Take the same country’s current-account deficit and ask how large a real depreciation is needed (making some assumptions about trade elasticities along the way) to close that external gap. If the recent real depreciation achieves that threshold, no further change in the exchange rate should be expected.
现在，考虑另一种方法。观察同一国的经常项目赤字，计算需要真实贬值多大幅度（需要做一些关于贸易弹性的假设）方能填补这一外部缺口。如果当前真实贬值已经达到这一阈值，那么就不会产生后续贬值。