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equity prices during currency devaluation  mexico 1994
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yes, this phenomenon is well documented.  a collapse of an economy's exchange rate is coincidented with a collapse in its equities market.    the recent calamities in turkey, etc during 2014 had similar results. inflation is highly correlated to valuations, and a collapse of an exchange rate is highly inflationary, so a collapse of an exchange rate is highly correlated to a collapse in valuations.
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