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Australian Capital Inflow, Sectional Prices and the Terms of Trade: 1870-1939

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  • Pope, David H

Abstract

The paper examines the role of "traded" and "domestic" goods prices in international capital transfers. Difficulties of measurement and conceptualization are discussed, and the causal relations between capital flows to Australia, Australia's terms of trade and "domestic prices" are investigated over the years 1870-1939 using Sargent's_(1976) dynamic regression test of Granger_(1969) causality. The results suggest: that capital inflow proceeded without causing the terms of trade of the importer to change; that the ratio of "domestic" to "traded" goods prices rose, helping to effect the capital transfer; and that "domestic" prices positively fedback on capital inflow. Copyright 1986 by Blackwell Publishers Ltd/University of Adelaide and Flinders University of South Australia

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  • Pope, David H, 1986. "Australian Capital Inflow, Sectional Prices and the Terms of Trade: 1870-1939," Australian Economic Papers, Wiley Blackwell, vol. 25(46), pages 67-82, June.
    • Handle: RePEc:bla:ausecp:v:25:y:1986:i:46:p:67-82
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    Cited by:

    1. Chen, Yao & Ward, Felix, 2019. "When do fixed exchange rates work? Evidence from the Gold Standard," Journal of International Economics, Elsevier, vol. 116(C), pages 158-172.

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