Are also not Significant. Table 6 reports results using the lowest point of 1998 (see Table 3 for the month in each case); none of the results change Significantly if we use the end 0f 1998.
A larger initial budget deficit is correlated with less depreciation. This implies that countries with a larger budget surplus (or smaller budget deficit) at the end of 1996 had worse stock market performance in the crisis. For example, a 1% “better” budget implies a 5% lower stock market from the end of 1996 to the lowest point in 1998.