.0553,-0.6102,-1.1068,-1.0794,-1.6534 12/1/2019,-1.4600,-0.0382,-0.9098,-0.8953,-1.5056,-1.5787 1/1/2020,-1.3942,-0.3539,-0.8882,-0.7474,-1.1287,-1.5299,1 2/1/2020,-1.1646,-1.1645,-0.6023,-0.9446,-0.4572,-1.3969,1 3/1/2020,0.7938,-0.2162,0.5774,-0.8921,1.0701,0.3948,1 4/1/2020,3.8384,1.3987,0.6355,1.0644,1.8620,2.6771 5/1/2020,4.2260,0.8351,0.0548,1.2779,2.1858,2.4492 6/1/2020,3.5915,0.6385,-0.4315,0.9098,1.6246,2.3401 7/1/2020,2.6697,1.0225,-0.3480,1.4034,1.9038,1.9509 8/1/2020,2.2525,0.7405,-0.6617,1.1102,1.0026,1.7444 9/1/2020,1.8470,0.7820,-0.5885,0.9477,1.1323,1.5764 10/1/2020,1.4631,0.6211,-0.5130,0.6999,1.2289,1.5394 11/1/2020,0.9187,0.2905,-0.8053,0.2601,0.1071,1.1604 12/1/2020,0.3548,0.3039,-1.0906,0.3583,1.1693,0.8621 "Source: ADB calculations using data from Bloomberg; CEIC; Haver Analytics; the International Monetary Fund. International Financial Statistics. http://data.imf.org/IFS (accessed January 2021); and methodology by Park and Mercado (2014)." Asian Economic Integration Report | Data Catalogue Asia Regional Integration Center. Economic Research and Development Impact Department (ERDI). ASIAN DEVELOPMENT BANK