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Commodity Price Shocks And The Australian Economy Since Federation
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Book Synopsis Commodity Price Shocks and the Australian Economy Since Federation by : Sambit Bhattacharyya
Download or read book Commodity Price Shocks and the Australian Economy Since Federation written by Sambit Bhattacharyya and published by . This book was released on 2009 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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?
Book Synopsis Commodity Price Shocks and the Australian Economy Since Federation by :
Download or read book Commodity Price Shocks and the Australian Economy Since Federation written by and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Distributional Impact of Commodity Price Shocks by : Sambit Bhattacharyya
Download or read book Distributional Impact of Commodity Price Shocks written by Sambit Bhattacharyya and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the distributional impact of commodity price shocks over the both the short and very long run. Using a GARCH model, we find that Australia experienced more volatility than many commodity exporting poor countries between 1865 and 2007. A single equation error correction model suggests that commodity price shocks increase the income share of the top 1, 0.05, and 0.01 percent in the short run. The very top end of the income distribution benefits from commodity booms disproportionately more than the rest of society. The short run effect is mainly driven by wool and mining and not agricultural commodities. A sustained increase in the price of renewables (wool) reduces inequality whereas the same for non-renewable resources (minerals) increases inequality. We expect that the initial distribution of land and mineral resources explains the asymmetric result.
Book Synopsis Distributional Impact of Commodity Price Shocks by : Sambit Bhattacharyya
Download or read book Distributional Impact of Commodity Price Shocks written by Sambit Bhattacharyya and published by . This book was released on 2013 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the distributional impact of commodity price shocks over the both the short and very long run. Using a GARCH model, we find that Australia experienced more volatility than many commodity exporting poor countries between 1865 and 2007. A single equation error correction model suggests that commodity price shocks increase the income share of the top 1, 0.05, and 0.01 percent in the short run. The very top end of the income distribution benefits from commodity booms disproportionately more than the rest of society. The short run effect is mainly driven by wool and mining and not agricultural commodities. A sustained increase in the price of renewables (wool) reduces inequality whereas the same for non-renewable resources (minerals) increases inequality. We expect that the initial distribution of land and mineral resources explains the asymmetric result.
Book Synopsis The Dynamic Effects of Commodity Prices on Fiscal Performance in Latin America by : Leandro Medina
Download or read book The Dynamic Effects of Commodity Prices on Fiscal Performance in Latin America written by Leandro Medina and published by International Monetary Fund. This book was released on 2010-08-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent boom and bust in commodity prices has raised concerns about the impact of volatile commodity prices on Latin American countries’ fiscal positions. Using a novel quarterly data set-which includes unique country-specific commodity price indices and a comprehensive measure of public expenditures-this paper analyzes the dynamic effects of commodity price fluctuations on fiscal revenues and expenditures for eight commodity-exporting Latin American countries. The results indicate that Latin American countries’ fiscal positions react strongly to shocks to commodity prices, yet there are marked differences across countries. Fiscal variables in Venezuela display the highest sensitivity to commodity price shocks, with expenditures reacting significantly more than revenues. At the other end of the spectrum, in Chile expenditure reacts very little to commodity price fluctuations, and the dynamic responses of its fiscal indicators are very similar to those seen in high-income commodity-exporting countries. This distinct behavior across countries may relate to institutional arrangements, which in some cases include the efficient application of fiscal rules amid political commitment and high standards of transparency.
Book Synopsis The Cambridge Economic History of Australia by : Simon Ville
Download or read book The Cambridge Economic History of Australia written by Simon Ville and published by Cambridge University Press. This book was released on 2014-10-08 with total page 710 pages. Available in PDF, EPUB and Kindle. Book excerpt: Australia's economic history is the story of the transformation of an indigenous economy and a small convict settlement into a nation of nearly 23 million people with advanced economic, social and political structures. It is a history of vast lands with rich, exploitable resources, of adversity in war, and of prosperity and nation building. It is also a history of human behaviour and the institutions created to harness and govern human endeavour. This account provides a systematic and comprehensive treatment of the nation's economic foundations, growth, resilience and future, in an engaging, contemporary narrative. It examines key themes such as the centrality of land and its usage, the role of migrant human capital, the tension between development and the environment, and Australia's interaction with the international economy. Written by a team of eminent economic historians, The Cambridge Economic History of Australia is the definitive study of Australia's economic past and present.
