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The Declining Importance of Tradable Goods Manufacturing in Australia and New Zealand: How Much can Growth Theory Explain?

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Author Info
Ben Hunt
Abstract

In this paper, the IMF's new Global Economy Model (GEM) is used to estimate the contribution of unbalanced growth to the decline in the share of goods production in Australia and New Zealand. The simulation results suggest that faster productivity growth in the tradable goods sector in Australia, New Zealand, and their major trading partners accounts for a significant portion of the relative decline in the importance of goods production. Over the 1995 to 2004 period, unbalanced growth explains more than 80 percent of the decline in goods production in both countries.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/16.

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Length: 15 pages
Date of creation: 28 Jan 2009
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Handle: RePEc:imf:imfwpa:09/16

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Related research
Keywords: Capital goods ; Australia ; New Zealand ; Productivity ; Industrial production ; Services sector ; Economic growth ; Economic models ; Trade models ; Time series ; Cross country analysis ;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Ben Hunt, 2007. "U.K. Inflation and Relative Prices Over the Last Decade: How Important was Globalization?," IMF Working Papers 07/208, International Monetary Fund. [Downloadable!]
  2. Falvey, Rodney E & Gemmell, Norman, 1996. "Are Services Income-Elastic? Some New Evidence," Review of Income and Wealth, Blackwell Publishing, vol. 42(3), pages 257-69, September.
  3. Ronald Schettkat, 2007. "The Astonishing Regularity Of Service Employment Expansion," Metroeconomica, Blackwell Publishing, vol. 58(3), pages 413-435, 07. [Downloadable!] (restricted)
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