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II. 1) Explain the adjustment mechanism by which external balance is achieved under flexible exchange rates. 2) Comment on the implications of the adjustment mechanism

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II. 1) Explain the adjustment mechanism by which external balance is achieved under flexible exchange rates. 2) Comment on the implications of the adjustment mechanism explained in part (1) CS for the effectiveness of monetary policy. SCa13 Comment on the implications of the adjustment mechanism explained in part (1) for the effectiveness of fiscal policy. on in this me

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