Confirming the pattern seen in Figure 3, the correlation between the depreciation rates from May 2013 to December 2013 and average fiscal position from 2010 to 2012 is –0.3. The same negative correlation is found between the depreciation rates and the current account balances shown in Figure 4. The negative relationships shown in Figures 3 and 4 would be even stronger if we considered exchange rate depreciation between January 2013—the peak of capital inflows—and December 2013. The correlations between this depreciation rate and the average fiscal and current account balances between 2010 and 2012 are –0.4 and –0.5, respectively.