Emerging Asia dominates external shocks to Australia and New Zealand: IMF paper

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An International Monetary Fund paper, published in May, says shocks from emerging Asia are now more important to Australian business cycles than those from the United States.

Yan Sun, the paper's author, uses a structural vector autoregression to examine the size and source of external spillovers from emerging Asia to Australia and New Zealand.

The results show that commodity prices from emerging Asia dominate the transmission of shocks to Australia, with a 1% shock to emerging Asia's growth

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