The current account, monetary policy, market sentiment and the real exchange rate: some implications for the farm sector [Australia; dollar devaluation]
1987
O'Mara, L.P. | Wallace, N.A. | Meshios, H. (Australian Bureau of Agricultural and Resource Economics, Canberra)
The real effective value of the Australian dollar declined sharply between early 1985 and September 1986. Theoretical and empirical analysis indicates that market fundamentals might explain, at most, 20 percentage points of the 37 percent decline in the rate over this period. Thus, a significant real appreciation would be expected over the medium term prior to, and quite independently of, any recovery in Australia's terms of trade in general or in world farm commodity prices in particular.
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