The J-curve effect refers to the

a. The discontinuity in the cross-over of the bid and ask curves in determining a currency’s exchange rate.

b. The idea that when a currency depreciates, the expected outcome is that immediately less outflows of that currency are generated.

c. Difficulty of removing obstacles to the smooth passage of financial activities (a J being the shape of toilet bowl outlet).

d. The idea that when a currency depreciates, the tenacity of its citizens in wishing to continue purchasing goods from overseas means that even more outflows of that currency are generated in the short term.