"Financial Stress Index—Developing Asia"
"Figure 1.2"

Date,Developing Asia,Episodes,Episode Labels,Average FSI,
Jan-95, 0.60 ,1,Mexico Crisis,0.36,
Feb-95, 0.87 ,1,Mexico Crisis,0.36,
Mar-95, 1.30 ,1,Mexico Crisis,0.36,
Apr-95, 0.69 ,0,,0.36,
May-95, 0.56 ,0,,0.36,
Jun-95, 0.98 ,0,,0.36,
Jul-95, 0.78 ,0,,0.36,
Aug-95, 0.40 ,0,,0.36,
Sep-95, 1.05 ,0,,0.36,
Oct-95, 0.61 ,0,,0.36,
Nov-95, 0.04 ,0,,0.36,
Dec-95, (0.09),0,,0.36,
Jan-96, 0.15 ,0,,0.36,
Feb-96, 0.16 ,0,,0.36,
Mar-96, 0.09 ,0,,0.36,
Apr-96, 0.35 ,0,,0.36,
May-96, (0.00),0,,0.36,
Jun-96, 0.19 ,0,,0.36,
Jul-96, 0.19 ,0,,0.36,
Aug-96, 0.13 ,0,,0.36,
Sep-96, 0.52 ,0,,0.36,
Oct-96, 0.36 ,0,,0.36,
Nov-96, 0.57 ,0,,0.36,
Dec-96, (0.07),0,,0.36,
Jan-97, 0.31 ,0,,0.36,
Feb-97, (0.27),0,,0.36,
Mar-97, 0.00 ,0,,0.36,
Apr-97, (0.03),0,,0.36,
May-97, 0.04 ,0,,0.36,
Jun-97, 0.30 ,0,,0.36,Pre-AFC
Jul-97, 0.27 ,1,"Asian crisis, Russian default and Brazil crisis",2.71,
Aug-97, 0.73 ,1,"Asian crisis, Russian default and Brazil crisis",2.71,
Sep-97, 1.88 ,1,"Asian crisis, Russian default and Brazil crisis",2.71,
Oct-97, 2.21 ,1,"Asian crisis, Russian default and Brazil crisis",2.71,
Nov-97, 2.52 ,1,"Asian crisis, Russian default and Brazil crisis",2.71,
Dec-97, 3.45 ,1,"Asian crisis, Russian default and Brazil crisis",2.71,
Jan-98, 5.61 ,1,"Asian crisis, Russian default and Brazil crisis",2.71,
Feb-98, 1.35 ,1,"Asian crisis, Russian default and Brazil crisis",2.71,
Mar-98, 3.49 ,1,"Asian crisis, Russian default and Brazil crisis",2.71,
Apr-98, 2.86 ,1,"Asian crisis, Russian default and Brazil crisis",2.71,
May-98, 3.44 ,1,"Asian crisis, Russian default and Brazil crisis",2.71,
Jun-98, 3.89 ,1,"Asian crisis, Russian default and Brazil crisis",2.71,
Jul-98, 3.58 ,1,"Asian crisis, Russian default and Brazil crisis",2.71,
Aug-98, 2.07 ,1,"Asian crisis, Russian default and Brazil crisis",2.71,
Sep-98, 2.87 ,1,"Asian crisis, Russian default and Brazil crisis",2.71,
Oct-98, 3.65 ,1,"Asian crisis, Russian default and Brazil crisis",2.71,
Nov-98, 4.00 ,1,"Asian crisis, Russian default and Brazil crisis",2.71,
Dec-98, 3.52 ,1,"Asian crisis, Russian default and Brazil crisis",2.71,
Jan-99, 2.92 ,1,"Asian crisis, Russian default and Brazil crisis",2.71,
Feb-99, 1.91 ,1,"Asian crisis, Russian default and Brazil crisis",2.71,
Mar-99, 2.18 ,1,"Asian crisis, Russian default and Brazil crisis",2.71,
Apr-99, 1.73 ,1,"Asian crisis, Russian default and Brazil crisis",2.71,
May-99, 2.59 ,1,"Asian crisis, Russian default and Brazil crisis",2.71,
Jun-99, 2.30 ,1,"Asian crisis, Russian default and Brazil crisis",2.71,AFC
Jul-99, 1.33 ,0,,-0.31,
Aug-99, 1.34 ,0,,-0.31,
Sep-99, 1.10 ,0,,-0.31,
Oct-99, 0.61 ,0,,-0.31,
Nov-99, 0.79 ,0,,-0.31,
Dec-99, 0.76 ,0,,-0.31,
Jan-00, 0.80 ,0,,-0.31,
Feb-00, 0.24 ,0,,-0.31,
Mar-00, 0.95 ,0,,-0.31,
Apr-00, 0.44 ,0,,-0.31,
