(Indeed, the losses were magnified because, with sharply increased liabilities expressed in local currencies, borrowers rushed to sell assets, which tended to push down asset prices sharply as well.) These large losses in turn tended to further reduce investor confidence, and accelerate the capital outflow.
By contrast, much of the foreign capital inflow into New Zealand has been either in the form of equity investments, with no currency risk borne by the company receiving the capital, or in the form of New Zealand dollar borrowings, by government and banks.