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The Asian Currency Crisis and Australian Exports to East Asia

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Author Info
Gunawardana, Pemasiri (School of Applied Economics and Centre for Strategic Economic Studies, Victoria University, Melbourne, VIC 8001)
Abstract

The determinants of and the impact of the Asian currency crisis on Australia's total merchandise exports to nine East Asian countries are analysed using a modified gravity model. The results show that real GDP and per capita real GDP of East Asian countries have positive and significant impacts, while real exchange depreciation and tariff rates of East Asian countries have negative and significant impacts on Australia's exports to East Asian countries. Australia's export to East Asian countries are significantly higher since these countries gained APEC membership. Australia's exports to all of the crisis-ravaged East Asian countries, except Thailand, were significantly higher in 1998 than in previous years. The analysis also shows that there is significant scope for Australia to expand its exports to China and Hong Kong, while there may be some opportunity for Australia to increase its exports to Indonesia, Malaysia, the Philippines, South Korea and Thailand.

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Publisher Info
Article provided by Queensland University of Technology (QUT), School of Economics and Finance in its journal Economic Analysis and Policy (EAP).

Volume (Year): 35 (2005)
Issue (Month): 1-2 (March/September)
Pages: 73-90
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Handle: RePEc:eap:articl:v:35:y:2005:i:1-2:p:73-90

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Related research
Keywords: Crisis; Currency Crisis; Exports; GDP;

Other versions of this item:

Find related papers by JEL classification:
F14 - International Economics - - Trade - - - Country and Industry Studies of Trade
F31 - International Economics - - International Finance - - - Foreign Exchange
O19 - Economic Development, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations

References listed on IDEAS
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  1. Giovanni Dell'Ariccia, 1998. "Exchange Rate Fluctuations and Trade Flows - Evidence from the European Union," IMF Working Papers 98/107, International Monetary Fund.
    Other versions:
  2. Garnaut, Ross, 1994. "The Floating Dollar and the Australian Structural Transition: Some Asia Pacific Context," The Economic Record, The Economic Society of Australia, vol. 70(208), pages 80-96, March.
  3. Greenaway, David & Milner, Chris, 2002. "Regionalism and Gravity," Scottish Journal of Political Economy, Scottish Economic Society, vol. 49(5), pages 574-85, December. [Downloadable!] (restricted)
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  6. Tobin, James, 1998. "Asian financial crisis," Japan and the World Economy, Elsevier, vol. 10(3), pages 351-353, July. [Downloadable!] (restricted)
  7. Miller, Merton, 1998. "Asian financial crisis," Japan and the World Economy, Elsevier, vol. 10(3), pages 355-358, July. [Downloadable!] (restricted)
  8. Bergstrand, Jeffrey H, 1989. "The Generalized Gravity Equation, Monopolistic Competition, and the Factor-Proportions Theory in International Trade," The Review of Economics and Statistics, MIT Press, vol. 71(1), pages 143-53, February. [Downloadable!] (restricted)
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  16. Makin, Tony, 1999. "The Asian Currency Crisis and the Australian Economy," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, vol. 29(1), pages 77-85, March. [Downloadable!]
  17. Bergstrand, Jeffrey H, 1985. "The Gravity Equation in International Trade: Some Microeconomic Foundations and Empirical Evidence," The Review of Economics and Statistics, MIT Press, vol. 67(3), pages 474-81, August. [Downloadable!] (restricted)
  18. Stanford, Jon, 1999. "The Characteristics of the Asian Financial Crisis," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, vol. 29(1), pages 87-100, March. [Downloadable!]
  19. Tavlas, George S, 2000. "On the Exchange Rate as a Nominal Anchor: The Rise and Fall of the Credibility Hypothesis," The Economic Record, The Economic Society of Australia, vol. 76(233), pages 183-201, June.
  20. Prema-chandra Athukorala & Peter G. Warr, 2002. "Vulnerability to a Currency Crisis: Lessons from the Asian Experience," The World Economy, Blackwell Publishing, vol. 25(1), pages 33-57, 01. [Downloadable!] (restricted)
  21. Laszlo Matyas, 1997. "Proper Econometric Specification of the Gravity Model," The World Economy, Blackwell Publishing, vol. 20(3), pages 363-368, 05. [Downloadable!] (restricted)
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