These are the questions: a. Explain the International Monetary System under the Bretton Woods Agreement that was implemented in 1945. b. Explain the implications of President Nixon suspending the Gold Standard in 1972 and eliminating it in 1973. What type of International Monetary System resulted from these actions? c. Explain the Southeast Asian currency crisis that began in 1997. What implications did this have on the International Monetary System? a. List and explain the Impossible Trinity when it comes to the Ideal Currency held by countries. b. Provide examples of 4 countries, and which characteristic they each chose to abandon in exchange for the other two. c. In today’s International Monetary System, explain which characteristic is the most often abandoned by countries and why? Refer to the attached Balance of Payments accounting for Hong Kong posted for the second quarter 2014. Explain the following accounts and the results for the second quarter 2014 in Hong Kong. (labeled 2-2014) a. Balance of Trade b. Balance of Services c. Income Balance d. Net transfers e. Current Balance f. Capital Balance g. Direct Investment Balance h. Portfolio Investment Balance i. Financial Account Balance j. Net errors and ommissions Balance k. Overall balance a. After analyzing Hong Kong’s Balance of Payments, what is the current trend for the last six quarters (labeled 1-2013 through 2-2014)? b. Given this trend, should the demand for the Hong Kong Dollar (HKD) increase or decrease? Explain. c. What type of effects could the current protests in Hong Kong have on its Balance of Payments? a. If the Scottish population would have voted for independence in September, what would the choices it could have made regarding its new currency? b. What would have Scottish independence done to the Balance of Payments for Great Britain? What would have happened to the British Pound (GBP) short-term?