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Dr Tony Cavoli 

Position: Senior Lecturer Dr Tony Cavoli
Division/Portfolio: University of South Australia Business School
School/Unit: School of Commerce
Campus: City West Campus
Office: WL3-56
Telephone: +61 8 830 20831
Fax: +61 8 830 27001
Email: Tony_dot_Cavoli_at_unisa_dot_edu_dot_au
URL for Business Card: http://people.unisa.edu.au/Tony.Cavoli

Tony Cavoli is a Senior Lecturer in the School of Commerce. His research interests span the areas of open-economy macroeconomics and international finance and include such topics as exchange rate regimes, monetary policies, capital flows, trade and financial integration. His work is applied mainly to Asian economies.

Links to other sites

Tony Cavoli holds the following positions:

- Deputy Director and responsible for the International Trade, Finance and Investment research program for the Centre for Asian Business. A link to the website can be found below:


- Deputy Editor of the Journal of International Commerce, Economics and Policy (JICEP). A link to the journal is given by:


- Visiting Senior Research Fellow with the Centre for Emerging Markets Policy at George Mason University:


Teaching interests

  • Open Economy Macroeconomics
  • International Trade and Finance
  • Monetary Theory and Policy
  • Economic Principles

I teach the following courses

ECON 2009International Economics
ECON 3006International Markets, Institutions and Policy


BBus, BEc (Hons) (LaTrobe)
PhD (Adelaide)

Research interests

  • Exchange Rate Regimes in Asia
  • Monetary Policy Systems and Optimal Monetary Policy
  • Trade and Financial Integration
  • Capital Mobility and the Determinants of Capital Flows
  • Institutional Quality, Capital Mobility and Exchange Rate Regime choice

Research publications


Issues in Globalisation, Growth and Governance: An Asian Perspective, (co-edited with Siona Listokin and Ramkishen Rajan). World Scientific Press, Singapore, 2014

Exchange Rate Regimes and Macroeconomic Management in Asia, (co-authored with Ramkishen Rajan) Hong Kong University Press, Hong Kong, 2009

Articles in Refereed Journals

“FDI inflows; how do they interact with non-FDI inflows during crises? Some evidence from Asia”. Applied Economics Letters (forthcoming)

“Corruption, Central Bank (In)dependence and Optimal Monetary Policy in Open and Developing Economies” (with John K Wilson). Journal of Policy Modeling (forthcoming)

“Substitutes or Complements? The interactions between components of capital flows for Asia” Journal of Asian Economics 31-32, pp 32-41, 2014

"South Asian Exchange Rate Regimes: Fixed, Flexible, or Something In-Between? (with Ramkishen Rajan) South Asia Economic Journal. 14:1, pp 1-15, May 2013

“Exploring Dimensions of Regional Economic Integration in Asia: More than the Sum of its parts?” Journal of Asian Economics 23, pp 643-53 December 2012.

"Managed Floating by Stealth: The Case of Taiwan" (with Victor Pontines and Ramkishen Rajan). Journal of The Asia Pacific Economy. 17:3, pp 514-26, August 2012

"The Determinants of Inflation in Vietnam 2001-09" (with Huu Minh Nguyen and John K Wilson). ASEAN Economic Bulletin. 29:1, pp 1-14, April 2012

"Cross-listings and Financial Integration in Asia" (with Ron McIver and John Nowland). ASEAN Economic Bulletin 28:2, pp 241-56, August 2011

"The Impact of Trade and Investment Agreements on Australia’s Inward FDI Flows" (with Simon Crotti and John K Wilson). Australian Economic Papers 49:4, pp 259-75, December 2010

“A Note on Exchange Rate Regimes in Asia: Are they really what they claim to be?” (with Ramkishen Rajan). Economics Bulletin, Vol. 30 no.4 pp. 2864-2876, November 2010

“What Drives Monetary Policy in Asia? Interest Rate Rules or Exchange Rate Rules” Journal of Asian Economics 21 pp 456-65, October 2010

“Managing Risks in a Volatile Environment: The Capital Inflows Problem in Asia” (with Ramkishen Rajan) Economia Internazionale, Vol LXII, No 3, August 2009

"Is Fear of Floating Justified? The East Asian Experience", Journal of Policy Modeling 31, pp 1-16, 2009

“Open Economy Inflation Targeting Arrangements and Monetary Policy Rules: Application to India” (with Ramkishen Rajan). , Indian Growth and Development Review 1:2, pp 237-51, 2008

"The Exchange Rate and Optimal Monetary Policy Rules in Open and Developing Economies: Some Simple Analytics”, Economic Modelling 25:5, pp 1011-21, September 2008

“Extent of Exchange Rate Intervention in India: Basket Pegger or Closet US Dollar Pegger”,(with Ramkishen Rajan). India Macroeconomics Annual 2007, pp 125-140

“Inflation Targeting Arrangements in Asia: Exploring the Role of the Exchange Rate”, (with Ramkishen Rajan), Briefing Notes in Economics 74, September/October 2007

“Managing in the Middle: Characterizing Singapore’s Exchange Rate Policy”, (with Ramkishen Rajan). Asian Economic Journal 21:3 September 2007, pp 321-42

“Exploring the Case for Monetary Integration Between Mainland China and Hong Kong” (with Ramkishen Rajan). China and the World Economy, 15:4 July-August 2007, pp 17-34

“Capital Mobility, Sterilization and Interest Rate Determination in East Asia”, Journal of Economic Integration, 22:1, March 2007, pp 210-30

“The Capital Inflows Problem in Selected Asian Economies in the 1990s Revisited” (with Ramkishen Rajan). Asian Economic Journal, 20:4 December 2006, pp 409-23

“Monetary Policy Rules for Small and Open Developing Economies: A Counterfactual Policy Analysis”. (with Ramkishen Rajan). Journal of Economic Development, 31:1 June 2006, pp 89-111.

