Use the asset market and money market figure to study the short run eects of a change in market belief with regards to the fixed exchange rate, in

Use the asset market and money market figure to study the short run effects of a change in market belief with regards to the fixed exchange rate, in particular assume market participants expect the government to devaluate. Is the effect different from a change in market beliefs with regards to a flexible exchange, in particular assume market participants expect a depreciation?