May-00, 0.68 ,0,,-0.31,
Jun-00, 1.03 ,0,,-0.31,
Jul-00, 0.40 ,0,,-0.31,
Aug-00, 0.02 ,0,,-0.31,
Sep-00, (0.02),0,,-0.31,
Oct-00, (0.23),0,,-0.31,
Nov-00, 0.85 ,0,,-0.31,
Dec-00, 0.22 ,0,,-0.31,
Jan-01, 0.47 ,0,,-0.31,
Feb-01, 0.08 ,0,,-0.31,
Mar-01, 0.48 ,0,,-0.31,
Apr-01, 0.50 ,1,Turkish stock market crash,-0.31,
May-01, 0.77 ,1,Turkish stock market crash,-0.31,
Jun-01, 0.05 ,1,Turkish stock market crash,-0.31,
Jul-01, (0.49),0,,-0.31,
Aug-01, (0.11),0,,-0.31,
Sep-01, 0.27 ,0,,-0.31,
Oct-01, 0.29 ,1,Argentine debt crisis,-0.31,
Nov-01, 0.15 ,1,Argentine debt crisis,-0.31,
Dec-01, (0.03),1,Argentine debt crisis,-0.31,
Jan-02, 0.05 ,1,Argentine debt crisis,-0.31,
Feb-02, 0.18 ,0,,-0.31,
Mar-02, (0.21),0,,-0.31,
Apr-02, (0.27),0,,-0.31,
May-02, (0.56),0,,-0.31,
Jun-02, (0.30),0,,-0.31,
Jul-02, (0.32),0,,-0.31,
Aug-02, (0.38),0,,-0.31,
Sep-02, (0.19),0,,-0.31,
Oct-02, (0.56),0,,-0.31,
Nov-02, 0.04 ,0,,-0.31,
Dec-02, (0.13),0,,-0.31,
Jan-03, (0.36),0,,-0.31,
Feb-03, (0.32),0,,-0.31,
Mar-03, (0.31),1,"Economic impact of SARS outbreak, and Latin America crisis",-0.31,
Apr-03, (0.10),1,"Economic impact of SARS outbreak, and Latin America crisis",-0.31,
May-03, (0.62),1,"Economic impact of SARS outbreak, and Latin America crisis",-0.31,
Jun-03, (0.52),1,"Economic impact of SARS outbreak, and Latin America crisis",-0.31,
Jul-03, (0.78),0,,-0.31,
Aug-03, (0.82),0,,-0.31,
Sep-03, (0.59),0,,-0.31,
Oct-03, (0.42),0,,-0.31,
Nov-03, (0.40),0,,-0.31,
Dec-03, (0.67),0,,-0.31,
Jan-04, (0.17),0,,-0.31,
Feb-04, (0.43),0,,-0.31,
Mar-04, (0.08),0,,-0.31,
Apr-04, (0.42),0,,-0.31,
May-04, (0.75),0,,-0.31,
Jun-04, (0.67),0,,-0.31,
Jul-04, (0.64),0,,-0.31,
Aug-04, (0.54),0,,-0.31,
Sep-04, (0.44),0,,-0.31,
Oct-04, (0.41),0,,-0.31,
Nov-04, (0.67),0,,-0.31,
Dec-04, (0.58),0,,-0.31,
Jan-05, (0.35),0,,-0.31,
Feb-05, (0.53),0,,-0.31,
Mar-05, (0.82),0,,-0.31,
Apr-05, (0.66),0,,-0.31,
May-05, (0.35),0,,-0.31,
Jun-05, (0.39),0,,-0.31,
Jul-05, (0.55),0,,-0.31,
Aug-05, (0.62),0,,-0.31,
Sep-05, (0.60),0,,-0.31,
Oct-05, (0.33),0,,-0.31,
Nov-05, (0.15),0,,-0.31,
Dec-05, (0.29),0,,-0.31,
Jan-06, (0.76),0,,-0.31,
Feb-06, (0.74),0,,-0.31,
Mar-06, (0.35),0,,-0.31,
Apr-06, (0.70),0,,-0.31,
May-06, (0.72),0,,-0.31,
Jun-06, (0.82),0,,-0.31,
Jul-06, (0.85),0,,-0.31,
Aug-06, (0.85),0,,-0.31,
Sep-06, (0.62),0,,-0.31,
Oct-06, (1.41),0,,-0.31,
Nov-06, (1.01),0,,-0.31,
Dec-06, (0.71),0,,-0.31,
Jan-07, (0.59),0,,-0.31,
Feb-07, (0.82),0,,-0.31,
Mar-07, (0.66),0,,-0.31,
Apr-07, (0.75),0,,-0.31,
May-07, (0.90),0,,-0.31,
Jun-07, (1.12),0,,-0.31,
Jul-07, (0.85),0,,-0.31,
Aug-07, (0.60),0,,-0.31,
Sep-07, (0.56),0,,-0.31,Pre-GFC
Oct-07, (0.65),1,Global financial crisis,0.45,
Nov-07, (0.20),1,Global financial crisis,0.45,
Dec-07, 0.01 ,1,Global financial crisis,0.45,
Jan-08, (0.41),1,Global financial crisis,0.45,
