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Recovery from Depression: Australia in an Argentine Mirror: 1895-1913

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  • Ian W. McLean

    ()
    (School of Economics, University of Adelaide)

Abstract

The recovery from the 1890s depression in Australia was prolonged, and economic growth 1895-1913 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).

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File URL: http://www.economics.adelaide.edu.au/research/papers/doc/wp2005-19.pdf
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Bibliographic Info

Paper provided by University of Adelaide, School of Economics in its series School of Economics Working Papers with number 2005-19.

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Length: 32 pages
Date of creation: 2005
Date of revision:
Handle: RePEc:adl:wpaper:2005-19

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  1. 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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  2. Albert Fishlow., 1987. "Lessons of the 1890s for the 1980s," Economics Working Papers, University of California at Berkeley 8724, University of California at Berkeley.
  3. Taylor, Alan M., 1997. "Peopling the Pampa: On the Impact of Mass Migration to the River Plate, 1870-1914," Explorations in Economic History, Elsevier, Elsevier, vol. 34(1), pages 100-132, January.
  4. M C. Urquhart, 1986. "New Estimates of Gross National Product, Canada, 1870-1926: Some Implications for Canadian Development," NBER Chapters, in: Long-Term Factors in American Economic Growth, pages 9-94 National Bureau of Economic Research, Inc.
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  6. Williamson Jeffrey G., 1995. "The Evolution of Global Labor Markets since 1830: Background Evidence and Hypotheses," Explorations in Economic History, Elsevier, Elsevier, vol. 32(2), pages 141-196, April.
  7. Fishlow, Albert, 1985. "Lessons from the past: capital markets during the 19th century and the interwar period," International Organization, Cambridge University Press, Cambridge University Press, vol. 39(03), pages 383-439, June.
  8. Barry Eichengreen, 1991. "Historical Research on International Lending and Debt," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 5(2), pages 149-169, Spring.
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Cited by:
  1. Ian W. McLean, 2005. "Why Was Australia So Rich?," Development and Comp Systems 0509003, EconWPA.
  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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