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New Estimates Of Australian Public Borrowing And Capital Raised In London, 1849–1914

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  • Bernard Attard

Abstract

Current statistics of Australian public borrowing to 1914 suffer from several limits. On the basis of a comprehensive revision, an upward bias is shown in all the alternative time series of London borrowing, while statistics of local bond issues are derived for the first time. The new time series show the importance of the initial borrowing cycle during the 1850s and 1860s; the scale of debt repatriation from the mid‐1890s; the interaction between domestic and overseas borrowing before the 1880s; and the potential significance of remittance as an ‘invisible stabiliser’ of the exchanges and alternative indirect source of capital imports.

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  • Bernard Attard, 2007. "New Estimates Of Australian Public Borrowing And Capital Raised In London, 1849–1914," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 47(2), pages 155-177, July.
    • Handle: RePEc:bla:ozechr:v:47:y:2007:i:2:p:155-177
    DOI: 10.1111/j.1467-8446.2007.00199.x
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    Cited by:

    1. Mr. S. M. Ali Abbas & Laura Blattner & Mark De Broeck & Ms. Asmaa A ElGanainy & Malin Hu, 2014. "Sovereign Debt Composition in Advanced Economies: A Historical Perspective," IMF Working Papers 2014/162, International Monetary Fund.
    2. Brian D. Varian, 2017. "British Capital and Merchandise Exports, 1870–1913: The Bilateral Case of New Zealand," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 57(2), pages 239-262, July.
    3. Andrew Dilley, 2010. "‘The rules of the game’: London finance, Australia, and Canada, c.1900–14," Economic History Review, Economic History Society, vol. 63(4), pages 1003-1031, November.
    4. Favero, Carlo A. & Galasso, Vincenzo, 2015. "Demographics and the Secular Stagnation Hypothesis in Europe," CEPR Discussion Papers 10887, C.E.P.R. Discussion Papers.

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