However, there are differences in the degree of this association across countries, as revealed by more disaggregated evidence for the period since the early 1990s. It also shows that many emeiging market economies, especially in Latin America and Eastern Europe, received sizeable capital inflows but saw little increase in private investment. This has been the case even in countries with current-account deficits, such as Brazil, India, South Africa and Turkey, whose currencies should have depreciated in order to compensate for relatively high inflation and move towards a balanced current account (TDRs 2008 and 2011). By contrast, emerging economies in Asia, as w'ell as Chile, which successfully used systematic intervention and capital controls to prevent real exchange rate appreciation for a sustained period of time, saw private investment grow rapidly and employment and wage opportunities in their manufacturing sectors expand (TDR 2003, see also Akyiiz, 2011). Once the financial inflows dry up or reverse, the host country’s currency sharply depreciates and the currency mismatches in balance sheets tend to result in increased debt servicing difficulties and default (TDR 2008, chap.