Seems to be a bit of a contradiction between those two paragraphs!
Clarify from what angle? Both cases are mutually exclusive as they're different markets. An example, the 2008 GFC had a major impact on the US market while having minimal effect on the NZ's real estate market.

Investment in NZ is concentrated in real estate (because of the lack of capital gain tax or simply, those that hold long enough can sell without paying any tax on the gain). You simply can't do that in the US as everything has capital gains tax regardless how long you hold it.

If you read carefully, i'm not making any predictions. When the NZD went weak this past year, who questioned it? No one mentioned the billions of $ that left NZ over the foreign trust crack down by IRD (perhaps it wasn't newsworthy or news-friendly).