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

Robyn Swift

Applied Economics, 2001, vol. 33, issue 6, 745-753

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.

Date: 2001
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DOI: 10.1080/00036840122525

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