Recovery from financial crises in peripheral economies, 1870-1913

Resource Type
  • Bent, Peter H. (Trinity College, Hartford Connecticut)
Publication Date
Free Keywords
Financial crisis; Recovery; Tariff; Terms of Trade; Policy; Growth
  • Abstract

    These files are the replication files for "Recovery from financial crises in peripheral economies, 1870-1913" by Peter H. Bent.

    Abstract: What drives recoveries after financial crises? I address this question for the 1870-1913 "first era of globalization," focusing on whether trade policy changes or positive movements in commodity prices played a bigger role in stimulating output growth after financial crises in peripheral economies. At this time — before governments had modern fiscal and monetary policy tools to use while responding to crises — protectionism was one of the few national-level policy options available for shaping economic activity. Improving terms of trade is another major factor that could influence output growth in the commodity-exporting countries included in this analysis. While previous studies of this period have looked at longer-run associations between these explanatory variables and economic growth, I focus on the aftermath of crises, and find that tariff rate increases had a positive impact on GDP per capita growth, while positive terms of trade changes did not have a significant effect on output growth. This suggests that governments played a substantial role in shaping post-crisis recoveries during this period.
Temporal Coverage
  • 1870-01-01 / 1913-12-31
    Time Period: Sat Jan 01 00:00:00 EST 1870--Wed Dec 31 00:00:00 EST 1913
Geographic Coverage
  • Peripheral economies (see paper for details)
  • “Recovery from Financial Crises in Peripheral Economies, 1870-1913.” Explorations in Economic History, n.d.

Update Metadata: 2020-07-11 | Issue Number: 1 | Registration Date: 2020-07-11