The impact of the Asian Crisis on Australia's primary exports: why it has not been so bad
Apart from a substantial exchange rate depreciation, the impact of the Asian Crisis on the Australian economy has been surprisingly mild. An exploration of the reasons for the modest impact to date on Australia’s primary commodity exports, using a global general equilibrium model, shows the following: (i) as capital flees Asia, investment in Australia increases and the trade deficit enlarges, (ii) while Australian exports to the region generally decline, imports from the region become cheaper...[Show more]
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