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Commodity Price Shocks and the Australian Economy since Federation

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Author Info
Sambit Bhattacharyya ()
Jeffrey G Williamson ()

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Abstract

Even though Australia has experienced frequent and large commodity export price shocks like the Third World, it seems to have dealt with the volatility better. 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 de-industrialization and distributional impact, and policy responses. In what way has Australia been different from other commodity exporters experiencing volatile prices?

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Paper provided by Australian National University, Economics RSPAS in its series Departmental Working Papers with number 2009-02.

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Length: 55 pages
Date of creation: 2009
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Handle: RePEc:pas:papers:2009-02

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Related research
Keywords: Commodity exports; price shocks; Australian economy;

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Find related papers by JEL classification:
F14 - International Economics - - Trade - - - Country and Industry Studies of Trade
F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
N17 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - Africa; Oceania
O56 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Oceania

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  2. Cashin, Paul & McDermott, C John, 2002. "'Riding on the Sheep's Back': Examining Australia's Dependence on Wool Exports," The Economic Record, The Economic Society of Australia, vol. 78(242), pages 249-63, September. [Downloadable!] (restricted)
    Other versions:
  3. Jeffrey G. Williamson, 2008. "Globalization and the Great Divergence: Terms of Trade Booms and Volatility in the Poor Periphery 1782-1913," NBER Working Papers 13841, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  4. Hatton, Timothy J. & Boyer, George R., 2005. "Unemployment and the UK labour market before, during and after the Golden Age," European Review of Economic History, Cambridge University Press, vol. 9(01), pages 35-60, April. [Downloadable!]
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  13. Kose, M. Ayhan & Riezman, Raymond, 2001. "Trade shocks and macroeconomic fluctuations in Africa," Journal of Development Economics, Elsevier, vol. 65(1), pages 55-80, June. [Downloadable!] (restricted)
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  14. Peter Lloyd, 2008. "100 Years Of Tariff Protection In Australia," Australian Economic History Review, Blackwell Publishing Asia Pty Ltd and the Economic History Society of Australia and New Zealand, vol. 48(2), pages 99-145, 07. [Downloadable!] (restricted)
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  16. Poelhekke, Steven & van der Ploeg, Frederick, 2007. "Volatility, Financial Development and the Natural Resource Curse," CEPR Discussion Papers 6513, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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