Three exchange rate regimes have characterized international monetary relations in the 20th century: fixed, floating, and managed. What is meant by these terms? What kind of a system was Bretton Woods? The so-called Triffin dilemma argues that the Bretton Woods system was inherently defective, and that therefore the collapse of the system was to be expected. Explain what is meant by the Triffin dilemma. Could the life of the Bretton Woods system have been prolonged? If yes, why and how? If no, why not?