1. In fact, the move to flexible exchange rates did not work as predicted.

2. Table 8.1 revealed the extent to which flexible exchange rates have been adopted.

3. Fluctuating or flexible exchange rates have, perhaps, unsettled financial markets and contributed to world trade and investment problems.

4. Flexible exchange rates served as a shock absorber.

5. International economists have been debating whether fixed or flexible exchange rates would be more likely to play the role of automatic stabilizer.

6. How fiscal policy works with flexible exchange rates is a little more complicated.

7. Flexible exchange rates yield an intermediate outcome in the face of capital - flow shocks.

8. Indeed, the system of flexible exchange rates has worked quite well in coping with the crisis.

9. With flexible exchange rates , however, the deficit cannot last.

10. Flexible exchange rates seem to perform better in the face of shifts in export demand.

11. Whether or not flexible exchange rates lead to too much inflation is an open question.

12. The experience of the 1970s, further, demonstrated that the principal argument in favour of flexible exchange rates was ill-founded.

13. The ensuing behaviour of exchange rates sharply contradicted the predictions of those who argued in favour of flexible exchange rates.

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14. Capital controls were put in place to pursue monetary policy under more flexible exchange rates.

15. Asset - price rises are also a problem for emerging economies with flexible exchange rates.

16. We found that monetary policy was more powerful with flexible exchange rates.