Chapters in Books and Other Edited Volumes

“Defining the extent of openness and economic interconnection in East and Southeast Asia”, in Corbett, J and Y. Xu (eds) "Rebalancing Economies in Financially Integrating East Asia". Routledge, forthcoming 2014.

“The Extent of Real and Financial Integration in Asia: Some Patterns and Stylised Facts” in Cavoli, T., S. Listokin and R. Rajan (eds), Issues in Globalisation, Growth and Governance in Asia. World Scientific Singapore, 2014

“Exchange Rate Regimes in Asia: Intervention and the Influence of the G3 currencies on Asian Exchange Rates” (with Ramkishen Rajan), in Cavoli, T., S. Listokin and R. Rajan (eds), Issues in Globalisation, Growth and Governance in Asia. World Scientific, Singapore, 2014

"Regional Economic Integration amongst ASEAN, China, Japan and Korea: A Multivariate Examination of Some Stylised Facts.” in Thangavelu, S and A. Chongvilaivan (eds) Links Between Real and Financial Aspects of Economic Integration in East Asia. Routledge, 2013

"How Flexible are South Asian Exchange Rate Regimes?" (with Ramkishen Rajan), in Rajan, R.S., Exchange Rates and Foreign Direct Investment in Emerging Asia. Routledge. 2012

“How Integrated is East Asia?: The Real and Financial Dimensions” (with Ramkishen Rajan) in Rajan, R.S., S, Gopalan and R. Hattari,. Crisis, Capital Flows and FDI in Emerging Asia. Oxford University Press. 2011

“How Flexible is the Indian Rupee?” (with R.S. Rajan) in Monetary, Investment and Trade Issues in India, Oxford University Press, 2009

“Should India Adopt an Inflation Targeting Arrangement?” (with R.S. Rajan) in Monetary, Investment and Trade Issues in India, Oxford University Press, 2009

"Still Searching for the Middle Ground: Asian Exchange Rate Regimes..", in R.S. Rajan, S.W. Arndt and S. Thangavelu (eds.), Monetary and Financial Issues in Asia, 2009, World Scientific (with Ramkishen Rajan).

“Have Exchange Rate Regimes in Asia Become More Flexible Post Crisis? Re-visiting the Evidence” (with Ramkishen Rajan), in Y.W. Cheung and K.Y. Wong (eds.), China and Asia: Economic and Financial Interactions, 2009, Routledge

“Capital Mobility” in Rajan, R and K Reinert, L. Davis and A. Glass (eds), Princeton Dictionary of the World Economy, (with Ramkishen Rajan), Princeton University Press. (2009)

“Inflation Targeting” in Rajan, R and K Reinert, L. Davis and A. Glass (eds), Princeton Dictionary of the World Economy, Princeton University Press. (2009)

“Monetary Policy Rules” in Rajan, R and K Reinert, L. Davis and A. Glass (eds), Princeton Dictionary of the World Economy, Princeton University Press. (2009)

“A Central Banker's Holy Grail: Inflation-Targeting Frameworks with Reference to Asia” in R. Rajan and S. Rongala, Asia and the Global Economy: Finance, Trade and Investment. World Scientific, 2008

Media and Op-Eds

“Should Emerging Market Economies like India Adopt Inflation Targeting Arrangements” Blog on RGE Monitor (June 3, 2008).

“Basket Case” (with Ramkishen Rajan). Op-Ed on Singapore’s Exchange Rate Regime published in the Wall Street Journal Asia (March 27, 2006)

“Indian Rupee” Report on our research on India’s Exchange Rate regime published in Reuters (August 7, 2005). Also as “Indian Rupee Virtually Peggged to the Dollar” in the Daily Star, August 7, 2005.

Book Reviews

Review of Rajan, R.S (2009), Exchange Rates, Currency Crises and Monetary Cooperation in Asia. Palgrave Macmillan Press. In ASEAN Economic Bulletin 28:1, April 2011

Review of Chung, D-K and B. Eichengreen (eds) (2007). Toward an East Asian Exchange Rate Regime. Washington DC: Brookings Institution Press. In Pacific Affairs, 81:2, Summer 2008

Review of Stiglitz, J. A. Eldin, and B. De Long (2007), The Economists Voice. USA Columbia University Press in Economic Analysis and Policy, September 2008

Review of Gruen, D. and J. Simon (eds) (2001), Future Directions for Monetary Policies in East Asia – Proceedings to a Conference, Planet Press. In Economic Record, June 2002.

Review of Hay, C. and D. Marsh (2000), Demystifying Globalisation, NY St Martin’s Press. In ASEAN Economic Bulletin, August 2001.

Research Degree Supervisor

I am available to supervise students on topics of exchange rate regimes, monetary policies, real and financial integration and other topics in the area of international macroeconomics.

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