Describe the role of the International Monetary Fund and the Bank for International Settlements in the IMS?

Fin333A (FS 2021)Assignment # 11. (a) What is the rationale for the existence of the International Monetary System (IMS)? Explain it in terms of its functional responsibilities and its concerns.(b) Describe the role of the International Monetary Fund and the Bank for International Settlements in the IMS?2. The exchange rate arrangement is the central part of the International Monetary System. Over the year, the exchange rate arrangement has changed from gold standard to current hybrid system.(a) Briefly describe how a country’s exchange rate (price of its currency in terms of another currency) is determined under the gold standard, the flexible rate system, Bretton Woods system and the post-Bretton Woods (hybrid) system.(b) Using the IMF publication on currency arrangement, find the exchange rate arrangement used by China, U.K., Canada, Japan, Brazil, Ecuador, and Bosnia and describe their arrangements.Due: 9/19/21