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Public Finance Management

U​‌‍‍‍‌‍‍‌‍‌‌‍‍‍‌‍‌‌‌‍​sing a numerical example of your own making distinguish between the bilateral and the effective exchange rate. (20 marks) (b) With the aid of an example, distinguish between a currency depreciation and a currency crisis. (20 marks) (c) ‘Even though it is seen as a twin crisis the Asian currency crisis of 1997 can be explained by a combination of First and Second-Generation models.’ Critically assess this view. (60 marks) Explain and illustrate your answer in no more than 2,500 words.