New Zealand in the Depression: Devaluation without a Balance-of-Payments Crisis

John Singleton

Chapter 7 in The World Economy and National Economies in the Interwar Slump, 2003, pp 172-190 from Palgrave Macmillan

Abstract: Abstract New Zealand, with a population of less than two million souls, was the smallest, except for Newfoundland, of the politically independent British dominions in the 1920s and 1930s. New Zealand enjoyed one of the highest levels of income per capita in the world; the efficiency of its live-stock industry was unsurpassed; and its state was a pioneer of social reform. Economically, the ties between New Zealand and Britain were extremely strong. Eighty per cent or more of the country’s exports, which consisted of wool, meat, and dairy produce, were regularly consigned to the mother country. It is clear that the Depression was transmitted to New Zealand by falling commodity prices in the British market.

Keywords: Exchange Rate; Monetary Policy; Central Bank; Money Supply; Commodity Price (search for similar items in EconPapers)
Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-53668-5_7

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DOI: 10.1057/9780230536685_7

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