Exchange rates and commodity prices: the case of Australian metal exports

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Swift, Robyn
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Mark P. Taylor

Date
2001
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Abstract

Exporters of homogeneous commodities are usually regarded as 'price takers' who operate in perfectly competitive international markets, so that the pass-through of exchange rate changes to foreign-currency prices must be zero. However, many Australian commodities are subject to influences that may produce more complex pricing strategies, for example, markets in which Australia is a dominant exporter, or where there are few buyers and sellers due to the presence of large multi-national corporations. This study uses multivariate cointegration techniques to examine the pricing of Australian metal exports, with particular emphasis on the degree and timing of the pass-through of exchange rate and other changes.

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Applied Economics

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33

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6

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Applied Economics

Econometrics

Banking, Finance and Investment

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