Table 4 (continued)
Dependent variable: exchange rate purchasing power in January 1999 (end of December 1996
"1)
East Asia dummy
!0.03
!0.06
!0.01
!0.09
!0.01
(0.10) (0.11) (0.10) (0.12) (0.10)
External debt
Total foreign debt 0.0003
!0.0004
(0.004) (0.0005)
Foreign debt/exports
!0.002
!0.0004
(0.0006) (0.0007)
Short-term debt and
amortization as percent
of reserves
!0.0007
!0.0007
(0.0005) (0.0006)
Interest payments as percent
of exports
!0.005
!0.009
(0.01) (0.01)
Debt-GDP ratio
!0.33
!0.33
(0.32) (0.33)
R-squared 0.03 0.03 0.01 0.02 0.08 0.08 0.05 0.05 0.06 0.06
Adjusted
R-squared
!0.02
!0.07
!0.05
!0.09 0.04 0.08
!0.03
!0.06 0.005
!0.05
Observations 25 25 25 25 21 21 23 23 25 25
Coe
$cient and standard error
!0.0004
!0.0005
!0.0001
!0.0005
!0.0007
!0.0007
!0.005
!0.01
!0.56HH
!0.55
if drop transition countries (0.000) (0.004) (0.0006) (0.0008) (0.0005) (0.0006) (0.01) (0.01) (0.31) (0.33)
Countries not in regression Israel Israel Hong Kong Hong Kong
Portugal Portugal Singapore Singapore
Hong Kong Hong Kong
Singapore Singapore
Finec=1093=KGM=VVC
166 S