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

  • Ian W. McLean

    ()

    (School of Economics, University of Adelaide)

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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File URL: http://www.economics.adelaide.edu.au/research/papers/doc/wp2005-19.pdf
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Paper provided by University of Adelaide, School of Economics in its series School of Economics Working Papers with number 2005-19.

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Length: 32 pages
Date of creation: 2005
Date of revision:
Handle: RePEc:adl:wpaper:2005-19
Contact details of provider: Postal: Adelaide SA 5005
Phone: (618) 8303 5540
Web page: http://www.economics.adelaide.edu.au/

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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. Valentine, T. J., 1987. "The causes of the depression in Australia," Explorations in Economic History, Elsevier, vol. 24(1), pages 43-62, January.
  3. Barry Eichengreen & Ian W. McLean, 1991. "The Supply of Gold Under the Pre-1914 Gold Standard," School of Economics Working Papers 1991-03, University of Adelaide, School of Economics.
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  7. 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.
  8. Ronald Findlay, 1995. "Factor Proportions, Trade, and Growth," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262061759, June.
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  10. 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.
  11. 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.
  12. Jeffrey G. Williamson, 1992. "The Evolution of Global Labor Markets Since 1830 Background Evidence and Hypotheses," NBER Historical Working Papers 0036, National Bureau of Economic Research, Inc.
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