Australia's move to a floating currency

A new paper from the International Monetary Fund (IMF) praises Australia's handling of its move to a floating currency in 1983.

"Conquering Fear of Floating - Australia's Successful Adaptation to a Flexible Exchange Rate" looks at how the structural reforms and improved frameworks for monetary and fiscal policy implemented after 1983 have contributed to the country's 15-year period of uninterrupted economic growth.

The paper argues that the switch to the floating rate stimulated further reforms

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