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Measuring New Zealand's GDP 1865-1933: A Cointegration-Based Approach

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  • Greasley, David
  • Oxley, Les

Abstract

Official and semi-official estimates of New Zealand's national income are available on an annual basis for the years since 1932. Retrospective, non-official, estimates are available from 1859. Chiefly these are constructed following Doblin's (1951) pioneering use of money stock data, velocity, and the implications of the Quantity Theory of Money, and include the estimates of Hawke (1975), Rankin (1992) and Cashin (1995). This paper estimates New Zealand real GDP per capita with monetary data using valid, intervention-free, cointegration methods. The new measures avoid the ad hoc adjustments found in Rankin (1992), yet unlike Cashin (1995), they incorporate specific New Zealand monetary features. The new time series conform well with independent benchmarks and the historiography of the pre-1914 period. Alternatively, they suggest an interpretation of New Zealand's growth experience for years around World War One which differs from that of Australia, and from the findings of Rankin (1992) and Cashin (1995). Copyright 2000 by The International Association for Research in Income and Wealth.

Suggested Citation

  • Greasley, David & Oxley, Les, 2000. "Measuring New Zealand's GDP 1865-1933: A Cointegration-Based Approach," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 46(3), pages 351-368, September.
  • Handle: RePEc:bla:revinw:v:46:y:2000:i:3:p:351-68
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    Citations

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    Cited by:

    1. Rebecca Williams & Les Oxley, 2016. "The Geography of Inventiveness in the Primary Sector: Some Initial Results for New Zealand, 1880–1895," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 56(2), pages 151-173, July.
    2. repec:bla:ozechr:v:57:y:2017:i:2:p:239-262 is not listed on IDEAS
    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. Kris Inwood & Les Oxley & Evan Roberts, 2008. "Physical stature and its interpretation in nineteenth century New Zealand," Working Papers in Economics 08/22, University of Canterbury, Department of Economics and Finance.
    6. David Greasley & Les Oxley, 2008. "Re-inventing New Zealand: Institutions Output and Patents 1870-1939," Working Papers in Economics 08/15, University of Canterbury, Department of Economics and Finance.
    7. Greasley, David & Oxley, Les, 2010. "Knowledge, natural resource abundance and economic development: Lessons from New Zealand 1861-1939," Explorations in Economic History, Elsevier, vol. 47(4), pages 443-459, October.
    8. Erik Bengtsson & Daniel Waldenstršm, 2016. "Capital shares and income inequality: Evidence from the long run," Working Papers 0092, European Historical Economics Society (EHES).
    9. 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.
    10. 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.
    11. Marcelo de Paiva Abreu & Pedro Carvalho Loureiro de Souza, 2011. ""Palatable Foreign Control": British money doctors and central banking in South America, 1924-1935," Textos para discussão 597, Department of Economics PUC-Rio (Brazil).
    12. David Greasley & Les Oxley, 2009. "The pastoral boom, the rural land market, and long swings in New Zealand economic growth, 1873-1939 -super-1," Economic History Review, Economic History Society, vol. 62(2), pages 324-349, May.

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