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New Zealand's Gross National Product: 1859-1939


  • Rankin, Keith


In this paper the author continues the work of Hawke, who used Australian velocity of money data to estimate New Zealand's GDP for 1870-1918, and whose results have been incorporated into international studies through the work of Bairoch. He also provides an alternative set of estimates for the inter-war years to those published by Lineham. The important findings of the paper are: (1) that Australian data show a significant relationship between the velocity of money and the price level; (2) that New Zealand's income was significantly higher in 1870 than Hawke's estimates suggest; (3) that sustained per capita growth has not been New Zealand's normal experience; (4) that previous GDP estimates for the inter-war period have failed to reflect the fluctuations of the New Zealand economy and the extent to which it was operating below its production possibilities frontier during the Great Depression of the 1930s. Copyright 1992 by The International Association for Research in Income and Wealth.

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  • Rankin, Keith, 1992. "New Zealand's Gross National Product: 1859-1939," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 38(1), pages 49-69, March.
  • Handle: RePEc:bla:revinw:v:38:y:1992:i:1:p:49-69

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    References listed on IDEAS

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    Cited by:

    1. Liu, Dan & Meissner, Christopher M., 2015. "Market potential and the rise of US productivity leadership," Journal of International Economics, Elsevier, vol. 96(1), pages 72-87.
    2. Prados de la Escosura, Leandro, 2000. "International Comparisons of Real Product, 1820-1990: An Alternative Data Set," Explorations in Economic History, Elsevier, vol. 37(1), pages 1-41, January.
    3. Michael Tomz & Mark L. J. Wright, 2007. "Do Countries Default in "Bad Times" ?," Journal of the European Economic Association, MIT Press, vol. 5(2-3), pages 352-360, 04-05.
    4. Bengtsson, Erik & Waldenström, Daniel, 2015. "Capital Shares and Income inequality: Evidence from the Long Run," IZA Discussion Papers 9581, Institute for the Study of Labor (IZA).
    5. Matthew Gibbons & Les Oxley, 2017. "The Relationship of Patenting Applications and Expenditure with Output and Real GDP in Nineteenth Century Colonial New Zealand," Working Papers in Economics 17/05, University of Waikato.
    6. Dan Liu & Christopher M. Meissner, 2013. "Market Potential and the Rise of US Productivity Leadership," NBER Working Papers 18819, National Bureau of Economic Research, Inc.
    7. Erik Bengtsson & Daniel Waldenstršm, 2016. "Capital shares and income inequality: Evidence from the long run," Working Papers 0092, European Historical Economics Society (EHES).
    8. Tarik M. Yousef, 2002. "Egypt's Growth Performance Under Economic Liberalism: A Reassessment with New GDP Estimates, 1885-1945," Working Papers 0211, Economic Research Forum, revised 11 Apr 2002.
    9. Bengtsson, Erik & Waldenström, Daniel, 2015. "Capital shares and income inequality: Evidence from the long run," CEPR Discussion Papers 11022, C.E.P.R. Discussion Papers.
    10. A. B. Atkinson & Andrew Leigh, 2005. "The Distribution of Top Incomes in New Zealand," CEPR Discussion Papers 503, Centre for Economic Policy Research, Research School of Economics, Australian National University.

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