By Stephen Bell
The Reserve financial institution of Australia (RBA) led a pretty conservative lifestyles till the early Nineteen Eighties whilst the economic system skilled waves of monetary industry deregulation and common fiscal liberalization. This booklet tells the tale of economic coverage and the political function of the Reserve financial institution over the last twenty years. It finds how the financial institution has been used as a "political football", describes conflicts with the govt. and the dept of Treasury, and the way the financial institution ultimately adjusted to political turmoil and controlled to claim a degree of independence within the Nineties.
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Additional info for Australia's Money Mandarins: The Reserve Bank and the Politics of Money
And with a flexible exchange rate, monetary policy and the Bank had more influence …85 The election of the Labor government in 1983 fostered a stronger policy alliance between the government and the Bank. 87 The journalist David Marr wrote at the time: Absurdly high hopes were raised by the appointment of the urbane Robert Johnston as Governor of the Reserve Bank in August. Bankers praised him for quick wit, candour and grasp. 88 Johnston was appointed over the head of the Bank’s astute and more senior Deputy Governor, Don Sanders, seen as a conservative and too much a creature of the regulatory era.
37 The Accord amounted to an official rejection of monetarism, signalling a new stance in which wage restraint would be worked out through consultation rather than restrictionism. Treasurer Keating boasted that, armed with the Accord, the Labor government was in a unique position to pursue growth and low inflation. Labor could run the economy harder without a collapse into recession. Exchange rate flexibility, after the float, through import and export price adjustments, was also expected to help with, if not eliminate, any current account problems that might arise under an expansionary program.
The Bank even doubted whether the regulatory controls were up to the task of a significant tightening of monetary policy. 47 I N T O T H E M O N E TA R Y P O L I C Y W I L D E R N E S S 41 The main problems with the old control system were, first, that it did not cover the large and rapidly expanding non-bank financial sector. Second, under the fixed or semi-fixed exchange rates of the 1970s, currency trading and other trade and investment flows could lead to significant offshore injections of money into the Australian monetary system.
Australia's Money Mandarins: The Reserve Bank and the Politics of Money by Stephen Bell