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AGRICULTURAL CRISES AND THE INTERNATIONAL TRANSMISSION OF THE GREAT DEPRESSION

Published online by Cambridge University Press:  13 August 2001

Jakob B. Madsen
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Abstract

This article examines the role of the agricultural crisis in the international transmission of the Great Depression and assesses the direct and indirect macroeconomic effects of the agricultural price decline. Using panel data for 16 countries, it is shown that the decline in agricultural prices adversely affected the general price level, consumption and investment. Furthermore, it is shown that the agricultural price decline was an important vehicle by which the Depression was transmitted internationally.

Type
Research Article
Information
The Journal of Economic History , Volume 61 , Issue 2 , June 2001 , pp. 327 - 365
Copyright
© 2001 Cambridge University Press

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