O d. They have a strong desire to accumulate international reserves to protect against a sudden stop of capital inflows. Question 11 What event started the Asian financial crisis in 1997? Not yet answered Marked out of 100 Select one: P Flag O a. devaluation of Thailand's currency question O b. South Korea ran out of natural resources O c. Indonesia's inability to pay its debts O d. a sharp rise in interest rates in Taiwan Question 12 How would you define a currency board? Not yet answered Select one: Marked out of 1.00 O a. It is a small group of banks who carry out open market operations within a typical central bank. P Flag O b. It is when the dollar is used to carry out all domestic transactions, making the domestic currency a currency in name alone. question O c. It is a process by which pegged interest rates are allowed to fluctuate for some time. O d. It is when the monetary base is backed entirely by foreign currency and the central bank holds no domestic assets