Fixed Exchange Rates Compared to Floating Exchange Rates
https://political-economy.com/
International trade balances are determined by the type of international monetary system in place. If you have fixed exchanged rates tied to a gold standard, according to David Hume's species-flow mechanism they will self-correct. If you have floating exchange rates trade imbalances can last indefinitely. Further, central banks have a license to inflate their currencies.
Which is more optimal? Fixed exchange rates.