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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Paper provided by EconWPA in its series Economic History with number
0512001.
Find related papers by JEL classification: N10 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - General, International, or Comparative N16 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - Latin America; Caribbean N17 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - Africa; Oceania
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Peter H. Lindert & Peter J. Morton, 1989.
"How Sovereign Debt Has Worked,"
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[Downloadable!]
Other versions:
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.
[Downloadable!]