At the same time, this extraordinary increase in the demand for natural resources and energy has raised Australia’s terms of trade by close to two-thirds in the space of five years – the largest shock of its kind for five decades. So the economics of this for Australia are therefore a bit different from those for the “average” industrial country.
[19] Shimizu, T., and S. Shiratsuka, "The Credit Risk of Japanese Banks during the Bubble Period: A Pilot Study of Macro Stress Simulation," IMES Discussion Paper Series, No. 2000E-31, Bank of Japan, 2000. [20] Shiratsuka, S., "Asset Price Fluctuation and Price Indices," Monetary and Economic Studies, Vol. 17, No. 3, December 1999, pp. 103-128. [21] Taylor, J., "Global Financial Warriors," Norton, 2007.