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Commodity Price Shocks and the Australian Economy since Federation

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Sambit Bhattacharyya
Jeffrey G. Williamson

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Abstract

Even though Australia has experienced frequent and large commodity export price shocks like the Third World, it seems to have dealt with the volatility better. Why? This paper explores Australian terms of trade volatility since 1901. It identifies two major price shock episodes before the recent mining-led boom and bust. It assesses their relative magnitude, their de-industrialization and distributional impact, and policy responses. In what way has Australia been different from other commodity exporters experiencing volatile prices?

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 14694.

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Date of creation: Jan 2009
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Handle: RePEc:nbr:nberwo:14694

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Find related papers by JEL classification:
F14 - International Economics - - Trade - - - Country and Industry Studies of Trade
F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
N17 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - Africa; Oceania
O56 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Oceania

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