Feb-08, (0.14),1,Global financial crisis,0.45,
Mar-08, (0.09),1,Global financial crisis,0.45,
Apr-08, 0.20 ,1,Global financial crisis,0.45,
May-08, 0.44 ,1,Global financial crisis,0.45,
Jun-08, 0.32 ,1,Global financial crisis,0.45,
Jul-08, 1.03 ,1,Global financial crisis,0.45,
Aug-08, 0.28 ,1,Global financial crisis,0.45,
Sep-08, 0.04 ,1,Global financial crisis,0.45,
Oct-08, 0.38 ,1,Global financial crisis,0.45,
Nov-08, 2.13 ,1,Global financial crisis,0.45,
Dec-08, 1.10 ,1,Global financial crisis,0.45,
Jan-09, 0.97 ,1,Global financial crisis,0.45,
Feb-09, 0.73 ,1,Global financial crisis,0.45,
Mar-09, 1.21 ,1,Global financial crisis,0.45,
Apr-09, 0.66 ,1,Global financial crisis,0.45,
May-09, 0.76 ,1,Global financial crisis,0.45,
Jun-09, 0.69 ,1,Global financial crisis,0.45,GFC
Jul-09, 0.84 ,0,,-0.27,
Aug-09, 0.52 ,0,,-0.27,
Sep-09, 0.85 ,0,,-0.27,
Oct-09, 0.61 ,0,,-0.27,
Nov-09, 0.57 ,0,,-0.27,
Dec-09, 0.28 ,0,,-0.27,
Jan-10, 0.21 ,0,,-0.27,
Feb-10, (0.01),0,,-0.27,
Mar-10, 0.26 ,1,Run-Up to First Greek Bailout,-0.27,
Apr-10, 0.33 ,1,Run-Up to First Greek Bailout,-0.27,
May-10, (0.64),1,First Greek bailout,-0.27,
Jun-10, (0.24),0,,-0.27,
Jul-10, 0.07 ,0,,-0.27,
Aug-10, (0.29),0,,-0.27,
Sep-10, 0.28 ,0,,-0.27,
Oct-10, 0.39 ,0,,-0.27,
Nov-10, (0.64),0,,-0.27,
Dec-10, 0.13 ,0,,-0.27,
Jan-11, (0.29),0,,-0.27,
Feb-11, (0.45),0,,-0.27,
Mar-11, (0.01),0,,-0.27,
Apr-11, 0.63 ,0,,-0.27,
May-11, (0.27),0,,-0.27,
Jun-11, 0.07 ,0,,-0.27,
Jul-11, (0.30),0,,-0.27,
Aug-11, (0.41),0,,-0.27,
Sep-11, (0.73),1,"Euro crisis, Egypt and Indian economic woes",-0.27,
Oct-11, 0.10 ,1,"Euro crisis, Egypt and Indian economic woes",-0.27,
Nov-11, (0.47),1,"Euro crisis, Egypt and Indian economic woes",-0.27,
Dec-11, (0.25),1,"Euro crisis, Egypt and Indian economic woes",-0.27,
Jan-12, 0.31 ,1,"Euro crisis, Egypt and Indian economic woes",-0.27,
Feb-12, (0.01),0,,-0.27,
Mar-12, (0.32),0,,-0.27,
Apr-12, (0.24),0,,-0.27,
May-12, (0.73),0,,-0.27,
Jun-12, (0.17),0,,-0.27,
Jul-12, (0.57),0,,-0.27,
Aug-12, (0.18),0,,-0.27,
Sep-12, 0.08 ,0,,-0.27,
Oct-12, (0.32),0,,-0.27,
Nov-12, (0.28),0,,-0.27,
Dec-12, (0.02),0,,-0.27,
Jan-13, (0.08),0,,-0.27,
Feb-13, (0.59),1,Run-Up to Taper Tantrum,-0.27,
Mar-13, (0.64),1,Run-Up to Taper Tantrum,-0.27,
Apr-13, (0.57),1,Run-Up to Taper Tantrum,-0.27,
May-13, (0.50),1,Taper Tantrum,-0.27,
Jun-13, (1.28),1,Taper Tantrum,-0.27,
Jul-13, (0.31),1,Taper Tantrum,-0.27,
Aug-13, (0.65),1,Taper Tantrum,-0.27,
Sep-13, (0.01),1,Taper Tantrum,-0.27,
Oct-13, (0.32),1,Taper Tantrum,-0.27,
Nov-13, (0.75),1,Taper Tantrum,-0.27,
Dec-13, (0.42),1,Taper Tantrum,-0.27,
Jan-14, (0.07),1,Taper Tantrum,-0.27,
Feb-14, (0.12),0,,-0.27,
Mar-14, (0.59),0,,-0.27,
Apr-14, (0.20),0,,-0.27,
May-14, (0.51),0,,-0.27,
Jun-14, (0.47),0,,-0.27,
Jul-14, (0.50),0,,-0.27,
Aug-14, (0.58),0,,-0.27,
Sep-14, (0.83),0,,-0.27,
