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Agricultural Crises And The International Transmission Of The Great Depression

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  • Madsen, Jakob B.

Abstract

This article examines the role of the agricultural crisis in the international transmission of the Great Depression and assesses the direct and indirect macroeconomic effects of the agricultural price decline. Using panel data for 16 countries, it is shown that the decline in agricultural prices adversely affected the general price level, consumption and investment. Furthermore, it is shown that the agricultural price decline was an important vehicle by which the Depression was transmitted internationally.

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Bibliographic Info

Article provided by Cambridge University Press in its journal The Journal of Economic History.

Volume (Year): 61 (2001)
Issue (Month): 02 (June)
Pages: 327-365

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Handle: RePEc:cup:jechis:v:61:y:2001:i:02:p:327-365_02

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Cited by:
  1. Joseph H. Davis & Christopher Hanes & Paul W. Rhode, 2009. "Harvests and Business Cycles in Nineteenth-Century America," The Quarterly Journal of Economics, MIT Press, vol. 124(4), pages 1675-1727, November.
  2. Perez, Stephen J. & Siegler, Mark V., 2006. "Agricultural and monetary shocks before the great depression: A graph-theoretic causal investigation," Journal of Macroeconomics, Elsevier, vol. 28(4), pages 720-736, December.
  3. Santeramo, Fabio Gaetano & Cioffi, Antonio, 2. "Transmission Of Market Crises In The European Vegetables Sector," Politica Agricola Internazionale - International Agricultural Policy, Edizioni L’Informatore Agrario, issue 2.
  4. Jakob B Madsen, 2011. "A q Model of House Prices," Development Research Unit Working Paper Series 03-11, Monash University, Department of Economics.
  5. James L. Butkiewicz & Matthew A. Martin, 2003. "Agricultural Investment and the Interwar Business Cycle," Working Papers 03-10, University of Delaware, Department of Economics.
  6. Matthew Wright, 2009. "Mordacious years’: socio-economic aspects and outcomes of New Zealand’s experience in the Great Depression," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 72, pages 43-61, September.

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