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'Riding on the Sheep's Back': Examining Australia's Dependence on Wool Exports

Paul Cashin () and Christopher McDermott ()

No 585, Department of Economics - Working Papers Series from The University of Melbourne

Abstract: This paper extends the staple theory literature by examining the influence of wool, Australia's dominant primary-product export, on the development of the Australian economy and external position over the period 1862-1995. The results support the view that while shocks to the wool industry had significant effects on the Australian economy and external position in the period 1862-1929, after the Second World War the wool industry no longer played a dominant role in the evolution of the Australian economy.

Keywords: MACROECONOMICS; AUSTRALIA; AGRICULTURE; INTERNATIONAL TRADE (search for similar items in EconPapers)
JEL-codes: F14 F41 N57 Q17 (search for similar items in EconPapers)
Date: 1997
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