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The float Australia had to have?

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The Australian dollar was floated this day in 1983. By 1985, it seemed to take on water, list badly, and sink.

And that actually was the idea. The real exchange rate – roughly, the dollar rate, adjusted for inflation in Australia and its trade partners – had been too high, on and off, for years. A fall in the terms of trade – the...

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The Conversation


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