Even though Australia has experienced frequent and large commodity export price shocks like the Third World, it seems … to have dealt with the volatility better. Why? This paper explores Australian terms of trade volatility since 1901. It … identifies two major price shock episodes before the recent mining-led boom and bust. It assesses their relative magnitude, their …

Even though Australia has experienced frequent and large commodity export price shocks like the Third World, it seems … to have dealt with the volatility better. Why? This paper explores Australian terms of trade volatility since 1901. It … identifies two major price shock episodes before the recent mining-led boom and bust. It assesses their relative magnitude, their …

, modern economists argue that volatility reduces growth in the poor periphery. This paper assess these de …-industrialization and volatility forces between 1782 and 1913 during the Great Divergence. First, it argues that the new economic order had …-reducing terms of trade volatility was the other. Between 1820 and 1870, terms of trade volatility was much greater in the poor …

, modern economists argue that volatility reduces growth in the poor periphery. This paper assess these de …-industrialization and volatility forces between 1782 and 1913 during the Great Divergence. First, it argues that the new economic order had …-reducing terms of trade volatility was the other. Between 1820 and 1870, terms of trade volatility was much greater in the poor …