4. (3 points) A possible drawback of the flexible exchange rate regime is that a. it can be expensive to maintain because the central bank must have enough foreign exchange reserves to manage its currency value. b. it involves exchange rate uncertainty that may hamper international trade and investment c. it may create an anti-competitive trade environment and potentially leads to a trade war. d. none of the options 15. (3 points) While cross-border listings of stocks have become popular among major corporations to raise capital in foreign markets, they do have costs. One of the potential costs associated with cross-border listings of stocks in the major stock exchanges such as the New York Stock Exchange (NYSE) and London Stock Exchange (LSE) is a. meeting the disclosure and listing requirements imposed by the foreign exchange and listing authorities can be costly. b. lower liquidity of the company's stock, which will lead to a higher cost of capital. c. controlling shareholders will be able to extract more private benefits from the company. d. all of the options