Explain how and why economic events in the U.S. affected the economies of Thailand, South Korea, and Indonesia and vice-versa
Thailand, South Korea, and Indonesia fixed the values of their currencies to the U.S. dollar. When the value of the dollar increased from 1995 to 1997, their currencies also appreciated relative to most other currencies. That made their exports more expensive to many of their trading partners and led to trade deficits. When the economic downturn occurred in 2000, all four of these countries saw the value of their currencies decline. These depreciations restored their international competitiveness but they also reduced their citizens' purchasing power. The rise in the value of the dollar in the U.S. and the recession that began in the U.S. in 2007 had an impact on the economies of these Asian countries. On the other hand, the 2001 Asian had an impact on the U.S. economy.
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Indicate whether the statement is true or false