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

Table 3: Ratio of Actual to Predicted Bilateral Trade
1990
	Mexico	US		China	Hong Kong	Indonesia	Japan	Korea	Malaysia	New Zealand	Philippines	Singapore	Taiwan	Thailand
Canada	0.37	1.43	Australia	1.37	2.11	1.12	2.18	2.79	2.03	6.03	1.41	6.28	2.57	1.23
Mexico		0.58	China		14.65	2.84	1.31	0.50	2.04	0.87	0.68	6.68	1.28	1.07
			Hong Kong			4.43	2.08	3.60	3.09	2.08	2.42	16.26	3.54	2.09
			Indonesia				4.68	4.46	0.68	1.43	1.09	5.38	3.86	0.91
			Japan					1.01	3.97	2.19	1.75	8.02	2.15	3.42
			Korea						4.85	2.98	1.92	9.43	1.26	2.12
			Malaysia							3.06	2.41	20.31	4.33	2.63
			New Zealand								2.30	5.00	2.53	0.49
			Philippines									7.80	1.90	1.57
			Singapore										15.79	11.45
			Taiwan											2.74

	Belgium	Denmark	Finland	France	Germany	Greece	Ireland	Italy	Netherlands	Portugal	Spain	Sweden	Switzerland	UK
Austria	0.69	0.39	0.72	0.34	1.00	0.44	0.53	0.33	1.22	0.65	0.44	0.89	0.54	0.38
Belgium		0.55	0.99	1.77	1.76	1.17	1.09	1.27	2.09	1.38	0.92	1.53	0.63	0.92
Denmark			1.46	0.49	0.54	0.69	0.78	0.54	0.58	1.15	0.47	2.48	0.55	0.63
Finland				0.70	1.22	0.62	0.97	0.59	1.02	1.43	0.62	1.31	0.79	1.05
France					0.81	0.73	0.91	0.69	1.00	0.98	0.57	0.75	0.35	0.74
Germany						1.47	1.37	1.21	0.95	1.71	1.29	1.36	0.85	0.98
Greece							0.87	0.86	1.50	0.38	0.49	0.67	0.41	0.78
Ireland								0.91	1.51	0.68	0.69	1.17	0.68	1.50
Italy									1.02	0.98	0.95	0.75	0.46	0.77
Netherlands										1.66	0.98	1.11	0.60	0.92
Portugal											0.57	1.67	0.73	1.12
Spain												0.80	0.41	0.82
Sweden													1.01	1.04
Switzerland														0.76