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The economics of Edwardian imperial preference: what can New Zealand reveal?

Varian, Brian (2018) The economics of Edwardian imperial preference: what can New Zealand reveal? Economic History working papers (281/2018). London School of Economics and Political Science, London, UK.

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Abstract

In the Edwardian era, the British Dominions adopted policies of imperial preference, amid a period of rising imports from the United States and industrial Continental Europe. Hitherto, there has been no econometric assessment of whether these policies produced an intra-Empire trade diversion, as intended. This paper focuses on New Zealand’s initial policy of imperial preference, codified in the Preferential and Reciprocal Trade Act of 1903. New Zealand’s policy was unique insofar as it extended preference to only certain commodities. Using a commodity panel regression, this paper exploits the cross-commodity variation in the extension of preference, but finds no statistically significant effect of preference on either the Empire share or, specifically, the British share of New Zealand’s imports. This finding is corroborated by an alternative empirical approach involving propensity-score matching.

Item Type: Monograph (Working Paper)
Official URL: http://www.lse.ac.uk/Economic-History
Additional Information: © 2018 The Authors
Divisions: Economic History
Subjects: D History General and Old World > DU Oceania (South Seas)
H Social Sciences > HC Economic History and Conditions
JEL classification: H - Public Economics > H1 - Structure and Scope of Government
N - Economic History > N2 - Financial Markets and Institutions > N25 - Asia including Middle East
P - Economic Systems > P4 - Other Economic Systems > P48 - Political Economy; Legal Institutions; Property Rights
Sets: Departments > Economic History
Date Deposited: 11 Jun 2018 16:04
Last Modified: 06 Jun 2019 23:25
URI: http://eprints.lse.ac.uk/id/eprint/88298

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