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Argentina’S Current Phase Of Economic Development: A Comparison With Australia, Eduardo Pol
Argentina’S Current Phase Of Economic Development: A Comparison With Australia, Eduardo Pol
Faculty of Business - Economics Working Papers
This paper carries out a contemporary comparison between Argentina and Australia with a view to outlining a sensible action plan for economic development in Argentina. The analytical structure consists of three elements: development is envisaged as a sequential process; the organizing framework is Porter’s theory of economic development; and the data are based on the World Economic Forum reports on competitiveness. Our study identifies and measures barriers to economic development in Argentina with respect to Australia. The proffered methodology is both new and of general applicability.
Heterogeneous Effects Of High School Peers On Educational Outcomes, Silvia Mendolia, Alfredo R. Paloyo, Ian Walker
Heterogeneous Effects Of High School Peers On Educational Outcomes, Silvia Mendolia, Alfredo R. Paloyo, Ian Walker
Faculty of Business - Economics Working Papers
We investigate peer ability effects on high powered test scores at ages 16 and 18, and on the probability of university attendance. To account for endogeneity in peer ability, we instrument average peer ability with the average ability of the primary school peers of one’s high school peers. Our results show that peers have a moder-ately positive effect on test scores, and that being in a school with a large proportion of low-quality peers can have a significantly detrimental effect on achievements. Fur-thermore, peer ability seems to have a stronger effect on students at the bottom of the grade distribution, …
On The Pernicious Effects Of Oil Price Uncertainty On U.S. Real Economic Activities, Amelie Charles, Chew Lian Chua, Sandy Suardi
On The Pernicious Effects Of Oil Price Uncertainty On U.S. Real Economic Activities, Amelie Charles, Chew Lian Chua, Sandy Suardi
Faculty of Business - Economics Working Papers
The last five decades have witnessed dramatic changes in crude oil price dynamics. We identify the influence of extreme oil shocks and changing oil price uncertainty dynamics associated with economic and political events. Neglecting these features of the data can lead to model misspecification that gives rise to: firstly, an explosive volatility process for oil price uncertainty; and secondly, erroneous output growth dynamic responses to oil shocks. Unlike past studies, our results show that the sharp increase in oil price uncertainty after mid-1985 has a pernicious e¤ect on output growth. Output growth responds symmetrically (asymmetrically) to positive and negative shocks …
Do Petrol Prices Increase Faster Than They Fall In Market Disequilibria?, Chew Lian Chua, Chamaka De Silva, Sandy Suardi
Do Petrol Prices Increase Faster Than They Fall In Market Disequilibria?, Chew Lian Chua, Chamaka De Silva, Sandy Suardi
Faculty of Business - Economics Working Papers
This paper tests the idea that petrol prices respond more quickly to price increases than to decreases. We show that the results previously documented in the literature for Australia are spurious due to failure to establish the stationarity property of the price series, and the cointegration relationship between retail and wholesale prices when neglecting to account for a regime shift in the data. Using a robust approach involving a threshold error correction model, we find little evidence to support the contention that retail petrol price reverts asymmetrically to long-run equilibrium. Asymmetric adjustments in retail prices are found only in four …
Heterogeneous Treatment Effects? An Examination Of Australian Non-Government Primary Schools, Joan Rodgers, Frank Neri, Ian Moran
Heterogeneous Treatment Effects? An Examination Of Australian Non-Government Primary Schools, Joan Rodgers, Frank Neri, Ian Moran
Faculty of Business - Economics Working Papers
On average, students in Australian non-government schools consistently outperform their counterparts in government schools on standardized tests of literacy and numeracy. However, when differences across school sectors in student characteristics are taken into account there is no evidence that this performance differential is attributable to the nature of the schools. Nevertheless, non-government schools may have heterogeneous effects, that is, they may benefit particular groups of students. This study investigates the extent of non-government school advantage for specific primary school student groups. Test scores from the National Assessment Program Literacy and Numeracy for a nationally representative sample of students from the …
