The "J-curve" effect describes:

the continuous long-term inverse relationship between a country's current account balance and the country's growth in gross domestic product.

the tendency of a country's currency to initially depreciate after the country's inflation rate declines.

the tendency for exporters to initially reduce the price of goods when their own currency appreciates.

the short-run tendency for a country's balance of trade to deteriorate even while its currency is depreciating.

Which one?