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Commodity Price Shocks And The Australian Economy Since Federation

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  • SAMBIT BHATTACHARYYA
  • JEFFREY G. WILLIAMSON

Abstract

Even though Australia has experienced frequent and large commodity export price shocks like the Third World, it seems to have dealt with the volatility better. Why? This paper explores Australian terms of trade volatility since 1901. It identifies two major price shock episodes before the recent mining-led boom and bust. It assesses their relative magnitude, their de-industrialization and distributional impact, and policy responses. In what way has Australia been different from other commodity exporters experiencing volatile prices?

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Bibliographic Info

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

Volume (Year): 51 (2011)
Issue (Month): 2 (07)
Pages: 150-177

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Handle: RePEc:bla:ozechr:v:51:y:2011:i:2:p:150-177

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References

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Cited by:
  1. Tim Atkin & Mark Caputo & Tim Robinson & Hao Wang, 2014. "Macroeconomic Consequences of Terms of Trade Episodes, Past and Present," CEH Discussion Papers 22, Centre for Economic History, Research School of Economics, Australian National University.
  2. Bhattacharyya, Sambit & Williamson, Jeffrey G, 2013. "Distributional Impact of Commodity Price Shocks: Australia over a Century," CEPR Discussion Papers 9582, C.E.P.R. Discussion Papers.
  3. Ian W. McLean, 2010. "Responding to Shocks: Australia's Institutions and Policies," School of Economics Working Papers 2010-30, University of Adelaide, School of Economics.
  4. Leandro Medina, 2010. "The Dynamic Effects of Commodity Priceson Fiscal Performance in Latin America," IMF Working Papers 10/192, International Monetary Fund.
  5. Jonathan A. Batten, Cetin Ciner and Brian M. Lucey, 2008. "The Macroeconomic Determinants of Volatility in Precious Metals Markets," The Institute for International Integration Studies Discussion Paper Series iiisdp255, IIIS.
  6. Ian Keay, 2010. "The Impact of Commodity Price Volatility on Resource Intensive Economies," Working Papers 1274, Queen's University, Department of Economics.
  7. Medina, Leandro, 2010. "A Commodity Curse? The Dynamic Effects of Commodity Prices on Fiscal Performance in Latin America," MPRA Paper 21690, University Library of Munich, Germany.

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