177,060 research outputs found
The minerals boom and Australia's 'resource curse'
No full textResource wealth in Australia is often presented as an asset, waiting to be exploited. Reflecting this, the recent resource boom is unquestioned indeed celebrated--as a great windfall for the Australian people. There is a broad-based assumption that Australia's resource-based economy successfully diversified in the later twentieth century, while retaining a foundation in agricultural exports, and latterly minerals. As the saying goes, the country rode to prosperity 'on a sheep's back', and then on the back of the mining sector. The recent resources boom may be seen as simply the latest phase in that process, pump-priming the country's twenty-first century information-age service economy.
The mining boom has undoubtedly been a key foundation of Australia's recent economic growth. But how far should it be welcomed? This article debates the impact of the resource boom in Australia, arguing we should at the very least be willing to discuss whether this presumed blessing is, for many, in fact a 'curse in disguise. In the context of accelerated climate change, and a continuing rural crisis in Australia, it is salutary to be reminded of what Sheik Ahmed Yamani, long-time Oil Minister of Saudi Arabia, said in regard to their major resource asset: 'All in all, I wish we had discovered water' (quoted in Ross 1999)
The effect of the mining boom on the Australian economy
No full textAbstract: This paper estimates the effects of the mining boom in Australia, using a large-scale structural macroeconometric model, AUS-M. We estimate that the mining boom boosted real per capita household disposable income by 13 per cent by 2013. The boom has contributed to a large appreciation of the Australian dollar that has weighed on other industries exposed to trade, such as manufacturing and agriculture. However, because manufacturing benefits from higher demand for inputs to mining, the deindustrialisation that sometimes accompanies resource booms – the so-called ‘Dutch disease’ – has not been strong
A Rational Explanation for Boom-and-Bust Price Patterns in Real Estate Markets
No full textThis paper develops a stylized model to provide a rational explanation for the boom-and-bust price movement pattern that we frequently observe in the real world. Our stylized model indicates that there are three conditions to form a boom-and-bust price pattern in a community: a move-in of high income residents, wide income gap between new and existing residents, and supply process that leads to an inventory buildup. It seems that, based on these three conditions, China is more likely to experience a boom-and-bust price movement pattern than a developed country with a more mature and less vibrant economy.Real Estate Cycles; Boom-and-Bust; Supply Decision; Moving Costs
The Boom-Bust Cycle in Finland and Sweden 1984-1995 in an International Perspective
No full textThis paper compares the boom-bust cycle in Finland and Sweden 1984-1995 with the average boom-bust pattern in industrialized countries as calculated from an international sample for the period 1970-2002. Two clear conclusions emerge. First, the Finnish-Swedish experience is much more volatile than the average boom-bust pattern. This holds for virtually every time series examined. Second, the bust and the recovery in the two Nordic countries differ markedly more from the international pattern than the boom phase does. The bust is considerably deeper and the recovery comes earlier and is more rapid. We explain the highly volatile character of the Finnish and Swedish boom-bust episode by the design of economic policies in the 1980s and 1990s. The boom-bust cycle in Finland and Sweden 1984-1995 was driven by financial liberalization and a hard currency policy, causing large pro-cyclical swings in the real rate of interest transmitted via the financial sector into the real sector and then into the public finances.Boom, Bust, Asset Price Cycles, Real Interest Rates, Financial Crisis, Finland, Sweden
The economic impact of the mining boom on Indigenous and non-Indigenous Australians
No full textThis paper examines changes in Indigenous employment, income and housing costs to identify any localised ‘resource curse’ for Indigenous communities and the Australian population at large.
Abstract
Until the global financial crisis reduced Australian economic growth in late 2008, Indigenous employment had been increasing in both absolute and relative terms for over a decade. The effect of the international economic contraction has been mitigated by Australia’s booming mining sector, largely due to China’s growing demand for resources. Given that a substantial number of mining operations are on or near Indigenous land, the increase in mining investment may have disproportionately affected Indigenous communities. There are concerns that, in remote mining areas, the increases in housing costs generated by the mining boom mean that anyone who does not work in the mining industry, particularly those who rely on government benefits, will find it harder to afford housing. Localised inflationary tendencies can also affect people employed outside the mining sector, but one would expect that scarcity in the labour market would drive up wages in both mining and non‑mining jobs. This paper examines changes in Indigenous employment, income and housing costs to identify any localised ‘resource curse’ for Indigenous communities and the Australian population at large. The paper draws on data from recent censuses, the geographic location of mines and mining investment to identify some potentially important effects of the mining boom on Indigenous communities. The main finding is that the mining boom has improved employment and income outcomes, but increased average housing costs. While the average increase in income has generally offset the increase in costs, there is some evidence that housing stress for low-income households has increased as a result of the mining boom
The boom-bust cycle in Finland and Sweden 1984-1995 in an international perspective
No full textThis paper compares the boom-bust cycle in Finland and Sweden 1984-1995 with the average boom-bust pattern in industrialized countries as calculated from an international sample for the period 1970-2002. Two clear conclusions emerge. First, the Finnish-Swedish experience is much more volatile than the average boom-bust pattern. This holds for virtually every time series examined. Second, the bust and the recovery in the two Nordic countries differ markedly more from the international pattern than the boom phase does. The bust is considerably deeper and the recovery comes earlier and is more rapid. We explain the highly volatile character of the Finnish and Swedish boom-bust episode by the design of economic policies in the 1980s and 1990s. The boom-bust cycle in Finland and Sweden 1984-1995 was driven by financial liberalization and a hard currency policy, causing large pro-cyclical swings in the real rate of interest transmitted via the financial sector into the real sector and then into the public finances. JEL Classification: E32, E62, E6
[Report to Chief J. E. Curry, by an unknown author #1]
No full textReport to Chief J. E. Curry, by an unknown author. The report contains a list of officers who gave depositions to the United States Attorney
[Report to Chief J. E. Curry, by an unknown author #2]
No full textReport to Chief J. E. Curry, by an unknown author. The report contains a list of officers who gave depositions to the United States Attorney
The Mining Industry: From Bust to Boom
No full textThe Australian mining industry experienced a remarkable turnaround during the 2000s. The rapid growth of emerging economies in Asia drove a surge in demand for commodities, particularly those used in steel and energy generation. With global supply unable to respond quickly, prices surged to historically high levels. In response, mining investment in Australia rose to record levels as a share of the economy by the end of the decade. The rise in commodity prices has boosted activity and incomes and encouraged the factors of production to shift towards the mining industry. The boom has also been associated with a large increase in the real exchange rate, affecting trade-exposed industries. Overall, Australia's macroeconomic performance during the decade was much more stable than during the earlier mining booms, reflecting a stronger institutional framework.Australian mining industry; commodity prices; structural change
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