Albers and Uebele present monthly data on a cross-section of 28 countries taken from German statistics compiled during this period – the Statistiche Reichsamt. The Statistiche Reichsamt gathered data from national statistical agencies around the world as well as private banks and business publications. The variables include unemployment rates as well mining and transport indices and price indices. They date business cycle peaks and troughs during the Great Depression and find that while pre-Depression peaks occurred in almost all countries in 1929, some countries were severely hit by the crisis as late as 1930 and 1931. The spread of the Great Depression was not an instantaneous catastrophic event but occurred over several years.
More specifically: “First, the pre-Depression peak occurred in almost all countries in 1929. Second, the Great Depression hit some agricultural economies more severely as late as 1930 and 1931. Finally, some countries showed a short period of stabilisation in 1930 before continuing their economic free fall.” As well, in most countries the economy was already in a downturn when the New York stock market crash occurred. What is interesting from the presentation they provided is that based on their analysis of their monthly economic activity indicators, the downturn was underway first in Canada, Australia, Chile and New Zealand. As was remarked on during the discussion that followed the paper – the less economically diversified resource-producing periphery provided the first indicators the world economy was slowing during this time period as the demand for their inputs into more diversified economies slowed. There is of course much more to this paper than these few words can convey. Some very interesting stuff.