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The Huddle/Tangle Hypothesis Of Regional Integration: The Case Of The European Union And Its Enlargement, E. Sanidas
The Huddle/Tangle Hypothesis Of Regional Integration: The Case Of The European Union And Its Enlargement, E. Sanidas
Faculty of Business - Economics Working Papers
Regional integration can be a process that resembles that of a huddle/tangle. Some countries might be more prone or keen or able to integrate than others; however there is no guarantee that this process will be smooth through time. On the contrary, integrating countries seem to hover and spin around some main stronger economically countries and form a tangle. Was there a pattern of integration for the various stages of new countries joining the EU? Was the initial momentum created by the founding countries a situation that has never changed during the last 40 years or so? Is there any …
Sincere Social Capital With Material Status Sensitivity: Index And An Inverted U-Shaped Utility-Wealth Theory, Amnon Levy
Faculty of Business - Economics Working Papers
This paper explores a possible effect of social capital on the relationship between utility and wealth. Material status sensitivity is considered in constructing the individual social-capital index. The incorporation of the index into the individual’s utility function leads to the proposition that if utility is directly increased by wealth but indirectly reduced by diminishing intensity and quality of sincere social interaction as the material-status-gape widens, there exists an inverted U-shaped relationship between utility and wealth. People located in the lower and upper tails of the wealth distribution are less content and hence more vulnerable to depression.
The Equity Premium Puzzle: Australia And The United States In Comparative Perspective, Simon Ville
The Equity Premium Puzzle: Australia And The United States In Comparative Perspective, Simon Ville
Faculty of Business - Economics Working Papers
The equity risk premium puzzle has received regular attention by economists since it was first invoked by Mehra and Prescott (1985) twenty years ago. In a recent paper, they revisit the question and reject many of the explanations offered but we are left with no clear alternative account. The current paper seeks to do two things. We provide matching historical evidence of the equity premium for Australia and compare the results for the two nations. Resulting from this, we argue that a closer understanding of phases of economic history helps to explain the puzzle.
Modelling The Research Output Of Australian Universities By Discipline, Abbas Valadkhani, Simon Ville
Modelling The Research Output Of Australian Universities By Discipline, Abbas Valadkhani, Simon Ville
Faculty of Business - Economics Working Papers
This paper develops and estimates a cross-sectional model for forecasting research output across the Australian university system. It builds upon an existing literature that focuses either on institutional comparisons or studies of specific subjects, by providing discipline-specific results across all of the ten major disciplinary areas as defined by Australia’s Department of Education, Science and Training (DEST). The model draws upon four discipline-specific explanatory variables; staff size, research expenditure, PhD completions, and student-staff ratios to predict output of refereed articles. When compared with actual averaged output for 2000-2004, the results are highly statistically significant.
Chronic And Transitory Poverty In Australia 2001-2004, Joan Rodgers, J. L. Rodgers
Chronic And Transitory Poverty In Australia 2001-2004, Joan Rodgers, J. L. Rodgers
Faculty of Business - Economics Working Papers
Many people experience poverty at some time in their lives. Tertiary students are an example, but most of them will escape poverty at the conclusion of their studies. People in transition between jobs may be in poverty temporarily and have to consume out of past savings. This type of poverty – transitory poverty – should be of less concern than prolonged, chronic poverty yet little is known about the extent of chronic poverty in Australia. This paper uses data from the Household, Income and Labour Dynamics in Australia Survey to measure chronic and transitory poverty from 2000-01 to 2003-04. An …
Islamic Banking Performance In The Middle East: A Case Study Of Jordan, A. S. Saleh, R. Zeitun
Islamic Banking Performance In The Middle East: A Case Study Of Jordan, A. S. Saleh, R. Zeitun
Faculty of Business - Economics Working Papers
Islamic banking in Jordan started around two decades ago. Since then it has played an important role in financing and contributing to different economics and social sectors in the country in compliance with the principles of Shariah rules in Islamic banking practices. Since there have been limited studies on the financial performance of Islamic banks in the country. The aim of this paper is to examine and analyse the Jordanian experience with Islamic banking, and in particular the experience for the first and second Islamic bank in the country, Jordan Islamic Bank for Finance and Investment (JIBFI), and Islamic International …
The Impact Of Large Firms In Promoting Economic Growth, Exports And Regional Integration: A Chandlerian Perspective With Emphasis On East Asia, E. Sanidas
Faculty of Business - Economics Working Papers
