Quantifying the relative importance of export industries in a small open economy during the great depression of the 1930s: an input-output approach

Jari Kauppila ()
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Jari Kauppila: Joint Transport Research Centre of the OECD and the International Transport Forum, 2 rue André Pascal, 75775 Paris Cedex 16, France

Cliometrica, Journal of Historical Economics and Econometric History, 2009, vol. 3, issue 3, pages 245-273

Abstract: This paper provides a quantification of the relative importance of export industries in a small open economy using new data provided by input–output tables describing the Finnish economy in 1928. The Finnish analysis of the Great Depression of the 1930s has been particularly focused on the importance of foreign trade. Despite the lack of quantified evidence, it is commonly accepted that the export industries had a major role in the economic development. The basic input–output framework is extended into a production–consumption model to produce a more elaborate model that provides a quantification of changes in final demand of some key industries in the economy. Results suggest that even though the role of export industries was dominant, domestic market industries and private consumption also had a significant role in the depression.

Keywords: Great depression; Input–output; Export industries; Domestic market industries; Small open economy (search for similar items in EconPapers)
JEL-codes: N14 C67 (search for similar items in EconPapers)
Date: 2009
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