Do Australian Catholic And Independent Primary Schools Produce Better Academic Outcomes Than Government Schools?, Ian Moran, Frank Neri, Joan Rodgers
Do Australian Catholic And Independent Primary Schools Produce Better Academic Outcomes Than Government Schools?, Ian Moran, Frank Neri, Joan Rodgers
Faculty of Business - Economics Working Papers
In Australia, non-government schools consistently outperform government schools in standardized tests of literacy and numeracy. However, student heterogeneity across school sectors suggests that this performance differential may not be entirely attributable to the nature of the schools. This study investigates the extent of non-government school advantage, after controlling for characteristics of students and their families. We focus on primary schools, where the foundation for later learning is laid. Test scores, from the National Assessment Program Literacy and Numeracy, of a nationally representative sample from the Longitudinal Study of Australian Children are analysed using econometric methods that take account of the …
Long-Term Health Effects Of Vietnam-Era Military Service: A Quasi-Experiment Using Australian Conscription Lotteries, David W. Johnston, Michael A. Shields, Peter Siminski
Long-Term Health Effects Of Vietnam-Era Military Service: A Quasi-Experiment Using Australian Conscription Lotteries, David W. Johnston, Michael A. Shields, Peter Siminski
Faculty of Business - Economics Working Papers
This paper estimates the long-term health effects of Vietnam-Era military service using Australia’s National conscription lotteries for identification. Our primary contribution is the quality and breadth of our health outcomes. We use several administrative sources, containing a near-universe of records on mortality (1994-2011), cancer diagnoses (1982-2008), and emergency hospital presentations (2005-2010). We also analyse a range of self-reported morbidity indicators (2006-2009). We find no significant long-term effects on mortality, cancer or emergency hospital visits. In contrast, we find significant detrimental effects on a number of morbidity measures. Hearing and mental health appear to be particularly affected. (JEL H56; I10; I13)
The Contribution Of Australian Academia To The World’S Best Economics Research: 2001-2010, Joan Rodgers, Frank Neri
The Contribution Of Australian Academia To The World’S Best Economics Research: 2001-2010, Joan Rodgers, Frank Neri
Faculty of Business - Economics Working Papers
This paper investigates the output of top-tier economics research by Australian academic economists from 2001 to 2010. By constructing and analysing a unique database of all substantive publications in the world’s top 45 economics journals, we compare Australia’s output with those of over 100 other countries, determine whether Australia’s output has increased since 2001, and rank Australian universities based on their output. Our analysis suggest that Australia’s output of top-tier economics research, both in absolute and relative terms, increased over the study period and that on a per capita basis, appears to be converging to the levels of the most …
Breaking The Link Between Legal Access To Alcohol And Motor Vehicle Accidents: Evidence From New South Wales, Jason Lindo, Peter Siminski, Oleg Yerokhin
Breaking The Link Between Legal Access To Alcohol And Motor Vehicle Accidents: Evidence From New South Wales, Jason Lindo, Peter Siminski, Oleg Yerokhin
Faculty of Business - Economics Working Papers
A large literature has documented signficant public health benefits associated with the minimum legal drinking age in the United States, particularly because of the resulting effects on motor vehicle accidents. These benefits form the primary basis for continued efforts to restrict youth access to alcohol. It is important to keep in mind, though, that policymakers have a wide variety of alcohol-control options available to them, and understanding how these policies may complement or substitute for one another can improve policy making moving forward. Towards this end, we propose that investigating the causal effects of the minimum legal drinking age in …
Maternal Working Hours And The Well-Being Of Adolescent Children, Silvia Mendolia