Book Synopsis Why Australia Prospered by : Ian W. McLean
Download or read book Why Australia Prospered written by Ian W. McLean and published by Princeton University Press. This book was released on 2016-05-24 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the first comprehensive account of how Australia attained the world's highest living standards within a few decades of European settlement, and how the nation has sustained an enviable level of income to the present. Why Australia Prospered is a fascinating historical examination of how Australia cultivated and sustained economic growth and success. Beginning with the Aboriginal economy at the end of the eighteenth century, Ian McLean argues that Australia's remarkable prosperity across nearly two centuries was reached and maintained by several shifting factors. These included imperial policies, favorable demographic characteristics, natural resource abundance, institutional adaptability and innovation, and growth-enhancing policy responses to major economic shocks, such as war, depression, and resource discoveries. Natural resource abundance in Australia played a prominent role in some periods and faded during others, but overall, and contrary to the conventional view of economists, it was a blessing rather than a curse. McLean shows that Australia's location was not a hindrance when the international economy was centered in the North Atlantic, and became a positive influence following Asia's modernization. Participation in the world trading system, when it flourished, brought significant benefits, and during the interwar period when it did not, Australia's protection of domestic manufacturing did not significantly stall growth. McLean also considers how the country's notorious origins as a convict settlement positively influenced early productivity levels, and how British imperial policies enhanced prosperity during the colonial period. He looks at Australia's recent resource-based prosperity in historical perspective, and reveals striking elements of continuity that have underpinned the evolution of the country's economy since the nineteenth century.
Book Synopsis The Distributional Implications of the Impact of Fuel Price Increases on Inflation by : Mr. Kangni R Kpodar
Download or read book The Distributional Implications of the Impact of Fuel Price Increases on Inflation written by Mr. Kangni R Kpodar and published by International Monetary Fund. This book was released on 2021-11-12 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the response of consumer price inflation to changes in domestic fuel prices, looking at the different categories of the overall consumer price index (CPI). We then combine household survey data with the CPI components to construct a CPI index for the poorest and richest income quintiles with the view to assess the distributional impact of the pass-through. To undertake this analysis, the paper provides an update to the Global Monthly Retail Fuel Price Database, expanding the product coverage to premium and regular fuels, the time dimension to December 2020, and the sample to 190 countries. Three key findings stand out. First, the response of inflation to gasoline price shocks is smaller, but more persistent and broad-based in developing economies than in advanced economies. Second, we show that past studies using crude oil prices instead of retail fuel prices to estimate the pass-through to inflation significantly underestimate it. Third, while the purchasing power of all households declines as fuel prices increase, the distributional impact is progressive. But the progressivity phases out within 6 months after the shock in advanced economies, whereas it persists beyond a year in developing countries.
Book Synopsis Year Book Australia, 1988, No. 71 by :
Download or read book Year Book Australia, 1988, No. 71 written by and published by Aust. Bureau of Statistics. This book was released on 1988 with total page 1044 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Reserve Bank of Australia Publisher :Reserve Bank of Australia and Australian Treasury ISBN 13 :9780987148858 Total Pages :392 pages Book Rating :4.1/5 (488 download)
Book Synopsis The Australian Economy in the 2000s by : Reserve Bank of Australia
Download or read book The Australian Economy in the 2000s written by Reserve Bank of Australia and published by Reserve Bank of Australia and Australian Treasury. This book was released on 2011-01-01 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This is the fourth time the Reserve Bank has held a conference to review the Australian economy over the preceding decade. These decadal reviews provide an opportunity to place the events that have shaped the economy in perspective, consider patterns of structural change, and reflect on the persistent themes through the decade and across successive decades. The 2000s were particularly eventful for both the international and Australian economies. There were: two recessions in many countries; the largest international financial crisis since the Great Depression; the ongoing rapid development of Asia; asset booms and busts; and Australia experienced the longest sustained increase in commodity prices and the terms of trade in the nation's history." -- Introduction.
Book Synopsis Trade and Poverty by : Jeffrey G. Williamson
Download or read book Trade and Poverty written by Jeffrey G. Williamson and published by MIT Press. This book was released on 2013-01-11 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: How the rise of globalization over the past two centuries helps explain the income gap between rich and poor countries today. Today's wide economic gap between the postindustrial countries of the West and the poorer countries of the third world is not new. Fifty years ago, the world economic order—two hundred years in the making—was already characterized by a vast difference in per capita income between rich and poor countries and by the fact that poor countries exported commodities (agricultural or mineral products) while rich countries exported manufactured products. In Trade and Poverty, leading economic historian Jeffrey G. Williamson traces the great divergence between the third world and the West to this nexus of trade, commodity specialization, and poverty. Analyzing the role of specialization, de-industrialization, and commodity price volatility with econometrics and case studies of India, Ottoman Turkey, and Mexico, Williamson demonstrates why the close correlation between trade and poverty emerged. Globalization and the great divergence were causally related, and thus the rise of globalization over the past two centuries helps account for the income gap between rich and poor countries today.
