RBA Annual Conference – 2001 a Monetary Union in Asia? Some European Lessons

Table 5: Correlations of GDP Shocks
1961–98
	China	Hong Kong	Indonesia	Japan	Korea	Malaysia	New Zealand	Australia	Philippines	Singapore	Thailand
China		−0.010	−0.041	0.081	0.022	−0.160	0.132	0.026	−0.258	−0.027	0.215
Hong Kong			0.387	0.303	0.470	0.554	0.383	0.106	0.405	0.439	0.478
Indonesia				0.341	0.540	0.656	0.034	0.132	0.152	0.305	0.478
Japan					0.446	0.217	−0.098	0.250	0.166	0.150	0.527
Korea						0.470	0.281	0.123	0.274	0.296	0.511
Malaysia							0.286	−0.077	0.291	0.554	0.460
New Zealand								0.241	0.072	0.172	0.003
Australia									−0.054	0.167	0.128
Philippines										0.324	0.318
Singapore											0.413
Minimum	−0.258	−0.010	−0.041	−0.098	0.022	−0.160	−0.098	−0.077	−0.258	−0.027	0.003
Maximum	0.215	0.554	0.656	0.527	0.540	0.656	0.383	0.250	0.405	0.554	0.527
Average	−0.002	0.352	0.298	0.238	0.343	0.325	0.151	0.104	0.169	0.279	0.353

	Austria	Belgium	Switzerland	Germany	Denmark	Spain	Finland	France	UK	Greece	Ireland	Italy	Netherlands	Portugal	Sweden
Austria		0.636	0.682	0.579	0.467	0.427	0.302	0.601	0.121	0.183	0.026	0.518	0.510	0.530	0.256
Belgium			0.782	0.590	0.531	0.522	0.434	0.776	0.198	0.329	0.225	0.722	0.741	0.631	0.533
Switzerland				0.495	0.373	0.448	0.355	0.639	0.113	0.134	0.232	0.654	0.665	0.551	0.280
Germany					0.633	0.374	0.239	0.558	0.358	0.524	0.021	0.439	0.646	0.509	0.365
Denmark						0.314	0.411	0.631	0.386	0.494	0.030	0.385	0.644	0.361	0.425
Spain							0.442	0.540	0.227	0.226	0.233	0.513	0.241	0.353	0.204
Finland								0.510	0.361	0.374	0.283	0.226	0.229	0.177	0.618
France									0.372	0.423	0.204	0.678	0.595	0.567	0.478
UK										0.555	0.135	0.230	0.215	0.476	0.438
Greece											0.016	0.184	0.283	0.308	0.394
Ireland												0.051	0.220	0.135	0.168
Italy													0.531	0.627	0.403
Netherlands														0.445	0.436
Portugal															0.247
Minimum	0.026	0.198	0.113	0.021	0.030	0.204	0.177	0.204	0.113	0.016	0.016	0.051	0.215	0.135	0.168
Maximum	0.682	0.782	0.782	0.646	0.644	0.540	0.618	0.776	0.555	0.555	0.283	0.722	0.741	0.631	0.618
Average	0.417	0.546	0.457	0.452	0.435	0.362	0.354	0.541	0.299	0.316	0.141	0.440	0.457	0.423	0.375