(a) Table 1 shows the current account balances and currency depreciations for several countries. Current Account Currency Balance, 1996, Depreciation in Percent of GDP Dollars, 01/07/1997 to 31/12/1997 Countries with large deficits Indonesia -3.4 -44.4 Malaysia -4.9 -35.0 Philippines -4.7 -33.9 South Korea -4.9 -47.7 Thailand -7.9 -48.7 Countries with small deficits or surpluses Hong Kong -1.3 0.0 Singapore +15.7 -15.0 Taiwan +4.0 - 14.8 Table 1