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Recovery From Depression: Australia In An Argentine Mirror 1895-1913

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  • IanW. McLean

Abstract

The recovery from the 1890s depression in Australia was prolonged, and economic growth from 1895 to 1913 was below that in the comparable settler economies of Argentina and Canada. Why? Australia's hesitant initial recovery is typically attributed to the imbalances in the economy resulting from the preceding boom, and its further delay to severe drought. Drawing on Argentine experience, it is suggested that additional factors need to be considered. Unlike Argentina, the unwillingness or inability of Australian governments to reschedule foreign debt or devalue the exchange rate exacerbated the slump. And the era of low-cost pioneer farming ended earlier than in Argentina (or Canada). Copyright 2006 The Authors; Journal compilation Blackwell Publishing Asia Pty Ltd and the Economic History Society of Australia and New Zealand 2006.

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Article provided by Economic History Society of Australia and New Zealand in its journal Australian Economic History Review.

Volume (Year): 46 (2006)
Issue (Month): 3 (November)
Pages: 215-241

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Handle: RePEc:bla:ozechr:v:46:y:2006:i:3:p:215-241

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  1. Eichengreen, Barry, 1990. "Historical Research on International Lending and Debt," Department of Economics, Working Paper Series qt39n6n9ns, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
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  3. Jeffrey G. Williamson, 1992. "The Evolution of Global Labor Markets Since 1830 Background Evidence and Hypotheses," NBER Historical Working Papers 0036, National Bureau of Economic Research, Inc.
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  7. Barry Eichengreen & Ian W. McLean, 1991. "The Supply of Gold Under the Pre-1914 Gold Standard," School of Economics Working Papers 1991-03, University of Adelaide, School of Economics.
  8. Valentine, T. J., 1987. "The causes of the depression in Australia," Explorations in Economic History, Elsevier, vol. 24(1), pages 43-62, January.
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  10. Peter H. Lindert & Peter J. Morton, 1989. "How Sovereign Debt Has Worked," NBER Chapters, in: Developing Country Debt and the World Economy, pages 225-236 National Bureau of Economic Research, Inc.
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  11. Gerardo della Paolera & Alan M. Taylor, 2001. "Straining at the Anchor: The Argentine Currency Board and the Search for Macroeconomic Stability, 1880-1935," NBER Books, National Bureau of Economic Research, Inc, number paol01-1.
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Cited by:
  1. McLean, Ian W., 2007. "Why was Australia so rich?," Explorations in Economic History, Elsevier, vol. 44(4), pages 635-656, October.
  2. Muge Adalet & Barry Eichengreen, 2007. "Current Account Reversals: Always a Problem?," NBER Chapters, in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 205-246 National Bureau of Economic Research, Inc.

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