Table 5 shows that this variable is significant at the 10% level with and without the East Asia dummy. A one-point increase in this index implies a 6% smaller depreciation from 1997 to 1998. The R-squared is 0.13. When we include foreign exchange reserves,the index of shareholder rights keeps its significance at the 10% level and reserves are not significant. Including import coverage gives the same result: shareholder rights are significant at the 10% and the macroeconomic control variable is not significant.