A government decides to devalue the country’s currency to remove the deficit on its current account of the balance of payments.
What is the most likely reason why this would not work?
1 )
The country gains a competitive advantage from the devaluation.
2 )
The country has a surplus on its capital and financial accounts.
3 )
The price elasticities of demand for the country’s exports and imports are greater than one.
There are high trade barriers with the country’s main trading partners.
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