Table 1 Selection Criteria of the Study Sample.
Group | Country | Selection Criteria |
|---|---|---|
Developed | Japan, UK, USA, Germany, Australia | Classification of ECD membership and World Bank “High-Income” status (GNI per capita ≥ $13,845) maintained for at least 10 years. |
Emerging | India, Brazil, Egypt, Vietnam, Mexico | Classification of World Bank “Upper-Middle Income” (GNI per capita $4466–$13,845) and membership in the MSCI EM Index. |
