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b) What are the major differences between direct financing and indirect financing? (5 marks) a) What are the basic functions of a financial system?

queston 1 (20 marks) What is the impossibility trinity in foreign exchange markets? Discuss with reference to the foreign exc

b) What are the major differences between direct financing and indirect financing? (5 marks) a) What are the basic functions of a financial system? Why is financial system important for improving economic welfare and promoting economic growth? 20 marks) c) What is the impossibility trinity in foreign exchange markets? Discuss with reference to the foreign exchange regime in Hong Kong (10 marks)

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