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

Singleton, John

doi:10.1057/9780230536685_7

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A Preferred Measures Of Key Variables1

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2020

2022

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Cited by 3 publications

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“…One could therefore also argue that it was sterling's departure from gold in September that marked the real rupture in the Australian case: Table I lists both January and September 1931 as potential departure dates. (Fleming, 1997;Singleton, 2003). By that time, however, sterling itself had abandoned gold: we therefore favour dating New Zealand's departure to September 1931, when the UK left, and Figure D.1 strongly suggests that this did indeed mark the real break with gold.…”

Section: A Preferred Measures Of Key Variablesmentioning

confidence: 93%

The Ends of 27 Big Depressions

Ellison¹,

Lee²,

O’Rourke³

2020

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How did countries recover from the Great Depression? In this paper we explore the argument that leaving the gold standard helped by boosting inflationary expectations and lowering real interest rates. We do so for a sample of 27 countries, using modern nowcasting methods and a new data set containing more than 230, 000 monthly and quarterly observations for over 1, 500 variables. In those cases where the departure from gold happened on clearly defined dates, it seems clear that inflationary expectations rose in the wake of departure. IV, diff-in-diff, and synthetic matching techniques suggest that the relationship is causal.

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Section: A Preferred Measures Of Key Variablesmentioning

confidence: 93%