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Commodity Price Shocks and the Australian Economy since Federation
journal contribution
posted on 2023-06-07, 20:03 authored by Sambit BhattacharyyaSambit Bhattacharyya, Jeffrey G WilliamsonAustralia has experienced frequent and large commodity export price shocks similar to commodity exporters in Asia, Africa, and Latin America, but this price volatility has had much more modest impact on economic performance. 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 impact on de-industrialisation and distribution during the booms, and the labour market and policy responses to the shocks. Australia has indeed responded differently to volatile commodity prices than have other commodity exporters.
History
Publication status
- Published
Journal
Australian Economic History ReviewISSN
0004-8992Publisher
WileyExternal DOI
Issue
2Volume
51Page range
150-177Department affiliated with
- Economics Publications
Full text available
- No
Peer reviewed?
- Yes