By Solomos Solomou
ISBN-10: 0511599226
ISBN-13: 9780511599224
ISBN-10: 052143033X
ISBN-13: 9780521430333
ISBN-10: 0521436214
ISBN-13: 9780521436212
Characterised by means of mass unemployment, protectionism, diversified alternate price regimes, the disintegration of the realm alternate, and bad long term development customers, the interwar interval used to be, via any criteria, a awesome one. This textbook offers a survey of the most important macroeconomic questions that arose from the event of the British economic climate from 1919 to 1939. A comparative technique is followed all through, putting the united kingdom adventure within the context of the realm financial system. The ebook continuously applies fiscal thought to historic examples.
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Extra resources for Themes in Macroeconomic History: The UK Economy 1919-1939
Example text
Dummy = 1 for Belgium, France and Italy. variables are significant, with the depreciated currencies receiving a favourable effect on economic growth relative to the rest of the sample. Countries that saw depreciated nominal exchange rates in the 1920s, relative to the pre-1913 gold standard parity, received a favourable long-run stimulus relative to other countries. At first sight this result seems paradoxical with the earlier finding that nominal depreciation did not give Belgium, France and Italy a stronger cyclical recovery during the 1920s.
5 per cent. 8: Debt-income ratios and economic performance post-war boom of 1918-20. In the expectation of a prosperous future, with weakened German competition, the staple export sectors in the UK (iron and steel, textiles, shipbuilding, coal) increased their level of debt to finance much needed investment. However, the era of prosperity did not materialise: the permanent deflation of 1920-2 left these industries with a large real debt-burden. Given the government's commitment to the lower price level, new investment by existing firms was held back as they struggled to meet large debt repayments under conditions of poor export performance and high import penetration.
Countries that saw depreciated nominal exchange rates in the 1920s, relative to the pre-1913 gold standard parity, received a favourable long-run stimulus relative to other countries. At first sight this result seems paradoxical with the earlier finding that nominal depreciation did not give Belgium, France and Italy a stronger cyclical recovery during the 1920s. One way to account for this paradoxical result is within the framework of output hysteresis: countries returning to the gold standard at the pre-1913 parity suffered a persistent adverse output effect in the attempt to reestablish the old parity.
Themes in Macroeconomic History: The UK Economy 1919-1939 by Solomos Solomou
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