Maternal Working Hours And The Well-Being Of Adolescent Children, Silvia Mendolia
Faculty of Business - Economics Working Papers
This study investigates how maternal working hours are related to various outcomes in children aged 11–15 using a sample of mothers and adolescents in the British Household Panel Survey. Research that examines the effects of maternal employment on children has been motivated by the rapid increase of female participation rates in the labour market and increased shares of children living in female-headed or single-mother households. The existing literature on this issue is very limited, mostly based on American data, and provides conflicting results. Fixed effects have been used in the present analysis to control for characteristics of children and families …
A Knowledge Economy Approach In Empirical Growth Models For The Nordic Countries, Arusha Cooray, Marcella Lucchetta, Antonio Paradiso
A Knowledge Economy Approach In Empirical Growth Models For The Nordic Countries, Arusha Cooray, Marcella Lucchetta, Antonio Paradiso
Faculty of Business - Economics Working Papers
We estimate, employing a “knowledge economy” approach, the steady state growth rate for the Nordic countries. An endogenous growth framework is developed, in which total factor productivity is a function of human capital (measured by average years of education), trade openness, research and development, and investment ratio. We identify the key variables having a significant level and growth effects within this framework. We find that education plays an important role on the long-run growth rates of Sweden, Norway, and Denmark; trade openness, instead, has growth effects in Sweden, Finland, and Iceland. The investment ratio is able to explain patterns of …
The Premium For Part-Time Work In Australia, Iris Day, Joan Rodgers
The Premium For Part-Time Work In Australia, Iris Day, Joan Rodgers
Faculty of Business - Economics Working Papers
Booth and Wood (2008), using longitudinal data from 2001 through 2004, found a large part-time wage premium for both men and women in Australia. Longitudinal studies of the full-time/part-time wage differential in other countries find small penalties or premiums, or no significant wage differentials. The objective of this paper is to explain the nature of the premium in Australia. We find the premium is pervasive across age groups, occupations and industries. It is not explained by the way part-time work is defined, or by the pay loading received in Australia by employees on casual contracts. We find substantial hourly wage …
Family Impacts On Cognitive Development Of Young Children: Evidence From Australia, Jessica Meredith, Frank Neri, Joan Rodgers
Family Impacts On Cognitive Development Of Young Children: Evidence From Australia, Jessica Meredith, Frank Neri, Joan Rodgers
Faculty of Business - Economics Working Papers
This paper investigates the manner and extent to which family structure impacts upon the cognitive development of young Australian children. Our methodology draws on the standard household production model of Becker but also includes control variables emphasised by parental investment and good-parent theories of child development. We use data from the Longitudinal Study of Australian Children (LSAC) and from the National Assessment Program – Literacy and Numeracy (NAPLAN) in cross sectional, panel, instrumental variables and fixed-effects analyses. Our results suggest that the large negative effects initially associated with single parent families disappear when child characteristics and parental preferences for education …
Would A Rational Underage Binge-Drink?, Amnon Levy
Would A Rational Underage Binge-Drink?, Amnon Levy
Faculty of Business - Economics Working Papers
This paper provides a utility-based definition of binge drinking and examines the compatibility of this phenomenon with rational decision making. Prohibition of young people’s consumption of alcohol is frequently violated with binge-drinking in groups. The analysis considers the roles of peer-pressure, full price of alcohol and crowding in underage group-drinking sessions and identifies the conditions for binge-drinking by expected utility maximizing members. Rational binge-drinking occurs when the impact of the peer-pressure on the individual member’s utility exceeds the loss of utility from the forgone spending on all other goods associated with the expected full marginal cost of consuming alcohol.
