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4.5. ''There is an important link between budget deficits and the choice of an exchange-rate system. Countries with chronic and large budget deficits will find

4.5. ''There is an important link between budget deficits and the choice of an exchange-rate system. Countries with chronic and large budget deficits will find it hard to maintain a fixed exchange rate, and either they will have to go to a floating rate or at least they will frequently have to adjust the currency parity'' Discuss

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