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“How Similar to South-Eastern Europe were the Islands of Cyprus and Malta in terms of Agricultural Output and Credit? Evidence during the Interwar Period”

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  • Apostolides, Alexander

Abstract

The paper is part of an ongoing process of estimating the GDP of Cyprus and Malta for the interwar period. The islands of Cyprus and Malta have always been considered as similar economically to other South-Eastern European states, despite the lack of historical evidence to prove it. The paper uses recently complied primary sector output estimates for the interwar period (1921 – 1938) to evaluate that the economic structure of the islands was different from each other, as well as from other South-Eastern European states. The output of the agricultural sector per capita indicated that the islands were not keeping up to other Southern-European States. Recovery of the primary sector in Cyprus came from the rapid expansion of copper mining and not from the growth of agriculture. The different growth trajectory of the islands lies partly to their differing economic structure. Malta’s economy was exceptional due to the high urbanisation of the island, leading to the economy’s dependency on the presence of the British navy. Cyprus shared the South-Eastern European problems of high population growth rates, fragmented land holdings, and poor rural credit institutions which combined in such a way to prevent a shift towards other agricultural products. The inefficiency of the credit system in Cyprus was particularly important in checking the agricultural sector’s growth.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 9968.

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Date of creation: Mar 2008
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Handle: RePEc:pra:mprapa:9968

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Keywords: Cyprus; Malta; Depression; Rural Credit; Historical National Accounts; South Eastern Europe;

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Cited by:
  1. Apostolides, Alexander, 2009. "Economic Growth or Stagnation during the Interwar Period: Reconstruction of Cypriot GDP 1921-1938," MPRA Paper 21476, University Library of Munich, Germany.
  2. Dimitrios Sideris, 2009. "Optimum Currency Areas Structural Changes and the Endogeneity of the OCA Criteria: Evidence from Six New EU Member States," Working Papers 99, Bank of Greece.
  3. Yuksel Gormez, 2008. "Banking in Turkey: History and Evolution," Working Papers 83, Bank of Greece.
  4. Milan Sojic & Ljiljana Djurdjevic, 2008. "Monetary Policy Objectives and Istruments used by the Privileged National Bank of the Kingdom of Serbia (1884 - 1914)," Working Papers 87, Bank of Greece.
  5. Roumen Avramov & Dragana Gnjatovic, 2008. "Stabilization Policies in Bulgaria and Yugoslavia During Communism's Terminal Years : 1980s Economic Visions in Retrospect," Working Papers 81, Bank of Greece.
  6. Spruk, Rok, 2012. "After 20 years of status quo: the failure of gradualism in Slovenia’s post-socialist transition," MPRA Paper 36268, University Library of Munich, Germany.
  7. Sophia Lazaretou, 2008. "Banking and Central Banking in Pre-WWII Grecce: Money and Currency Developments," Working Papers 86, Bank of Greece.
  8. Spruk, Rok, 2012. "After 20 Years of Status Quo: The Failure of Gradualism in Slovenia’s Post-Socialist Transition," MPRA Paper 36304, University Library of Munich, Germany.

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