International Finance: Free Floating Exchange System, Canada

The International Monetary Fund in 2014 categorizes exchange rate systems into nine broad groups viz:
1. No separate legal tender; Currency board
2. Soft Pegs
3. Conventional peg
4. Stabilized arrangements
5. Crawl like arrangements
6. Pegged within horizontal bands
7. Floating arrangements
8. Free floating
9. Other managed arrangements

Choose one of these systems highlighted in bold and answer the following. FREE FLOATING

a. What are the main features of the system? What are said to be the main advantages and disadvantages offered by the system?

b. Subject to the exclusions in Note (1) below, choose a country and a time period (within the last five years) when this system was used. To what extent was the experience a success? Why? CANADA

Notes:
(1) You may not choose Australia, Bahrain, South Africa or the United
States.
(2) Resources to use:
• Library resources
• Websites of central banks
• Websites of international bodies such as the IMF, OECD and UN
• Google Scholar
Please use a equal variation of these sources
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