Identify three countries with fixed exchange rates. Now use the Internet to search for and visit the websites of each of these countries’ central banks and download the latest balance sheet information. For each of the three central banks, answer the following questions.

a. What is the size of the central bank’s balance sheet in local currency (i.e., total assets or total liabilities)?

b. On the liability side, what is the base money supply in local currency issued by the central bank (call it )?

c. On the asset side, what is the quantity of foreign exchange reserves in local currency held by the central bank (call it R)?

d. What is the central bank’s backing ratio?