Royalties, Entry And Spectrum Allocation To Broadcasting, Amnon Levy, Michael R. Caputo, Benoit Pierre Freyens
Royalties, Entry And Spectrum Allocation To Broadcasting, Amnon Levy, Michael R. Caputo, Benoit Pierre Freyens
Faculty of Business - Economics Working Papers
Optimal control theory is employed to characterize the socially optimal trajectory of the royalty per channel and the number of royalty-paying users of state-owned spectrum for broadcasting. The spectrum royalty is set by an omniscient public planner to maximize the sum of the discounted consumers’ utilities over an infinite planning horizon. The number of broadcasters adjusts over time to profits, while the quality of the industry’s service is determined by variety and reception. The trade-off between the benefits of greater variety and the costs of intensified interferences associated with the number of broadcasters is central to the analysis. The convergence …
Does The Military Train Men To Be Violent Criminals? New Evidence From Australia’S Conscription Lotteries, Peter Siminski, Simon Ville, Alexander Paull
Does The Military Train Men To Be Violent Criminals? New Evidence From Australia’S Conscription Lotteries, Peter Siminski, Simon Ville, Alexander Paull
Faculty of Business - Economics Working Papers
Combat is the most intense form of military service, but several aspects of the training experience, which explicitly prepares people for violent warfare, are hypothesized to link service to violent crime. Using Australia’s Vietnam-era conscription lotteries for identification and criminal court data from Australia’s three largest states, we seek to estimate the effect of army training on violent crime. Using various specifications, we find no evidence that military training causes violent crime, and our point estimates are always negative. In our preferred specification (using only non-deployed cohorts), we rule out with 95% confidence any positive violent crime effects larger than …
A Stock Targeting International Carbon-Tax Rule With Uncertainty And Diminishing Compliance, Amnon Levy
A Stock Targeting International Carbon-Tax Rule With Uncertainty And Diminishing Compliance, Amnon Levy
Faculty of Business - Economics Working Papers
A rule for setting a tax on carbon emissions to limit their atmospheric stock to a predetermined level is developed for a world inhabited by uncoordinated, myopic, expected utility maximizing agents. In all locations, the mean of the marginal product of the carbon emitting input diminishes and the variance increases as climate deteriorates. The rule is illustrated for a world divided into poor countries and rich countries. The poor countries’ costs of non-compliance with the tax, in terms of per capita utility loss from diminished reputation, are negligible. The rich countries' costs of non-compliance and, consequently, inclination to pay the …
Optimal Control Of Broadcasting Spectrum With Variety-Reception Trade-Off And Consumers’ Income Sensitivity, Amnon Levy
Optimal Control Of Broadcasting Spectrum With Variety-Reception Trade-Off And Consumers’ Income Sensitivity, Amnon Levy
Faculty of Business - Economics Working Papers
This paper uses optimal control theory to derive a desirable trajectory of the number of royalties-paying users of state-owned spectrum for broadcasting. The spectrum royalties are set by the public planner to maximize the consumers’ utilities over an infinite planning horizon. The consumers’ utilities are generated from the quality of the service of the broadcasting industry, from the consumption of other goods, and from the public services financed by the spectrum royalties. The number of broadcasters adjusts to above-normal profits. The quality of the broadcasting industry’s service is determined by variety and reception. The trade-off between the benefits from higher …
The Dynamics Of Resource-Based Economic Development: Evidence From Australia And Norway, Simon Ville, Olav Wicken
The Dynamics Of Resource-Based Economic Development: Evidence From Australia And Norway, Simon Ville, Olav Wicken
Faculty of Business - Economics Working Papers
Australia and Norway have achieved modern levels of development as resource-based economies, thus avoiding the so-called resource curse. Their ability to achieve this rested heavily upon diversification into new resource products and industries. These processes relied heavily on innovation, confirming the close ties that have existed between resource-based industries and knowledge-producing and disseminating sectors of society. We develop a resource-based diversification model that analyses the interaction between ‘enabling’ sectors and resource industries and apply it to the historical experience of the two countries.
