The percent depreciation of the exchange rate plus the nominal interest rate at a moment in time is an alternative dependent variable (thanks to Ricardo Caballero for this suggestion). This captures the possibility that a country faces strong pressure to devalue but is able to hold off the inevitable for a while through substantial increases in interest rates. All of our corporate governance measures are significant with the right sing using this measure, calculated at moments of crisis such as September and November 1998, so this actually strengthen our findings (results available upon request). The only macroeconomic variable that is significant in this regression is total foreign exchange reserves. When we combine these macroeconomic and governance measures, the governance results remain strong while foreign exchange reserves become insignificant. The robust result is that governance measures are correlated with the intensity of the exchange rate depreciation.