My view is that central banks exert temporary control that is extinguished in the slightly longer term by global capital flows.
We can anecdotally tell when the wheels start to come off the cart when secondary market rates significantly exceed official rates which in turn become restricted to certain types of lender.
I'm not the expert. I studied this sort of stuff 35 years ago and am also interested in what others have to say.
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AUD on the skids, page-313
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