For other work done on this topic by RBA staff, see: Jääskelä J and P Smith (2013), ‘Terms of Trade Shocks: What Are They and What Do They Do?’, Economic Record 89, pp 145–159; Downes P, K Hanslow and P Tulip (2014), ‘The Effect of the Mining Boom on the Australian Economy’, RBA Research Discussion Paper No 2014–08; Kulish M and D Rees (2015), ‘Unprecedented Changes in the Terms of Trade’, RBA Research Discussion Paper No 2015–11; and Manalo, J, D Perera and D Rees (2015), ‘Exchange Rate Movements and the Australian Economy’, Economic Modelling (47), pp 53–62.
It is important to strike a balance: on the one hand regulation must ensure the reliability and safety of payment services, but on the other hand, it must also enable the introduction of new innovations.