A cross-country anaylsis of export prices in OECD countries

Valadkhani, Abbas and Layton, Allan P. (2006) A cross-country anaylsis of export prices in OECD countries. Economic Papers: a Journal of Applied Economics and Policy, 25 (4). pp. 331-346. ISSN 0812-0439

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Abstract

As is the case with most small open economies, volatility in Australia's export prices is an important source of national macroeconomic disturbance largely out of its control given its choice of export bundle. The Capital Asset Pricing Model of portfolio theory is employed as a loose, but useful, framework for distinguishing the extent to which export price volatility consists of global versus country-specific risk for the set of 14 OECD countries investigated. We find that global (systematic) risk is evidently becoming more important for many of the countries in the OECD sample over the last 25 years as compared with the previous 25 year period. The paper also finds that, by a number of different measures, whilst Australia's export price growth has apparently become more highly associated with World export prices in recent years, it nonetheless continues to have one of the more volatile set of export prices among OECD countries.


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Item Type: Article (Commonwealth Reporting Category C)
Refereed: Yes
Item Status: Live Archive
Additional Information: Author's version deposited with blanket permission of publisher.
Depositing User: Mrs Annette Bourne
Faculty / Department / School: Historic - Faculty of Business - No Department
Date Deposited: 11 Oct 2007 01:19
Last Modified: 02 Jul 2013 22:49
Uncontrolled Keywords: national export price volatility; measurement; measures; Capital Asset Pricing Model; Australia
Fields of Research (FOR2008): 15 Commerce, Management, Tourism and Services > 1503 Business and Management > 150308 International Business
14 Economics > 1402 Applied Economics > 140212 Macroeconomics (incl. Monetary and Fiscal Theory)
16 Studies in Human Society > 1605 Policy and Administration > 160505 Economic Development Policy
Socio-Economic Objective (SEO2008): B Economic Development > 91 Economic Framework > 9103 International Trade > 910399 International Trade not elsewhere classified
URI: http://eprints.usq.edu.au/id/eprint/3038

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