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Commodity Price Shocks and the Australian Economy since Federation

journal contribution
posted on 2023-06-07, 20:03 authored by Sambit BhattacharyyaSambit Bhattacharyya, Jeffrey G Williamson
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.

History

Publication status

  • Published

Journal

Australian Economic History Review

ISSN

0004-8992

Publisher

Wiley

Issue

2

Volume

51

Page range

150-177

Department affiliated with

  • Economics Publications

Full text available

  • No

Peer reviewed?

  • Yes

Legacy Posted Date

2012-02-06

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