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Describe the relative merits of fixed and floating exchange rate regimes

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Describe the relative merits of fixed and floating exchange rate regimes. From the perspective of an international business, what are the most important criteria in a choice between the systems? Which system is the more desirable for an international business? (Refer to Chapter 11 of the textbook: International business: Competing in the Global Marketplace, 12th edition.  Charles Hill and Tomas Hult.)