Table 3 shows the months of imports (`import coverage) provided by reserves in 25 countries. There is a positive correlation in the regression, significant at the 5% level without the East Asia dummy and at 10% with this dummy, meaning that a higher degree of import coverage is associated with less depreciation (Table 4). The adjusted R-squared is 0.12. For a country such as China, which held almost ten months' worth of reserves, there is a large positive effect relative to Korea, which held under two months' worth.