Technical Efficiency Of Thai Manufacturing Smes: A Comparative Study Of North-Eastern Provinces, Teerawat Charoenrat, Charles Harvie
Technical Efficiency Of Thai Manufacturing Smes: A Comparative Study Of North-Eastern Provinces, Teerawat Charoenrat, Charles Harvie
Faculty of Business - Economics Working Papers
A major motivation of this study is to examine factors that are most important in contributing to the relatively poor efficiency performance of Thai manufacturing SMEs. The results obtained will be significant in devising effective policies aimed at tackling this poor performance. This paper uses data on manufacturing SMEs in the North-eastern region of Thailand in 2007 as a case study, by applying a stochastic frontier analysis (SFA) and technical inefficiency effects model. The empirical results obtained indicate that the mean technical efficiency of all categories of manufacturing SMEs in the North-eastern region is 43 percent, implying that manufacturing SMEs …
Human Capital Externalities, Departmental Co-Authorship And Research Productivity, Frank Neri, Joan Rodgers
Human Capital Externalities, Departmental Co-Authorship And Research Productivity, Frank Neri, Joan Rodgers
Faculty of Business - Economics Working Papers
Lucas (1988) hypothesised that human capital externalities explain persistent productivity growth and become manifest via interactions between workplace colleagues. Consistent with the first part of this hypothesis, Fox and Milbourne (2006) concluded that an increase in the average level of human capital in Australian economics departments raised the research productivity of departmental members. This paper tests the robustness of this finding by using a direct, rather than a proxy, measure of human capital and confirms the existence of human capital externalities within Australian economics departments. But we go further by investigating the second part of Lucas’ hypothesis. Whilst there are …
Who Is Responsible For The Co2 Emissions That China Produces?, Ying Lis, Kankesu Jayanthakumaran
Who Is Responsible For The Co2 Emissions That China Produces?, Ying Lis, Kankesu Jayanthakumaran
Faculty of Business - Economics Working Papers
Most climate scientists around the world are concerned about global warming. These concerns have resulted in calls for reductions in CO2 emissions over time. If these calls are to be heeded, an appropriate emissions accounting method must first be agreed upon by CO2 emitting countries, none of which are more important than China. This paper estimates China’s CO2 emissions in 2002 and in 2007 using firstly a production-based, and then a consumption-based, accounting method, both in aggregate and at the sectoral industry level. Our objectives are firstly to investigate the recent trends in Chinese emissions of CO2, and secondly to …
How To Capture The Full Extent Of Price Stickiness In Credit Card Interest Rates?, Abbas Valadkhani, Sajid Anwar, Amir Arjomandi
How To Capture The Full Extent Of Price Stickiness In Credit Card Interest Rates?, Abbas Valadkhani, Sajid Anwar, Amir Arjomandi
Faculty of Business - Economics Working Papers
We present a new approach to evaluate the full extent of price stickiness in credit card interest rates by modifying the existing asymmetric models so that they can be adopted for testing both the amount and adjustment asymmetries as well as the lagged dynamic inertia. Consistent with similar studies, banks behave asymmetrically in response to changes in the Reserve Bank of Australia’s (RBA) target interest rate. Rate rises are passed onto the consumer faster than rate cuts and the credit card interest rate showed a very significant degree of downward rigidity. Based on the magnitude of the pass-through parameters obtained …
Modelling Australia’S Retail Mortgage Rate, Abbas Valadkhani, Sajid Anwar
Modelling Australia’S Retail Mortgage Rate, Abbas Valadkhani, Sajid Anwar
Faculty of Business - Economics Working Papers
There is an ongoing controversy over whether banks’ mortgage rates rise more readily than they fall due to their asymmetric responses to changes in the cash rate. This paper examines the dynamic interplay between the cash rate and the variable mortgage rate using monthly data in the post-1989 era. Unlike previous studies for Australia, our proposed threshold and asymmetric error-correction models account for both the amount and adjustment asymmetries. We found that rate rises have much larger and more instantaneous impact on the mortgage rate than rate cuts, suggesting an urgent need for monitoring the banks’ lending behaviour in Australia.
