declines during the Asian crisis. Section 4 briefly assesses the ability of standard
macroeconomic measures to explain the magnitude of depreciation in 1997}98.
Section 5 shows that measures of corporate governance provide a better explanation
for the extent of exchange rate depreciation, and Section 6 assesses
both macroeconomic and corporate governance explanations for stock market
performance in 1997}98. Section 7 concludes by evaluating the relative strength
of corporate governance and macroeconomic explanations for what happened
in the Asian crisis.