India suffered a similar crisis in 1991.
The rupee was devalued from Rs 17/$ to Rs 31/$ over the next two years.
GDP growth dropped to 1.3 per cent in 1991-92 before it recovered to move above 5 per cent in 1992-93.
Wholesale Price Indices suggest that inflation ran at well over 10 per cent for over two years.
The stock market went insane.
Between June 1991 and April 1992, the Sensex rose by over 300 per cent, driven by several scams as well as the promise of liberalisation.
Between April 1992 and April 1993, the market fell by over 55 per cent.
This boom-bust is unlikely to occur again.
Cartoon: Satish Acharya