Which of the following economic lessons should we take from developing country crises in Latin America (and elsewhere)?
A) Only that it is important to choose the right exchange rate regime.
B) Only that banking is of central importance in any government.
C) The order in which reform measures are implemented are irrelevant.
D) It is important to choose the right exchange rate regime and banking is of central importance in any government.
E) The order in which reform measures are implemented are irrelevant and banking is of central importance in any government.
Question 2
One implication of an empirical investigation of the Marshall-Lerner condition is that, in the ________, a real ________ in a nation's currency is likely to ________ the country's current account balance.
A) long-run; depreciation; improve
B) short-run; depreciation; improve
C) long-run; appreciation; improve
D) short-run; appreciation; improve
E) short-run but not the long-run; appreciation; improve
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