Please explain why a flexible exchange rate system is not always more advantageous for a country. Instead, the degree to which a an exchange rate system is advantageous is dependent on the country, as each country has specific circumstances (political stability, economic structure, and development level). Please provide examples to support this argument. You can use Mexico as an example of why pegging the currency was beneficial to the country in 1994 given the circumstances at the time. And then can use Mexico’s flexible exchange rate after the crises as an example. Or instead, you can also use mexico, argentina, and brazil as examples.
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