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Transmission of a resource boom: the case of Australia


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Abstract
This paper presents evidence on the macroeconomic adjustment of a resource‐rich country to a resource boom using the effects of Chinese industrialization on Australia from 1988 to 2016. An SVAR model is specified, incorporating a proxy for Chinese resource demand and commodity prices to identify the effects of commodity supply and demand shocks on the Australian macroeconomy. We develop a multivariate historical decomposition to show how resource sector shocks lead the economy to deviate from a long‐run projection. The paper identifies four phases of the transmission of the resource boom before its conclusion in 2015.
Item Type: | Article |
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Authors/Creators: | Dungey, M and Fry-Mckibbin, F and Volkov, V |
Keywords: | resource boom, Australia |
Journal or Publication Title: | Oxford Bulletin of Economics and Statistics |
Publisher: | Wiley-Blackwell Publishing Ltd |
ISSN: | 1468-0084 |
DOI / ID Number: | 10.1111/obes.12352 |
Copyright Information: | © 2019 The Department of Economics, University of Oxford and JohnWiley & Sons Ltd. |
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