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Agricultural Crises And The International Transmission Of The Great Depression

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  • Madsen, Jakob B.

Abstract

This article examines the role of the agricultural crisis in the international transmission of the Great Depression and assesses the direct and indirect macroeconomic effects of the agricultural price decline. Using panel data for 16 countries, it is shown that the decline in agricultural prices adversely affected the general price level, consumption and investment. Furthermore, it is shown that the agricultural price decline was an important vehicle by which the Depression was transmitted internationally.

Suggested Citation

  • Madsen, Jakob B., 2001. "Agricultural Crises And The International Transmission Of The Great Depression," The Journal of Economic History, Cambridge University Press, vol. 61(2), pages 327-365, June.
    • Handle: RePEc:cup:jechis:v:61:y:2001:i:02:p:327-365_02
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    Cited by:

    1. Joseph H. Davis & Christopher Hanes & Paul W. Rhode, 2009. "Harvests and Business Cycles in Nineteenth-Century America," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 124(4), pages 1675-1727.
    2. Santeramo, Fabio Gaetano & Cioffi, Antonio, 2012. "Transmission Of Market Crises In The European Vegetables Sector," Politica Agricola Internazionale - International Agricultural Policy, Edizioni L'Informatore Agrario, vol. 2012(2), pages 1-10, March.
    3. James L. Butkiewicz & Matthew A. Martin, 2003. "Agricultural Investment and the Interwar Business Cycle," Working Papers 03-10, University of Delaware, Department of Economics.
    4. Jakob B Madsen, 2011. "A q Model of House Prices," Monash Economics Working Papers 03-11, Monash University, Department of Economics.
    5. Perez, Stephen J. & Siegler, Mark V., 2006. "Agricultural and monetary shocks before the great depression: A graph-theoretic causal investigation," Journal of Macroeconomics, Elsevier, vol. 28(4), pages 720-736, December.
    6. Nikolay NENOVSKY, 2010. "Bulgarian Economists during The Great Depression," LEO Working Papers / DR LEO 286, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    7. Matthew Wright, 2009. "Mordacious years’: socio-economic aspects and outcomes of New Zealand’s experience in the Great Depression," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 72, pages 43-61, September.
    8. Waldenström, Daniel, 2004. "Is Swedish Research in Economic History Internationally Integrated?," SSE/EFI Working Paper Series in Economics and Finance 566, Stockholm School of Economics, revised 12 Aug 2005.

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