The Czech Republic has struggled to establish investor protection, but only by 1997 was beginning to institute a reasonable set of safeguards (Glaeser et al. , 2001). Its stock market (measured by the IFC’s Investable Index) fell 22% in 1997 and only 7.3% in 1998. If Russia and the Czech Republic were included, our results would be stronger and the dependence on Indonesia reduced.