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The object of this paper is to examine some issues relating to foreign exchange market arrangements and policies which may be significant for the future of trade and other economic relations between Australia and Japan. The issues, for the most part, are not of crucial importance. But some of them have been the subject of rather ill-informed discussion, while others have hardly been considered at all. Such an examination may therefore be informative for both Australians and Japanese concerned with the bilateral economic relationship. The paper will concentrate on the Australian side, but it is hoped that it will stimulate the preparation of a Japanese counterpart, if such is not already on the way. The paper will deal with five main aspects: 1. Foreign exchange market arrangements. 2. Foreign exchange controls. 3. Forward exchange facilities. 4. Transaction currency. 5. International reserves. We will not discuss questions of exchange rate policy which would demand a paper to themselves. We shall merely assume that exchange rates will vary a good deal more frequently than they did before 1971 and that greater uncertainty about exchange rates will be a fact of life from now on. Nor shall we discuss the pros and cons of the new Australian policies on foreign (including Japanese) investment in Australia, though something will need to be said about the nature and consequences of the new system of exchange controls on capital inflow. [ABSTRACT FROM AUTHOR]

Discusses the problems with the economic integration between Australia and New Zealand. Information on the economic condition of both countries; Manufacturing output of New Zealand; Values of the market distance index of the two country; Trade flows and manufacturing structure.

The connections between international trade and domestic economic growth and welfare have for long been of central interest to both economists and economic historians. This theme has special relevance for the analysis of Australia's growth performance because of the relatively high ratio of trade to national income and the concomitant pursuit of policies favouring rapid industrialisation and population expansion. Clearly, improved balance-ofpayments estimates will establish more precisely the magnitude and character of Australia's international economic relationships during the process of economic development. Ideally, a complete quantitative picture of these international transactions would be obtained by compiling a set of accounts covering not onlyu merchandise exports and imports but also invisible trade and capital movements. The aim of the present note is to provide estimates of the current account only (merchandise trade and invisible items) over the period since Federation. While private and official attempts have been made to estimate either portions of the current account or the full account for a limited period of time, there has not previously existed a continuousu series for the entire period set out in the relatively comprehensive form which the present estimates take. [ABSTRACT FROM AUTHOR]