1 Subjects: “...Current Account Adjustment...”

2 Subjects: “...Currency; Foreign exchange...”

3 Subjects: “...Currency; Foreign exchange...”

4 Subjects: “...Currency; Foreign exchange...”

5 “... and the exchange rate and classifies countries' currencies as procyclical if they appreciate in good times...”

6 “..., however, were affected very differently. This paper uses data on exchange rates, foreign reserves...”