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'Riding on the Sheep's Back': Examining Australia's Dependence on Wool Exports

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  • Cashin, Paul
  • McDermott, C John

Abstract

This paper examines the influence of the wool export cycle on the business cycle in Australia over the period 1862-95. Nonparametric statistical methods are used to examine various attributes of the relationship between the wool export cycle and the business cycle. Our results support the view that while the wool export cycle was in synchronisation with the business cycle prior to the First World War, after the War wool exports no longer played a dominant role in the evolution of the business cycle. In addition, while the wool export cycle became more volatile after the War, the business cycle became more stable. Copyright 2002 by The Economic Society of Australia.

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Bibliographic Info

Article provided by The Economic Society of Australia in its journal The Economic Record.

Volume (Year): 78 (2002)
Issue (Month): 242 (September)
Pages: 249-63

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Handle: RePEc:bla:ecorec:v:78:y:2002:i:242:p:249-63

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Cited by:
  1. Viv B. Hall & C. John McDermott, 2007. "Regional business cycles in New Zealand: Do they exist? What might drive them?," Papers in Regional Science, Wiley Blackwell, vol. 86(2), pages 167-191, 06.
  2. Don Harding & Adrian Pagan, 2009. "An Econometric Analysis of Some Models for Constructed Binary Time Series," NCER Working Paper Series 39, National Centre for Econometric Research, revised 02 Jul 2009.
  3. Martin, Will, 2005. "Outgrowing resource dependence theory and some recent developments," Policy Research Working Paper Series 3482, The World Bank.
  4. Adrian Pagan, 2005. "Some Econometric Analysis Of Constructed Binary Time Series," CAMA Working Papers 2005-07, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  5. Paul Cashin, 2004. "Caribbean Business Cycles," IMF Working Papers 04/136, International Monetary Fund.
  6. Sambit Bhattacharyya & Jeffrey G Williamson, 2009. "Commodity Price Shocks and the Australian Economy since Federation," Departmental Working Papers 2009-02, The Australian National University, Arndt-Corden Department of Economics.
  7. Francisco Nadal-De Simone, 2002. "Common and Idiosyncratic Components in Real Output," IMF Working Papers 02/229, International Monetary Fund.
  8. Adrian pagan & Don Harding, 2006. "The Econometric Analysis of Constructed Binary Time Series. Working paper #1," NCER Working Paper Series 1, National Centre for Econometric Research.
  9. Waschik, Robert & Fraser, Iain, 2007. "A computable general equilibrium analysis of export taxes in the Australian wool industry," Economic Modelling, Elsevier, vol. 24(4), pages 712-736, July.
  10. Don Harding & Adrian Pagan, 2006. "The Econometric Analysis of Constructed Binary Time Series," Department of Economics - Working Papers Series 963, The University of Melbourne.

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