We also control for the size of rescue packages offered to various countries
between July 1997 and October 1998. The total amount of funds pledged, in U.S.
dollars, was $42.3 billion to Indonesia, $58.2 billion to Korea, $17.2 billion to
Thailand, $22.6 billion to Russia, and $41.0 billion to Brazil (The World Bank,
1999, p. 91, Table 3.2). A bigger rescue package (in terms of funds pledged) is
actually correlated with more depreciation, but this could be an endogenous
outcome in the sense that more money was pledged to countries more likely to