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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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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. 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. [Downloadable!]
  2. 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. [Downloadable!] (restricted)
    Other versions:
  3. 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. [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!]
  4. 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)
  5. Ronald Findlay, 1995. "Factor Proportions, Trade, and Growth," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262061759.
  6. 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:
  7. 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. [Downloadable!]
    Other versions:
  8. Albert Fishlow., 1987. "Lessons of the 1890s for the 1980s," Economics Working Papers 8724, University of California at Berkeley.
  9. 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:
  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. [Downloadable!]
  11. 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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