A cross-country anaylsis of export prices in OECD countries

Article

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.
Article Title

A cross-country anaylsis of export prices in OECD countries

ERA Journal ID18207
Article CategoryArticle
AuthorsValadkhani, Abbas (Author) and Layton, Allan P. (Author)
Journal TitleEconomic Papers: a journal of applied economics and policy
Journal Citation25 (4), pp. 331-346
Number of Pages16
Year2006
PublisherJohn Wiley & Sons
Place of PublicationMelbourne, Australia
ISSN0812-0439
1759-3441
Web Address (URL)http://search.informit.com.au/fullText;dn=307722927542338;res=E-LIBRARY
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.

Keywordsnational export price volatility; measurement; measures; Capital Asset Pricing Model; Australia
ANZSRC Field of Research 2020350706. International business
380112. Macroeconomics (incl. monetary and fiscal theory)
440703. Economic development policy
Public Notes

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Byline AffiliationsUniversity of Wollongong
Faculty of Business
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