Book Synopsis Growth Miracles and Growth Debacles by : Sambit Bhattacharyya
Download or read book Growth Miracles and Growth Debacles written by Sambit Bhattacharyya and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this fascinating book, Sambit Bhattacharyya presents a detailed account of the socio-economic processes that create broad variations in living standards across the globe. The author examines the world's economic history over the last five centuries, replete with growth miracles and growth debacles: growth in Britain was steady, yet China lost her early advantage; North America settler colonies performed significantly better than those of Asia and Africa; Australia and Argentina were notably similar at the start of the twentieth century but delivered strikingly different growth outcomes. The book argues that these differences in growth rate are best explained by an interplay of factors, namely economic, political and geographical. In conclusion it presents long-run comparative growth narratives for Africa, China, India, the Americas, Russia and Western Europe. Presenting a unique and original analytical framework to explain economic growth and decline, and bridging empirical growth literature and economic history, this book will prove a stimulating read for both academic and professional economists, and scholars of economic history and economic growth. Other social scientists including sociologists, political scientists and economic historians will also find the book to be of great value.
Book Synopsis A History of the Global Economy by : Joerg Baten
Download or read book A History of the Global Economy written by Joerg Baten and published by Cambridge University Press. This book was released on 2016-03-10 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In co-operation with the International Economic History Association."
Book Synopsis The Cambridge Economic History of the Modern World: Volume 2, 1870 to the Present by : Stephen Broadberry
Download or read book The Cambridge Economic History of the Modern World: Volume 2, 1870 to the Present written by Stephen Broadberry and published by Cambridge University Press. This book was released on 2021-06-24 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second volume of The Cambridge Economic History of the Modern World explores the development of modern economic growth from 1870 to the present. Leading experts in economic history offer a series of regional studies from around the world, as well as thematic analyses of key factors governing the differential outcomes in different parts of the global economy. Topics covered include human capital, capital and technology, geography and institutions, living standards and inequality, trade and immigration, international finance, and warfare and empire.
Book Synopsis British Imperialism and Globalization, C. 1650-1960 by : Gareth Austin
Download or read book British Imperialism and Globalization, C. 1650-1960 written by Gareth Austin and published by Boydell & Brewer. This book was released on 2022 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examining the domestic politics of imperial expansion these essays question the role of the Industrial Revolution and British imperial leadership beyond the issue of hierarchy and The Great Divergence. This volume brings together leading global economic historians to honour Patrick O'Brien's contribution to the establishment of global economic history as a coherent and respected field in the academy. Inspired by O'Brien's seminal work on the British Industrial Revolution as a global phenomenon, these essays expand the role of the Industrial Revolution and British imperial leadership beyond the issue of hierarchy and The Great Divergence. The change from the protective Atlantic empire, 1650-1850, to the free trade empire of the last half of the long nineteenth century is elaborated as are the conscious efforts of the free trade empire to develop markets and market economies in Africa. British domestic politics associated with the change and the continuation to the recent politics of Brexit are fascinatingly narrated and documented, including the economic rationale for imperial expansion, in the first instance. The narrative continues to the crises of globalization caused by the world wars and the Great Depression, which forced the free trade British Empire to change course. Further, the effects of the crises and the imperial reaction on the East African colonies and on New Zealand and Australia are examined. Given current concerns about the environmental impact of economic activities, it is noteworthy that this volume includes the environmental impact of globalization in India caused by the free trade policy of the British free trade empire.
Book Synopsis A History of Global Capitalism by : Sambit Bhattacharyya
Download or read book A History of Global Capitalism written by Sambit Bhattacharyya and published by Springer Nature. This book was released on 2020-10-31 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book sets out to explore the economic motivations of imperial expansion under capitalism. This undoubtedly is related to two fundamental research questions in economic sciences. First, what factors explain the divergence in living standards across countries under the capitalist economic system? Second, what ensures internal and external stability of the capitalist economic system? The book adopts a unified approach to address these questions. Using the standard growth model it shows that improvements in living standards are dependent on access to raw materials, labour, capital, technology, and perhaps most importantly 'economies of scale'. Empires ensure scale economy through guaranteed access to markets and raw materials. The stability of the system depends on growth and distribution and it is not possible to have one without the other. However, the quest for growth and imperial expansion implies that one empire invariably comes into conflict with another. This is perhaps the most unstable and potentially dangerous characteristic of the capitalist system. Using extensive historical accounts the book shows that this inherent tension can be best managed by acknowledging mutual spheres of influence within the international system along the lines of the 1815 Vienna Congress. This timely publication addresses not only students and scholars of economics, geography, political science, and history, but also general readers interested in a better understanding of economic development, international relations, and the history of global capitalism.
Book Synopsis Handbook of Cliometrics by : Claude Diebolt
Download or read book Handbook of Cliometrics written by Claude Diebolt and published by Springer Nature. This book was released on with total page 2796 pages. Available in PDF, EPUB and Kindle. Book excerpt:
