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Exchange Rates, Interest Rates and Current Account News: Some Evidence from Australia

  • Karfakis, C.
  • Kim, Suk-Joong

This paper investigates the Australian current account announcement effects on exchange rates and interest rates for the period July 1985 to December 1992. The results indicate that the Australian dollar depreciates and interest rate rise as a result of an announcement of larger than expected current account deficit, which is consistent with the portfolio balance effect. In addition, significant structural breaks are found and the analysis shows that after December 1989 the current news affect neither exchange rates nor interest rates.

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File URL: http://hdl.handle.net/2123/7414
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Paper provided by University of Sydney, School of Economics in its series Working Papers with number 189.

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Date of creation: Sep 1993
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Handle: RePEc:syd:wpaper:2123/7414
Contact details of provider: Postal: Sydney, NSW 2006
Phone: 61 +2 9351 5055
Fax: 61 +2 9351 4341
Web page: http://sydney.edu.au/arts/economicsEmail:


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