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In considering the depreciation of the Asian currencies during the Asian crisis of 1997 (and the depreciations were severe and came very rapidly) due to

In considering the depreciation of the Asian currencies during the Asian crisis of 1997 (and the depreciations were severe and came very rapidly) due to trade flows or capital flows? Why do think the degree of movement over a short period may depend on whether the reason is trade flows or capital flows?

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