Abstract

http://ssrn.com/abstract=1984373
 


 



Exchange Rate Management in an Era of Global Financial Crises with Special Reference to Australia


John Nevile


University of New South Wales - Australian School of Business - School of Economics

Peter Kriesler


University of New South Wales - Australian School of Business - School of Economics

G.C. Harcourt


University of New South Wales - Australian School of Business - School of Economics

December 17, 2011

UNSW Australian School of Business Research Paper No. 2012ECON05

Abstract:     
Unless there is a radical reform of the global financial system, it will continue to be conducive to financial crises and the necessary reforms are looking increasingly unlikely. Government rhetoric and actions can often influence in desirable ways both the speculative actions that now determine the exchange rate and the effect of exchange rate movements on the domestic economy. Managing the exchange rate should start with Australian support for measures such as the Tobin tax which dampen speculation. In 2008 and 2009 exchange rate changes were helpful in reducing the impact of the global financial crisis Australia, largely because of a very clear commitment by the Australian government to make preservation of jobs its top priority. In 2009 a rapid rise in the exchange rate was unhelpful. In the short run.

Number of Pages in PDF File: 20

Keywords: exchange rates, global financial system, Tobin tax, speculation, macroeconomic policy

JEL Classification: E44, E60, F30, F41

working papers series


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Date posted: February 6, 2012 ; Last revised: August 30, 2012

Suggested Citation

Nevile, John and Kriesler, Peter and Harcourt, G.C., Exchange Rate Management in an Era of Global Financial Crises with Special Reference to Australia (December 17, 2011). UNSW Australian School of Business Research Paper No. 2012ECON05. Available at SSRN: http://ssrn.com/abstract=1984373 or http://dx.doi.org/10.2139/ssrn.1984373

Contact Information

John Nevile
University of New South Wales - Australian School of Business - School of Economics ( email )
High Street
Sydney, NSW 2052
Australia
Peter Kriesler (Contact Author)
University of New South Wales - Australian School of Business - School of Economics ( email )
High Street
Sydney, NSW 2052
Australia
G.C. Harcourt
University of New South Wales - Australian School of Business - School of Economics ( email )
High Street
Sydney, NSW 2052
Australia
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