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'Riding on the Sheep's Back': Examining Australia's Dependence on Wool Exports

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Author Info
Cashin, P.
McDermott, C. J.

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Abstract

This paper extends the staple theory literature by examining the influence of wool, Australia's dominant primary-product export, on the development of the Australian economy and external position over the period 1862-1995. The results support the view that while shocks to the wool industry had significant effects on the Australian economy and external position in the period 1862-1929, after the Second World War the wool industry no longer played a dominant role in the evolution of the Australian economy.

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Publisher Info
Paper provided by The University of Melbourne in its series Department of Economics - Working Papers Series with number 585.

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Length: 35 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:mlb:wpaper:585

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Postal: Department of Economics, The University of Melbourne, 5th Floor, Economics and Commerce Building, Victoria, 3010, Australia
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Web page: http://www.economics.unimelb.edu.au
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Related research
Keywords: MACROECONOMICS ; AUSTRALIA ; AGRICULTURE ; INTERNATIONAL TRADE;

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Find related papers by JEL classification:
F14 - International Economics - - Trade - - - Country and Industry Studies of Trade
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
N57 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries - - - Africa; Oceania
Q17 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agriculture in International Trade

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  2. Francisco Nadal-De Simone, 2003. "Common and Idiosyncratic Components in Real Output: Further International Evidence," IMF Working Papers 02/229, International Monetary Fund. [Downloadable!]
  3. Viv B Hall & C. John McDermott, 2005. "Regional business cycles in New Zealand:Do they exist? What might drive them?," Urban/Regional 0509013, EconWPA. [Downloadable!]
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  4. Adrian Pagan, 2005. "Some Econometric Analysis Of Constructed Binary Time Series," CAMA Working Papers 2005-07, Australian National University, Centre for Applied Macroeconomic Analysis. [Downloadable!]
  5. Sambit Bhattacharyya & Jeffrey G. Williamson, 2009. "Commodity Price Shocks and the Australian Economy since Federation," NBER Working Papers 14694, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. Will Martin, 2002. "Outgrowing Resource Dependence: Theory and Evidence," Working Papers Central Bank of Chile 143, Central Bank of Chile. [Downloadable!]
  7. Adrian pagan & Don Harding, 2006. "The Econometric Analysis of Constructed Binary Time Series. Working paper #1," NCER Working Paper Series 1, National Centre for Econometric Research. [Downloadable!]
  8. Martin, Will, 2005. "Outgrowing resource dependence theory and some recent developments," Policy Research Working Paper Series 3482, The World Bank. [Downloadable!]
  9. Helmut Franken & Guillermo Le Fort & Eric Parrado, 2005. "Business Cycle Dynamics and Shock Resilience in Chile," Working Papers Central Bank of Chile 331, Central Bank of Chile. [Downloadable!]
  10. Don Harding & Adrian Pagan, 2006. "The Econometric Analysis of Constructed Binary Time Series," Department of Economics - Working Papers Series 963, The University of Melbourne. [Downloadable!]
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This page was last updated on 2009-11-23.


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