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Australia illustrates problems of primary product dependency

Tom White

12th May 2015

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Australia is very exposed to the risks associated with an export sector dominated by exports of commodity items. Economists know the price of commodities tend to be highly volatile. Rising commodity prices lead to an improvement in the terms of trade. It can cause the exchange rate to appreciate. Yet when commodity prices fall, the pendulum swings the other way. This can amplify the effects of the business cycle.

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Tom White

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