Commodity Price Shocks and the Australian Economy since Federation

Bhattacharyya, Sambit and Williamson, Jeffrey G (2011) Commodity Price Shocks and the Australian Economy since Federation. Australian Economics History Review, 51 (2). pp. 150-177. ISSN 0004-8992

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Abstract

Australia has experienced frequent and large commodity export price shocks similar to commodity exporters in Asia, Africa, and Latin America, but this price volatility has had much more modest impact on economic performance. Why? This paper explores Australian terms of trade volatility since 1901. It identifies two major price shock episodes before the recent mining-led boom and bust. It assesses their relative magnitude, their impact on de-industrialisation and distribution during the booms, and the labour market and policy responses to the shocks. Australia has indeed responded differently to volatile commodity prices than have other commodity exporters.

Item Type: Article
Schools and Departments: School of Business, Management and Economics > Economics
Depositing User: Sambit Bhattacharyya
Date Deposited: 06 Feb 2012 18:27
Last Modified: 27 Mar 2012 09:16
URI: http://sro.sussex.ac.uk/id/eprint/16432
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