Table 3 shows the months of imports ("import coverage") provided by reserves in 25 countries.
There is a positive correlation in the regression ,
significant at the 5% level without the East Asia dummy and at 10% with this dummy,
meaning that a higher degree of import coverage is associated with less depreciation (Table 4).
The adjusted R-squared is 0.12.
For a country such as China,
which held almost ten months' worth of reserves,
there is a large positive effect relative to Korea,
which held under two months' worth.