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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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  1. 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.
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  2. Alan M. Taylor, 1997. "Argentina and the World Capital Market: Saving, Investment, and International Capital Mobility in the Twentieth Century," NBER Working Papers 6302, National Bureau of Economic Research, Inc.
  3. Eichengreen, Barry, 1990. "Historical Research on International Lending and Debt," Department of Economics, Working Paper Series qt39n6n9ns, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
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  6. Barry J. Eichengreen & Jeffrey Sachs, 1986. "Exchange Rates and Economic Recovery in the 1930s," NBER Working Papers 1498, National Bureau of Economic Research, Inc.
  7. Alan M. Taylor, 2000. "Peopling the Pampa: On the Impact of Mass Migration to the River Plate, 1870-1914," NBER Historical Working Papers 0068, National Bureau of Economic Research, Inc.
  8. 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.
  9. 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.
  10. 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.
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  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. McLean, Ian W., 2007. "Why was Australia so rich?," Explorations in Economic History, Elsevier, vol. 44(4), pages 635-656, October.
  2. Muge Adalet & Barry Eichengreen, 2007. "Current Account Reversals: Always a Problem?," NBER Chapters, in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 205-246 National Bureau of Economic Research, Inc.

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