The Global Economy
Australia may be an island continent, but it is no more immune to global economic influences than are other countries which share physical borders with their nearest neighbours. Australia is very much exposed to global swings in commodity prices, and to fluctuations in major advanced economies and (increasingly) to business cycles in key emerging economies such as China. Australia’s financial markets are increasingly integrated with the their global counterparts. And Australian economic policy-makers cannot ignore changes in monetary, fiscal and other economic policy settings in the world’s major economies. Hence, an awareness of trends in the global economy is an essential element of understanding Australian economic conditions.
The Emergence of Oil Producers as Net International Creditors – Possible Implications for the Global Financial System.The Global Economy | 22nd June 2006
Paper presented to the International Conference of Commercial Bank Economists (ICCBE), Milan, Italy, 22nd June 2006