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The Australian economy and the global downturn, Part 1: Reasons for resilience

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Author Info

  • Tony McDonald

    (Treasury, Government of Australia)

  • Steven Morling

    (Treasury, Government of Australia)

Abstract

The Global Financial Crisis was followed by the deepest recession in the world economy since World War II. The Australian economy slowed, but did not fall into recession, performing better during this period than most other advanced economies on nearly all relevant indicators. This article documents the financial and economic developments during that episode and examines a range of factors that have been put forward for the relatively strong performance of the Australian economy.

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File URL: http://www.treasury.gov.au/~/media/Treasury/Publications%20and%20Media/Publications/2011/Economic%20roundup%20issue%202/Downloads/01_Part1_Resilience.ashx
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File URL: http://www.treasury.gov.au/PublicationsAndMedia/Publications/2011/Economic-Roundup-Issue-2/Report/The-Australian-economy-and-the-global-downturn-Part-1-Reasons-for-resilience
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Bibliographic Info

Article provided by Treasury, Australian Government in its journal Economic Roundup.

Volume (Year): (2011)
Issue (Month): 2 (September)
Pages: 1-31

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Handle: RePEc:tsy:journl:journl_tsy_er_2011_2_1

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Keywords: business cycle; general outlook;

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  1. David S. Johnson & Jonathan A. Parker & Nicholas S. Souleles, 2004. "Household Expenditure and the Income Tax Rebates of 2001," NBER Working Papers 10784, National Bureau of Economic Research, Inc.
  2. Anthony J. Makin, 2010. "Did Fiscal Stimulus Counter Recession? Evidence from the National Accounts," Discussion Papers in Economics economics:201008, Griffith University, Department of Accounting, Finance and Economics.
  3. Anthony J. Makin, 2010. "How Should Macroeconomic Policy Respond to Foreign Financial Crises?," Discussion Papers in Economics economics:201006, Griffith University, Department of Accounting, Finance and Economics.
  4. Sumit Agarwal & Chunlin Liu & Nicholas Souleles, 2007. "The reaction of consumer spending and debt to tax rebates; evidence from consumer credit data," Working Papers 07-34, Federal Reserve Bank of Philadelphia.
  5. Tony McDonald & Steven Morling, 2011. "The Australian economy and the global downturn, Part 2: The key quarters," Economic Roundup, Treasury, Australian Government, issue 2, pages 33-60, September.
  6. Susan Black & Tom Cusbert, 2010. "Durable Goods and the Business Cycle," RBA Bulletin, Reserve Bank of Australia, pages 11-18, September.
  7. Anita Wölfl & Isabelle Wanner & Tomasz Kozluk & Giuseppe Nicoletti, 2009. "Ten Years of Product Market Reform in OECD Countries: Insights from a Revised PMR Indicator," OECD Economics Department Working Papers 695, OECD Publishing.
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