Agricultural crises and the international transmission of the Great Depression

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Abstract

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.

Original languageEnglish
Pages (from-to)327-365
Number of pages39
JournalJOURNAL OF ECONOMIC HISTORY
Volume61
Issue number2
DOIs
Publication statusPublished - 21 Sep 2001

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