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1. What is an international monetary systems-based on flexible exchange rates? 2. Explain the role of supply and demand in establishing exchange rates between countries.

1. What is an international monetary systems-based on "flexible exchange rates"?

2. Explain the role of supply and demand in establishing exchange rates between countries.

3. Commercial letters of credit, traveler's letters of credit, and traveler's changes play an important role in international finance. Distinguish among these three types of instruments.

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