Agricultural crises and the international transmission of the Great Depression

• 成果类型: Review
• 署名作者: Brunel University
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• DOI: 10.1017/S0022050701028030
• 发表日期: 2001
• 页码: 327-365
• 关键词: exchange-rates; panel data; specification; consumption; models; MARKET; income; tests

摘要

This article examines the role of the agricultural crisis in the international transmission of the Great Depression and assesses the direct and indirect macroeconomic effects of the agricultural price decline. Using panel data for 16 countries, it is shown that the decline in agricultural prices adversely affected the general price level, consumption and investment. Furthermore, it is shown that the agricultural price decline was an important vehicle by which the Depression was transmitted internationally.