Measuring the Transaction sector in the Australian economy, 1911–1991 |
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Authors: | Brian Dollery,& Wai Ho Leong |
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Affiliation: | University of New England, New South Wales,;Fuji Bank, Singapore |
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Abstract: | Following Wallis and North's pioneering attempt to estimate the size of transaction costs in the United States over the period 1870 to 1970, we seek to augment this seminal study by applying their methodology to the Australian economy for the period 1911 to 1991. Broadly speaking, our results support the Wallis and North finding with comparable magnitudes and growth rates in both the private and public transaction sectors. |
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