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Author/Editor:
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Sun, Yan
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Publication Date:
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May 01, 2011
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Electronic Access:
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Free Full text
(PDF file size is 1,060KB).
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
This paper examines the size and source of external spillovers to Australia and New Zealand based on a structural vector autoregression (VAR) approach. It finds that during the last decade shocks from emerging Asia have become more important than those from the United States in affecting Australia’s business cycle. A 1 percent shock to emerging Asia’s growth is found to shift Australian growth by about 1/3 percent. Furthermore, there is evidence that commodity prices dominate the transmission of shocks from emerging Asia to Australia. The influence of emerging Asia on New Zealand is found to come indirectly through Australia, with Australian shocks transmitting almost "one-on-one" to New Zealand, largely through financial factors.
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Order a print copy
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Series:
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Working Paper No. 11/120
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Subject(s):
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Asia | Australia | Business cycles | Commodity prices | Cross country analysis | Emerging markets | Exports | External shocks | Financial sector | New Zealand | Regional shocks | Spillovers | Terms of trade
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Author's Keyword(s):
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Spillovers | business cyles | Australia | New Zealand |
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English
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Publication Date:
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May 01, 2011
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Format:
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Paper
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Stock No:
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WPIEA2011120
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Pages:
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21
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Price:
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US$18.00 )
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Please address any questions about this title to
publications@imf.org
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