The policy implications of our findings are important, as they suggest that exchange rate policies should not be implemented without taking into account the repercussions on the stock market, and vice versa. Monitoring the trade and financial channels of internationally active (non)financial firms over time has to be considered. This strengthens transparency and accountability of financial markets by achieving the most favorable prudential or supervisory standards. Combined with a prudent exchange rate policy, this would help to minimize volatility in the stock prices as well as the erratic movements of the currency values. More complex trade-offs between higher growth and other positive spillover effects, and increased sensitivity to adverse global shocks, requires stronger cooperation between financial and macroeconomic policies at both the regional and global level to avoid aggravating crossborder strains and to contribute to higher co-movement of output in increasingly more integrated global trade and financial markets.