[4]  This includes the Commonwealth and state governments, central borrowing authorities and public non-financial corporations, but excludes the RBA. [5]  Debelle G (2014), ‘Capital Flows and the Australian Dollar’, Address to the Financial Services Institute of Australia, Adelaide, 20 May. [6]  See R Dornbusch, I Goldfajn and R Valdés (1995), ‘Currency Crises and Collapses’, Brookings Papers on Economic Activity.
[7]  See L Berger Thompson and B Chapman (2017), ‘Foreign Currency Exposure and Hedging in Australia’, RBA , December, pp 67–75. [8]  Gourinchas, P-O, and H Rey. ‘International Financial Adjustment’. Journal of Political Economy, 115:4, pp 665–703, August 2007. Gourinchas, P-O, and H Rey. ‘From World Banker to World Venture Capitalist: US External Adjustment and the Exorbitant Privilege’, NBER Working Paper 11563.