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The Pastoral Boom, the Rural Land Market, and Long Swings in New Zealand Economic Growth 1873-1939

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Abstract

A pastoral boom led to higher farm and manufacturing productivity and to New Zealand attaining the world’s highest HDI in 1913. Staple exports invigorated the land market, diffused rural land ownership, and fostered intensive growth. The gains from higher land prices spread widely, but land market volatility also created instability. New Zealand had the world’s highest GDP per capita in 1938, but she experienced long swings in her growth rates. Dramatic swings in rural land market activity engendered by the pastoral boom contributed powerfully to a long depression in the 1920s; subsequently a new monetary regime facilitated fast recovery.

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  • David Greasley & Les Oxley, 2008. "The Pastoral Boom, the Rural Land Market, and Long Swings in New Zealand Economic Growth 1873-1939," Working Papers in Economics 08/02, University of Canterbury, Department of Economics and Finance.
    • Handle: RePEc:cbt:econwp:08/02
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    File URL: https://repec.canterbury.ac.nz/cbt/econwp/0802.pdf
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    Cited by:

    1. Gary D. Libecap & Dean Lueck & Trevor O'Grady, 2010. "Large Scale Institutional Changes: Land Demarcation Within the British Empire," NBER Working Papers 15820, National Bureau of Economic Research, Inc.
    2. Álvarez, Jorge & Bilancini, Ennio & D'Alessandro, Simone & Porcile, Gabriel, 2011. "Agricultural institutions, industrialization and growth: The case of New Zealand and Uruguay in 1870-1940," Explorations in Economic History, Elsevier, vol. 48(2), pages 151-168, April.
    3. David Greasley & Les Oxley, 2008. "Re-inventing New Zealand: Institutions Output and Patents 1870-1939," Working Papers in Economics 08/15, University of Canterbury, Department of Economics and Finance.

    More about this item

    Keywords

    Land ownership; Pastoral sector; Manufacturing productivity; New Zealand land prices;
    All these keywords.

    JEL classification:

    • N17 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Africa; Oceania
    • N37 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Africa; Oceania
    • N47 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Africa; Oceania

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