How did fixed exchange rates contribute to the given crises, Microeconomics

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How did fixed exchange rates contribute to the given crises

Problem

'The Far East Crisis of 1997 and the Argentinian peso crisis of 2001 proved that fixed exchange rates are unsustainable in a world denominated by global capital markets.'

(a) How did fixed exchange rates contribute to these crises?

(b) Why are fixed rates 'unsustainable in a world of global capital markets'?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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