Additional robustness tests in Annex 3 confirm main findings. First, I rerun output loss regressions for sub-samples that exclude outliers or are built on definitions of currency crises previously utilized in the literature. Second, I test alternative measures of overshooting and equilibrium depreciation to address potential drawbacks of baseline measures in unstable episodes (section IV.B). One measure is based on ex-ante misalignment, which turns out to be a poor predictor of ex-post equilibrium depreciation; a notable finding in itself.