Consider a country that has a large fraction of its liabilities in terms of foreign currency (e.g. Turkey borrowing in U.S. dollars). Assume that external wealth is quoted in terms of home (Turkish) currency. Everything else the same, an appreciation of the home currency will

Select one:

a. increase Turkey's external wealth.

b. reduce Turkey's external wealth.

c. result in negative valuation effects in Turkey's external wealth.

d. result in positive valuation effects in Turkey's external wealth.

e. both (b) and (c)

f. both (a) and (d)