All our regressions use mid-January 1999 as the ending point. None of our results are affected by including or excluding Brazil’s January 1999 devaluation, and in an earlier working paper we also presented similar regression results using March 1998, July 1998, September 1998, November 1998 and April 1999 as alternative ending points. Table 2 presents the raw exchange rate data for these alternative dates. We report these robustness checks in more detail as we move through the analysis.