The Constant Employment Budget Balance and British Budgetary Policy, 1929–39<sup>1</sup>

Middleton, Roger

doi:10.1111/j.1468-0289.1981.tb02067.x

Cited by 26 publications

(13 citation statements)

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“…This measure estimates what the values of receipts, expenditure and subsequent budget imbalance would have been if the economy had been at the full-employment level of activity. Since many economists today do not regard the full-employment level of activity as being "normal" the concept has been modified and the "constant-employment" budget balance has received widespread acceptance (Middleton, 1981;Neville, 1990). 4 The constant-employment budget balance seems more appropriate than the fullemployment budget balance when it is remembered that the New Zealand economy during the 1920s and 1930s did not operate at a level which created full employment (Hawke, 1988).…”

Section: Cyclical Effectsmentioning

confidence: 99%

“…Two base years were selected (1928 and 1938) when the unemployment rates were approximately at the same level, 6.5 percent of the workforce in 1928 and 6.3 percent in 1938 (Hawke, 1988, p. 115). Following the method used by Middleton (1981) and pioneered by Brown (1958), the actual series for GDP was interpolated between the two base years after converting the nominal GDP data into real terms using 1927 as a base year. Between 1928 and 1938 real GDP rose by 23.95 percent, which is equivalent to an annual trend growth rate of 2.17 percent.…”

Section: Cyclical Effectsmentioning

confidence: 99%

“…As the economic downturn into depression only began in 1929-1930,1 have only determined the constant-employment balance for the 1930s and not the 1920s which was a period of steady growth. In order to construct a constantemployment budget balance for New Zealand for the 1930s, I have used the following identity which was used by Middleton (1981) to determine the fiscal stance of the United Kingdom in the 1930s:…”

Section: Cyclical Effectsmentioning

confidence: 99%

“…This method was used byMiddleton (1981) to determine the fiscal stance of the British government in the 1930s. Downloaded by [University of Strathclyde] at 09:15 14 December 2014…”

mentioning

confidence: 99%

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The real structural imbalance and fiscal stance in New Zealand during the inter‐war years

Abbott

1995

New Zealand Economic Papers

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Section: Cyclical Effectsmentioning

confidence: 99%

Section: Cyclical Effectsmentioning

confidence: 99%

Section: Cyclical Effectsmentioning

confidence: 99%

“…This method was used byMiddleton (1981) to determine the fiscal stance of the British government in the 1930s. Downloaded by [University of Strathclyde] at 09:15 14 December 2014…”

mentioning

confidence: 99%

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The real structural imbalance and fiscal stance in New Zealand during the inter‐war years

Abbott

1995

New Zealand Economic Papers

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“…E:I. COMPORTAMIENTO DF.I. (,ASTO puni.ico I;N KSPAÑA DURANTI; I.A SI¡(;UNÜA REPÚBLICA de medir la incidencia de la política presupuestaria en diversos países; al estudio pionero de Brown (1956) para Estados Unidos han seguido ios de Pryor (1979) para Checoslovaquia, y los de Middleton (1981) y Broadberry (1984 para Gran Bretaña. Nosotros, con una metodología similar, intentamos estimar la incidencia de la política presupuestaria, tratando de ver si el sector público se comportó de forma contractiva, contribuyendo a agravar la crisis, o, por el contrario, de manera expansiva y, por tanto, con efectos compensatorios y estabilizadores.…”

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El comportamiento del gasto publico en España durante la Segunda Republica, 1931–1935

Santos

Aceña

1990

RHE / JILAEH

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F.l estudio de l;i economía y de la políiiea económica tímame la Según dii República sigue despertando entre nosotros un gran interés. I!l advenimiento del nuevo régimen coincidió con el peor año de la depresión mundial iniciada en 1929 y durante su corla existencia tuvo que sobrevivir en ciicunstancias económicas muy destavorables. En sus escritos, ION políticos republicanos hiciert)!! notar esie (Icsafortunnilo sucoso, destacando cómo la crisis internacional limitaba seriamente su capacidad de acción ', Naturalmente, el adverso escenario económico de la década de 1920 hubiera teniílo menor trascendencia si no hubiese sido por las exageradas expectativas de mejoras sociales y económicas que había siiscilatlo la llegaila al poder de los pariitlos de izquierda y de los grupos repub!icant>s -.Diversos autores han señalado que, además de la crisis internacional, cuya correa de trasmisión fue el sector exterior, la economía española se vio afectada negativamente por una caída de la demanda interior, resultado de la adopción de políticas macroeconómicas erróneas. E\ hecho de que el principal objetivo de las autoridades económicas de la época fuera la estabilidad del tipo de cambio, ha llevado a atribuir las causas del estancamiento interno y de la recesión industrial, más que a factores externos, a una política monetaria restrictiva y a una política financiera ortodoxa, cuando las circunstancias• Agradecemos a F. Cloniín y CI. loriella las observationes que han hecho a distintos borradores de este trabajo. Pero la responsabilidad por errores y omisiones es sólo nuestra.' Véase, por ejemplo, Indalecio Prieto (1967), vol. I, pp. 164-165. ' Parafraseando la conocida lisia de Salvador Madariaga (1931), del nuevo rcsinien se esperaba la resolución de muchos problemas tradicionales del país: el problema de la propiedad de la tierra, el problema de las libertades civiles, el problema del Kjc'rcilo, el problema de la educación, el problema de la Iglesia, el problema de las nacionalidades y. por último, aunque no (X)r ello menos impórtame, el problema de la modernización económica, (lomo puede comprenderse, todas estas exigencias recaían, en última instancia, sobre los recursos de la 1 lacienda pública. Sobre las tareas a las que se enfrentaba la República, desde la perspectiva de otro contemporáneo, véase también Gil Robles (1968)

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The 1930s Depression in Latin America: A macro analysis

Twomey

1983

Explorations in Economic History

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The Depression of the 1930s continues to command attention; some urge wholesale revocation of the policy responses it engendered, while many predict its imminent return. An important trend in recent academic studies of the Depression is the broadening of the geographical range of countries analyzed, while adopting a more consciously comparative perspective.' This paper2 extends that work by analyzing selected experiences in Latin America, providing and commenting on comparisons with both Europe and North America. Its goal is to deepen our analytical understanding of the factors determining changes in prices and output during the period. The basic framework of discussion is simple aggregate supply and demand curves, various aspects of which are investigated below in the different parts of the paper, leading finally to some broad conclusions,

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The Constant Employment Budget Balance and British Budgetary Policy, 1929–39¹

Cited by 26 publications

References 2 publications

The real structural imbalance and fiscal stance in New Zealand during the inter‐war years

The real structural imbalance and fiscal stance in New Zealand during the inter‐war years

El comportamiento del gasto publico en España durante la Segunda Republica, 1931–1935

The 1930s Depression in Latin America: A macro analysis

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The Constant Employment Budget Balance and British Budgetary Policy, 1929–391

Cited by 26 publications

References 2 publications

The real structural imbalance and fiscal stance in New Zealand during the inter‐war years

The real structural imbalance and fiscal stance in New Zealand during the inter‐war years

El comportamiento del gasto publico en España durante la Segunda Republica, 1931–1935

The 1930s Depression in Latin America: A macro analysis

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The Constant Employment Budget Balance and British Budgetary Policy, 1929–39¹