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Recovery from Depression: Australia in an Argentine Mirror: 1895- 1913

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  • Ian W. McLean

    (University of Adelaide)

Abstract

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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Bibliographic Info

Paper provided by EconWPA in its series Economic History with number 0512001.

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Date of creation: 13 Dec 2005
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Handle: RePEc:wpa:wuwpeh:0512001

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Keywords: Australia; 1890s depression; Argentina;

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References

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  1. Fishlow, Albert, 1987. "Lessons of the 1890s for the 1980s," Department of Economics, Working Paper Series qt1g7324hr, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  2. Barry Eichengreen., 1990. "Historical Research on International Lending and Debt," Economics Working Papers 90-153, University of California at Berkeley.
  3. Barry Eichengreen & Ian W. McLean, 1991. "The Supply of Gold Under the Pre-1914 Gold Standard," School of Economics Working Papers 1991-03, University of Adelaide, School of Economics.
  4. Eichengreen, Barry & Sachs, Jeffrey, 1985. "Exchange Rates and Economic Recovery in the 1930s," The Journal of Economic History, Cambridge University Press, vol. 45(04), pages 925-946, December.
  5. Williamson Jeffrey G., 1995. "The Evolution of Global Labor Markets since 1830: Background Evidence and Hypotheses," Explorations in Economic History, Elsevier, vol. 32(2), pages 141-196, April.
  6. Gerardo della Paolera & Alan M. Taylor, 2001. "Straining at the Anchor: The Argentine Currency Board and the Search for Macroeconomic Stability, 1880-1935," NBER Books, National Bureau of Economic Research, Inc, number paol01-1, July.
  7. Peter H. Lindert & Peter J. Morton, 1989. "How Sovereign Debt Has Worked," NBER Chapters, in: Developing Country Debt and Economic Performance, Volume 1: The International Financial System, pages 39-106 National Bureau of Economic Research, Inc.
  8. Taylor, Alan M., 1997. "Peopling the Pampa: On the Impact of Mass Migration to the River Plate, 1870-1914," Explorations in Economic History, Elsevier, vol. 34(1), pages 100-132, January.
  9. M C. Urquhart, 1986. "New Estimates of Gross National Product, Canada, 1870-1926: Some Implications for Canadian Development," NBER Chapters, in: Long-Term Factors in American Economic Growth, pages 9-94 National Bureau of Economic Research, Inc.
  10. Fishlow, Albert, 1985. "Lessons from the past: capital markets during the 19th century and the interwar period," International Organization, Cambridge University Press, vol. 39(03), pages 383-439, June.
  11. Taylor, Alan M., 1998. "Argentina and the world capital market: saving, investment, and international capital mobility in the twentieth century," Journal of Development Economics, Elsevier, vol. 57(1), pages 147-184, October.
  12. Ronald Findlay, 1995. "Factor Proportions, Trade, and Growth," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262061759, December.
  13. Valentine, T. J., 1987. "The causes of the depression in Australia," Explorations in Economic History, Elsevier, vol. 24(1), pages 43-62, January.
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Cited by:
  1. Ian W. McLean, 2005. "Why Was Australia So Rich?," Development and Comp Systems 0509003, EconWPA.
  2. Barry Eichengreen & Muge Adalet, 2005. "Current Account Reversals: Always a Problem?," NBER Working Papers 11634, National Bureau of Economic Research, Inc.

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