Oct-14, (0.85),0,,-0.27,
Nov-14, (0.87),0,,-0.27,
Dec-14, (0.76),0,,-0.27,
Jan-15, (0.85),0,,-0.27,
Feb-15, (0.69),0,,-0.27,
Mar-15, (0.98),0,,-0.27,
Apr-15, (0.88),0,,-0.27,
May-15, (0.76),0,,-0.27,
Jun-15, (0.95),0,,-0.27,
Jul-15, (0.96),0,,-0.27,
Aug-15, (0.51),1,PRC currency devaluation and stock market crash,-0.27,
Sep-15, (0.16),1,PRC currency devaluation and stock market crash,-0.27,Post-GFC
Oct-15, (0.59),0,,-0.65,
Nov-15, (0.75),0,,-0.65,
Dec-15, (0.50),1,US policy normalization,-0.65,
Jan-16, (1.16),0,,-0.65,
Feb-16, (0.25),0,,-0.65,
Mar-16, (0.40),0,,-0.65,
Apr-16, (0.76),0,,-0.65,
May-16, (0.44),0,,-0.65,
Jun-16, (0.73),1,Brexit,-0.65,
Jul-16, (0.31),0,,-0.65,
Aug-16, (0.82),0,,-0.65,
Sep-16, (1.12),0,,-0.65,
Oct-16, (0.57),0,,-0.65,
Nov-16, (1.03),0,US Presidential Election,-0.65,
Dec-16, (0.35),1,US Fed 2nd rate hike,-0.65,
Jan-17, (0.53),1,US Fed 3rd rate hike,-0.65,
Feb-17, (0.16),0,,-0.65,
Mar-17, (0.52),0,,-0.65,
Apr-17, (0.47),1,Korean peninsula tensions,-0.65,
May-17, (0.63),0,,-0.65,
Jun-17, (0.72),1,US Fed 4th rate hike,-0.65,Normalization
Jul-17, (0.48),0,,-0.65,
Aug-17, (0.56),0,,-0.65,
Sep-17, (0.54),0,,-0.65,
Oct-17, (0.94),0,,-0.65,
Nov-17, (0.98),0,,-0.65,
Dec-17, (0.67),1,Fed 5th raise rates by 25 bps to 1.25-1.5% range (Dec 13),-0.65,
Jan-18, (0.83),0,,-0.65,
Feb-18, (1.05),0,,-0.65,
Mar-18, (0.70),1,"Fed 6th raise rates by 25 bps to 1.5-1.75% range (Mar 21), US first imposed tariff on steel and aluminum",-0.65,
Apr-18, (0.89),0,,-0.65,
May-18, (0.31),0,,-0.65,
Jun-18, (0.61),1,"Fed 7th raise rates by 25 bps to 1.75-2.00% (Jun 13), US first imposed tariff on PRC exports",-0.65,
,,,,,
,,,,,
"AFC = Asian financial crisis, FSI = Financial Stress Index, GFC = global financial crisis, PRC = People’s Republic of China, US = United States, US Fed = United States Federal Reserve System.
Notes:
(i) Pre-AFC = Jan 1995–Jun 1997, AFC = Jul 1997–Jun 1999, Pre-GFC = Jul 1999–Sep 2007, GFC = Oct 2007–Jun 2009, Post-GFC = Jul 2009–Sep 2015, Normalization = Oct 2015–Jun 2018.
(ii) Based on principal components analysis on data from four major financial sectors: the banking sector, debt, equity, and foreign exchange markets. Principal components are based from banking sector price index, sovereign yield spreads, stock market volatility, stock price index, and exchange market pressure index.
(iii) Developing Asia includes Hong Kong, China; India; Indonesia; Malaysia; the Philippines; the PRC; the Republic of Korea; Singapore; Thailand; and Viet Nam.


"Source: ADB calculations using data from Bloomberg; CEIC; Haver Analytics (all accessed August 2018); and methodology by Park and Mercado (2014)."

Asian Economic Integration Report | Data Catalogue
Asia Regional Integration Center. Economic Research and Regional Cooperation Department (ERCD).
ASIAN DEVELOPMENT BANK