Basket pegs and exchange rate regime change: Australia and New Zealand in the mid-1970s

Schenk, C. and Singleton, J. (2011) Basket pegs and exchange rate regime change: Australia and New Zealand in the mid-1970s. Australian Economic History Review, 51(2), pp. 120-149. (doi:10.1111/j.1467-8446.2011.00327.x)

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Abstract

The adoption of a basket peg by China in July 2005 raised interest in this form of exchange rate regime. This paper explores the emergence of the basket peg in the early 1970s, using New Zealand and Australia as case studies to examine why it was adopted, how it operated, and their policy-makers' use of it to influence various goals. We highlight the complexity of regime choice following the collapse of Bretton Woods. For Australia and New Zealand, the basket peg was a plausible (although interim) solution when they were reluctant either to peg to a single currency or float.

Item Type:Articles
Status:Published
Refereed:Yes
Glasgow Author(s) Enlighten ID:Schenk, Professor Catherine
Authors: Schenk, C., and Singleton, J.
Subjects:H Social Sciences > HC Economic History and Conditions
H Social Sciences > HG Finance
College/School:College of Social Sciences > School of Social and Political Sciences > Economic and Social History
Journal Name:Australian Economic History Review
Publisher:Wiley-Blackwell Publishing Asia
ISSN:0004-8992
ISSN (Online):1467-8446
Published Online:04 July 2011

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Project CodeAward NoProject NamePrincipal InvestigatorFunder's NameFunder RefLead Dept
413411The experience of exchange rate regime change among developing countries 1968-78Catherine SchenkEconomic & Social Research Council (ESRC)ES/D001064/1Economic and Social History