The Effect Of Female And Male Health On Economic Growth: Cross-Country Evidence Within A Production Function Framework, Gazi Hassan, Arusha Cooray
The Effect Of Female And Male Health On Economic Growth: Cross-Country Evidence Within A Production Function Framework, Gazi Hassan, Arusha Cooray
Faculty of Business - Economics Working Papers
Adopting a production function based approach we model the role of health as a regular factor of production on economic growth. Additionally we disaggregate the measures of human capital by including male and female life expectancy and school enrolments. Allowing for the dynamics of TFP to be embedded in the production function we estimate it in growth form using various estimators appropriate for our data. Our main finding is that male life expectancy has a positive effect on the growth of income while female life expectancy has a negative effect, controlling for unobserved time and country effects in a panel …
I Was Only Nineteen, 45 Years Ago: What Can We Learn From Australia’S Conscription Lotteries?, Peter Siminski, Simon Ville
I Was Only Nineteen, 45 Years Ago: What Can We Learn From Australia’S Conscription Lotteries?, Peter Siminski, Simon Ville
Faculty of Business - Economics Working Papers
The Australian conscription lotteries of 1965-1972 are a unique and underutilised resource for studying the effects of army service and veterans’ programs. Drawing on many data sources and 25 years of related US literature, we present a comprehensive analysis of this natural experiment, examining indicators of health, personal economic outcomes, family outcomes and educational attainment. We discuss the numerous potential mechanisms involved and the limitations of available data.
An Integrative Model Of Rational Diet And Physical Activity: Physiological, Gastronomic And Budgetary Aspects, Amnon Levy
Faculty of Business - Economics Working Papers
This paper constructs a model for analyzing the deviations of consumers’ diet and physical activity from their physiologically optimal ones with distinction between a nutritionally and digestively superior food and a taste and price superior food. The consideration of both diet and physical activity and the inclusion of cause-and-effect relationships of the deviations from their physiological optimal ones with ageing, craving, digestive discomfort, health-dependent budget, and non-food consumption and the consideration of intertemporarily bounded rationality adds realistic features to the analysis of rational eating.
Optimal Control Of Broadcasting Spectrum With A Variety-Reception Tradeoff And Consumers’ Income Sensitivity, Amnon Levy, Benoit P. Freyens
Optimal Control Of Broadcasting Spectrum With A Variety-Reception Tradeoff And Consumers’ Income Sensitivity, Amnon Levy, Benoit P. Freyens
Faculty of Business - Economics Working Papers
A socially desirable number of royalties-paying users of a state-owned broadcasting spectrum is derived within an optimal control framework where the adjustment of the number of users to above-normal profits is adversely affected by sunk costs. The optimal control takes into account the tradeoff between the benefits from higher variety and royalties’ revenues and the costs of the intensified interferences associated with entry. It also considers the positive information-dissemination effect and the negative effort-diversion effect of broadcasts on aggregate income. The broadcasting industry’s optimal steady state is identified and its stability is analyzed.
Emission-Photosynthesis Imbalance And Climate Change: Forest Land Under Intensified Uncertainty And Expected Utility Maximization, Amnon Levy
Faculty of Business - Economics Working Papers
This paper introduces photosynthesis into the motion-equation of the atmospheric stock of carbon-dioxide as a counterpart endogenous factor to emissions of this principal greenhouse gas from lands occupied by humans. By doing so, the paper links the stock of atmospheric carbon-dioxide, hence climate-change and uncertainty, to the allocation of usable land to humans and forest. The public planners can control this allocation and, consequently, the atmospheric stock of carbon-dioxide, climate-change and future usable land by setting land-rates in accordance with use. The analysis considers two types of land-use for expected utility maximizing humans and derives
Dynamics, Structural Breaks And The Determinants Of The Real Exchange Rate Of Australia*, Khorshed Chowdhury
Dynamics, Structural Breaks And The Determinants Of The Real Exchange Rate Of Australia*, Khorshed Chowdhury
Faculty of Business - Economics Working Papers
This paper examines the dynamics, structural breaks and determinants of the real exchange rate (RER) of Australia derived from an inter-temporal general equilibrium model. Autoregressive Distributed Lag (ARDL) modelling results show that a one per cent increase in: (1) terms of trade appreciates the RER by 0.96 to 1.05 per cent in the long-run; (2) government expenditure appreciates the RER by 0.53 to 0.46 per cent in the long-run; (3) net foreign liabilities appreciates the RER by 0.18 to 0.22 per cent in the long-run; (4) interest rate differential depreciates the RER by 0.007 to 0.01 per cent in the …