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

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Author Info
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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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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Related research
Keywords: Australia 1890s depression Argentina

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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References listed on IDEAS
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  1. Valentine, T. J., 1987. "The causes of the depression in Australia," Explorations in Economic History, Elsevier, vol. 24(1), pages 43-62, January. [Downloadable!] (restricted)
  2. Eichengreen, Barry, 1991. "Historical Research on International Lending and Debt," Journal of Economic Perspectives, American Economic Association, vol. 5(2), pages 149-69, Spring. [Downloadable!] (restricted)
    Other versions:
  3. 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. [Downloadable!] (restricted)
    Other versions:
  4. Fishlow, Albert, 1985. "Lessons from the Past: Capital Markets during the 19th Century and the Interwar Period," International Organization, MIT Press, vol. 39(3), pages 383-439, Summer.
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This page was last updated on 2008-8-17.

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