What effect have foreign currency markets had on exchange rates since 2000, as explained by Wade?
a. External deficits and surpluses have shrunk, increasing the stability of much of the global economy.
b. They have caused many economies running surpluses to experience strong currency appreciation.
c. They have had little impact on foreign exchange rates, which has frozen income inequality between states.
d. They have driven exchange rates in the right direction, causing many economies running large external deficits to experience currency depreciation.
e. They have driven exchange rates in the wrong direction, causing many economies running large external deficits to experience currency appreciation.
Answer: d
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