Question: 4. Explain basically the difference between fixed and floating exchange rates. What is the gold standard and why and when was it abandoned? Explain the

4. Explain basically the difference between fixed and floating exchange rates. What is the gold standard and why and when was it abandoned? Explain the following concepts and institutions: a). world reserve currency, b). appreciating and depreciating currencies and impact on trade. c). beggar thy neighbor policies, d). the Bretton Woods institutions like the IMF and World Bank.

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