Economics at your fingertips  

The Evolution of Exchange Rate Policy and Capital Controls in Australia

Guy Debelle and Michael Plumb
Additional contact information
Michael Plumb: International Department, Reserve Bank of Australia, 65 Martin Place, Sydney NSW 2000, Australia

Asian Economic Papers, 2006, vol. 5, issue 2, 7-29

Abstract: After the end of the Bretton Woods system in the early 1970s, exchange rate policy in Australia moved through several regimes over an extended period. The overarching theme was to increase flexibility and efficiency in the Australian currency market and the financial system more generally. This paper documents Australia's gradual move from a fixed to a floating exchange rate and the abolition of capital controls, with an emphasis on the thinking behind various reforms and the practical difficulties encountered during the reform process. Policy reform was often in response to external forces exposing deficiencies in the prevailing system, rather than through a carefully planned path to greater flexibility. Ultimately, a combination of domestic and international factors rendered the move to a flexible exchange rate largely inevitable. (c) 2006 The Earth Institute at Columbia University and the Massachusetts Institute of Technology.

Date: 2006
References: Add references at CitEc
Citations: View citations in EconPapers (18) Track citations by RSS feed

Downloads: (external link) link to full text (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from
https://mitpressjour ... rnal/?issn=1535-3516

Access Statistics for this article

Asian Economic Papers is currently edited by Wing Thye Woo, Sungbae An, Fukunari Kimura and Ming Lu

More articles in Asian Economic Papers from MIT Press
Bibliographic data for series maintained by Ann Olson ().

Page updated 2023-02-02
Handle: RePEc:tpr:asiaec:v:5:y:2006:i:2:p:7-29