7) The table below lists average equity returns denominated in USD, their volatilities, and their correlations with equity ret urns in four major markets: US, Japan, UK, and Germany, for several emerging market economies during the 1988-2015 period. Average returns and volatilities in emerging markets, 1988-2015 Correlation Correlati Average Correlation Correlation with with Country market Volatility with U.S. with U.K. Japanese German return returns returns returns returns Argentina 26.15 52.54 0.30 0.10 0.22 0.21 Brazil 25.50 49.58 0.41 0.29 0.38 0.34 Egypt 18.49 32.53 0.35 0.28 0.37 0.37 Jordan 4.34 18.54 0.18 0.13 0.18 0.14 Pakistan 13.89 36.00 0.14 0.04 0.19 0.14 Turkey 22.83 54.94 0.32 0.19 0.31 0.38 EMF 13.01 23.26 10.66 0.46 0.61 0.61