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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.

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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Bibliographic 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, 4th Floor, FBE Building, Level 4, 111 Barry Street. Victoria, 3010, Australia
Phone: +61 3 8344 5355
Fax: +61 3 8344 6899
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Web page: http://www.economics.unimelb.edu.au
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Keywords: MACROECONOMICS ; AUSTRALIA ; AGRICULTURE ; INTERNATIONAL TRADE;

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Cited by:
  1. Sambit Bhattacharyya & Jeffrey G. Williamson, 2009. "Commodity Price Shocks and the Australian Economy since Federation," CEPR Discussion Papers 605, Centre for Economic Policy Research, Research School of Economics, Australian National University.
  2. Viv B. Hall & C. John McDermott, 2007. "Regional business cycles in New Zealand: Do they exist? What might drive them?," Papers in Regional Science, Wiley Blackwell, vol. 86(2), pages 167-191, 06.
  3. Don Harding & Adrian Pagan, 2009. "An Econometric Analysis of Some Models for Constructed Binary Time Series," NCER Working Paper Series, National Centre for Econometric Research 39, National Centre for Econometric Research, revised 02 Jul 2009.
  4. Adrian Pagan, 2005. "Some Econometric Analysis Of Constructed Binary Time Series," CAMA Working Papers 2005-07, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  5. Helmut Franken & Guillermo Le Fort & Eric Parrado, 2006. "Business Cycle Responses and the Resilence of the Chilean Economy," Central Banking, Analysis, and Economic Policies Book Series, in: Ricardo Caballero & César Calderón & Luis Felipe Céspedes & Norman Loayza (Series Editor) & Klaus (ed.), External Vulnerability and Preventive Policies, edition 1, volume 10, chapter 4, pages 071-108 Central Bank of Chile.
  6. Paul Cashin, 2004. "Caribbean Business Cycles," IMF Working Papers 04/136, International Monetary Fund.
  7. Francisco Nadal-De Simone, 2002. "Common and Idiosyncratic Components in Real Output," IMF Working Papers 02/229, International Monetary Fund.
  8. Don Harding & Adrian Pagan, 2006. "The Econometric Analysis of Constructed Binary Time Series," Department of Economics - Working Papers Series, The University of Melbourne 963, The University of Melbourne.
  9. Adrian pagan & Don Harding, 2006. "The Econometric Analysis of Constructed Binary Time Series. Working paper #1," NCER Working Paper Series, National Centre for Econometric Research 1, National Centre for Econometric Research.
  10. Martin, Will, 2005. "Outgrowing resource dependence theory and some recent developments," Policy Research Working Paper Series 3482, The World Bank.
  11. Fraser, Iain & Waschik, Robert, 2006. "A Computable General Equilibrium Analysis of Export Taxes in the Australian Wool Industry," 2006 Conference (50th), February 8-10, 2006, Sydney, Australia 139733, Australian Agricultural and Resource Economics Society.

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