Over the past two centuries, there have been two extended periods of worldwide fixed exchange rates, the international gold standard and the Bretton Woods system. Compare and contrast these two systems in terms of the following:

a. the amount and types of exchange rate movement allowable under the two systems and the factor or factors that determined the limits to exchange rate movements.

b. the role of speculators in stabilizing or destabilizing the systems.

c. the role of international organizations in the systems.

d. the duties of national central banks in the systems.