1.Why have central bankers frequently intervened in the foreign exchange market under a system of “flexible” exchange rates? If they have managed to smooth out fluctuations, have they made profits for...

1.Why have central bankers frequently intervened in the foreign exchange market under a system of “flexible” exchange rates? If they have managed to smooth out fluctuations, have they made profits for their citizens? 2. Does a crawling peg system lend itself to profitable speculation? 3. What role did commitment play in the successful functioning of the gold standard?