Consider the central bank's balance sheet under the international gold standard and that under the gold exchange standard in which the US was the anchor currency.
a. Explain the impacts of Great Britain's trade surpluses on the Bank of England's balance sheet under the international gold standard.
b. Explain the impacts of Great Britain's trade surpluses on the Bank of England's balance sheet under the gold exchange standard.
c. Explain the impacts of the US trade surpluses on the Federal Reserve System's balance sheet under the gold exchange standard.