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Transmission of a Resource Boom: The Case of Australia

Mardi Dungey, Renee Fry‐Mckibbin and Vladimir Volkov
Authors registered in the RePEc Author Service: Renee A. Fry-McKibbin ()

Oxford Bulletin of Economics and Statistics, 2020, vol. 82, issue 3, 503-525

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.

Date: 2020
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