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The Exports Transmission Mechanism of Foreign Business Cycles to Australia

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  • de Roos, Nicolas
  • Russell, Bill

Abstract

The present paper examines the impact of foreign business cycles on Australian exports. After accounting for the effect of domestic activity on exports it has been found that foreign activity has at times had a large impact on Australian exports and, therefore, also on Australian GDP. Evidence is also found that the US and Japan have a high output elasticity of demand for Australia's exports. Consequently, their business cycles have a larger impact on Australia's exports than that suggested by their market shares of Australian exports. Copyright 2002 by The Economic Society of Australia.

Suggested Citation

  • de Roos, Nicolas & Russell, Bill, 2002. "The Exports Transmission Mechanism of Foreign Business Cycles to Australia," The Economic Record, The Economic Society of Australia, vol. 78(240), pages 50-59, March.
  • Handle: RePEc:bla:ecorec:v:78:y:2002:i:240:p:50-59
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    References listed on IDEAS

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    1. Gordon Menzies & Geoffrey Heenan, 1993. "Explaining the Recent Performance of Australia’s Manufactured Exports," RBA Research Discussion Papers rdp9310, Reserve Bank of Australia.
    2. Kwiatkowski, Denis & Phillips, Peter C. B. & Schmidt, Peter & Shin, Yongcheol, 1992. "Testing the null hypothesis of stationarity against the alternative of a unit root : How sure are we that economic time series have a unit root?," Journal of Econometrics, Elsevier, vol. 54(1-3), pages 159-178.
    3. David Gruen & Geoffrey Shuetrim, 1994. "Internationalisation and the Macroeconomy," RBA Annual Conference Volume,in: Philip Lowe & Jacqueline Dwyer (ed.), International Intergration of the Australian Economy Reserve Bank of Australia.
    4. Dungey, Mardi & Pagan, Adrian, 2000. "A Structural VAR Model of the Australian Economy," The Economic Record, The Economic Society of Australia, vol. 76(235), pages 321-342, December.
    5. W. M. Corden, 1960. "The Geometric Representation of Policies to Attain Internal and External Balance," Review of Economic Studies, Oxford University Press, vol. 28(1), pages 1-22.
    6. Barry, P F & Guille, C W, 1976. "The Australian Business Cycle and International Cyclical Linkages, 1959-1974," The Economic Record, The Economic Society of Australia, vol. 52(138), pages 137-165, June.
    7. Pitchford, J., 1992. "Macroeconomic Policy Issues of the 1990s," CEPR Discussion Papers 263, Centre for Economic Policy Research, Research School of Economics, Australian National University.
    8. W. E. G. Salter, 1959. "Internal And External Balance: The Role Op Price And Expenditure Effects," The Economic Record, The Economic Society of Australia, vol. 35(71), pages 226-238, August.
    9. Nicolas de Roos & Bill Russell, 1996. "Towards an Understanding of Australia’s Co-movement with Foreign Business Cycles," RBA Research Discussion Papers rdp9607, Reserve Bank of Australia.
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    Cited by:

    1. Ernst Juerg Weber, 2006. "Monetary policy in a heterogeneous monetary union: the Australian experience," Applied Economics, Taylor & Francis Journals, vol. 38(21), pages 2487-2495.
    2. Renee Fry, 2004. "International demand and liquidity shocks in a SVAR model of the Australian economy," Applied Economics, Taylor & Francis Journals, vol. 36(8), pages 849-863.

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