Panel A: Summary statistics
	USD		GBP		EUR
	Mean	SD	Mean	SD	Mean	SD
AUD	-0.0020	0.8256	-0.0114	0.7127	-0.0064	0.6901
CNY	-0.0050	0.1767	0.0110	0.5831	-0.0110	0.5916
IDR	0.0148	0.5682	0.0044	0.7096	0.0131	0.6777
JPY	-0.0053	0.6490	-0.0127	0.8661	-0.0096	0.7709
MYR	0.0074	0.4174	-0.0047	0.6212	0.0022	0.5462
NZD	-0.0009	0.8633	-0.0083	0.7389	-0.0032	0.7120
PHP	-0.0002	0.3750	-0.0086	0.6523	-0.0054	0.6353
SGD	-0.0019	0.3498	-0.0110	0.5274	-0.0076	0.4565
Panel B: Optimal tail risks
Country (Model)		Beta1	Prob.	RQ	%Hits out-	DQ in- (Prob.)	DQ out- (Prob.)
Australia (1% Symmetric)	EUR	0.1304	0.0000	53.5051	0.7168	0.9203	0.7337
	GBP	0.0823	0.0000	59.1123	1.4337	0.4524	0.0624
	USD	0.0572	0.0160	58.4777	0.8961	0.9484	0.1282
China (1% Indirect GARCH)	EUR	0.0218	0.1342	52.8522	0.1439	0.9181	0.5256
	GBP	0.8530	0.0000	47.1172	1.8705	0.6542	0.0369
	USD	0.0000	0.2998	13.9971	0.8633	0.6823	0.9249
Indonesia (1% Asymmetric)	EUR	0.0229	0.1608	62.4892	0.6356	0.9143	0.9332
	GBP	0.0354	0.1035	65.7241	0.6356	0.0257	0.9936
	USD	0.1608	0.0181	48.5774	1.0593	0.6010	0.9992
Japan (1% Asymmetric)	EUR	0.0326	0.0487	80.3189	0.4286	0.9120	0.8822
	GBP	0.0282	0.0002	89.9377	0.7143	0.7049	0.9952
	USD	0.1054	0.0002	64.7149	0.5714	0.7645	0.9117
Malaysia (5% Indirect GARCH)	EUR	0.0046	0.0726	185.1137	4.1237	0.6540	0.5320
	GBP	0.0038	0.1606	201.8054	4.7423	0.7766	0.2403
	USD	0.0070	0.0092	139.2723	3.5052	0.2823	0.4601
New Zealand (5% Indirect GARCH)	EUR	0.0032	0.1872	214.5715	4.0925	0.9165	0.2952
	GBP	0.0069	0.0440	229.9151	4.4484	0.4491	0.5857
	USD	0.0091	0.0965	251.4171	4.8043	0.1105	0.5935
Philippines (5% Indirect GARCH)	EUR	0.0032	0.1872	214.5715	4.0925	0.9165	0.2952
	GBP	0.0069	0.0440	229.9151	4.4484	0.4491	0.5857
	USD	0.0091	0.0965	251.4171	4.8043	0.1105	0.5935
Singapore (5% Asymmetric)	EUR	0.0142	0.0082	148.4003	3.0000	0.9145	0.1278
	GBP	0.0095	0.0159	171.2783	4.1429	0.5819	0.4738
	USD	0.0038	0.0669	114.1436	3.2857	0.1818	0.2560