Chandler’s work is well known. He has amply demonstrated that large firms played a huge role in the economic take-off and development of countries such as Germany and especially the USA. In this paper his thesis is extended to the whole world, by considering various countries, economically integrated regions, their exports and economic achievement. The largest firms in the world are examined in this context. Chandler’s thesis is thus confirmed with this analysis and some quantitative evidence is provided in that respect. In particular, Korea’s position is quite strong in the region of East Asia following Japan’s leadership. This paper …
The Long Term Fate Of Korea And Other “Small” Economies In East Asia: Economic Development, Integration Issues, And Political Power, E. Sanidas
Faculty of Business - Economics Working Papers
In this paper it is argued that Korea and other countries in East Asia like Korea have a particular fate quite predictable in the long run in terms of economic growth and political dependency unless economic integration takes place in a particular direction. Thus the presence of the potentially giant China makes things “difficult” for “Korean” countries (e.g Thailand, Malaysia, Vietnam, and even Japan). This fate is not coloured with optimism unless some measures are taken that ensure a particular way of integration in East Asia. It is not unique that a giant economy is the centre of economic activities …
Junk Food, Health And Productivity: Taste, Price, Risk And Rationality, Amnon Levy
Junk Food, Health And Productivity: Taste, Price, Risk And Rationality, Amnon Levy
Faculty of Business - Economics Working Papers
Junk-food consumption, health and productivity are analyzed within an expectedlifetime- utility-maximizing framework in which the probability of living and productivity rise with health and health deteriorate with the consumption of junkfood. So long that the junk food’s relative taste-price differential is positive, the rational diet deviates from the physiologically optimal and renders the levels of health and productivity lower than the maximal. Taxing junk-food can eliminate this discrepancy but the outcome is not Pareto-superior. The value of health and the stationary junk-food consumption and health depend on the relative taste-price differential, survival and satisfaction elasticities and time preference-rate.
The Social Capital Experience Of International Students In Australia: The Wollongong Experience, Frank Neri, Simon Ville
The Social Capital Experience Of International Students In Australia: The Wollongong Experience, Frank Neri, Simon Ville
Faculty of Business - Economics Working Papers
International university students arrive in their host country denuded of supporting social networks and confronting unfamiliar cultural and educational institutions, an experience that adversely impacts on their wellbeing and academic performance. Our study extends these general notions in the recent literature by investigating how, and to what extent, students renew their social networks. We adopt the social capital framework and conduct a participant survey in order to categorise and measure these different investments in clubs, employment, and friendships. Our results reveal a high degree of variability of social capital renewal between students and, among the more active, there remained a …
A Theory Of Relative Deprivation And Myopic Addiction, Amnon Levy
A Theory Of Relative Deprivation And Myopic Addiction, Amnon Levy
Faculty of Business - Economics Working Papers
Myopic use of mind-altering substances is proposed to be equal to the product of the user’s current levels of relative-deprivation feeling and substance-tolerance. If initially this product is sufficiently large the user is trapped in a deprivation-use-addiction vicious cycle. There may be a relatively high addiction and socioeconomic position steady state and a relatively low one. If the users are initially located in the high steady state, an increase in treatment is clearly socially desirable. In contrast, the possible improvement of users’ socioeconomic position from increasing law-enforcement or socioeconomic opportunities might be dominated by a rise in users’ addiction level.
The Interplay Between The Thai And Several Other International Stock Markets, Abbas Valadkhani, S. Chancharat, Charles Harvie
The Interplay Between The Thai And Several Other International Stock Markets, Abbas Valadkhani, S. Chancharat, Charles Harvie
Faculty of Business - Economics Working Papers
The paper analyses the effect of various international stock market price indices and some relevant macroeconomic variables on the Thai stock market price index, using a GARCH-M model and monthly data from January 1988 to December 2004. It is found, inter alia, that (a) changes in stock market returns in Singapore, Malaysia and Indonesia in the pre-1997 Asian crisis, and changes in Singapore, the Philippines and Korea in the post-1997 era instantaneously influenced returns in the Thai stock market; (b) changes in the price of crude oil negatively impacted on the Thai stock market only in the pre-Asian crisis period; …
What Determines The Demand For Money In The Asian-Pacific Countries? An Empirical Panel Investigation, Abbas Valadkhani
What Determines The Demand For Money In The Asian-Pacific Countries? An Empirical Panel Investigation, Abbas Valadkhani
Faculty of Business - Economics Working Papers
This paper examines the long- and short-run determinants of the demand for money in six countries in the Asian-Pacific region using panel data (1975-2002). Various country-specific coefficients are allowed to capture inter-country heterogeneities. Consistent with theoretical postulates, it is found that (a) the demand for money in the long-run positively responds to real income and inversely to the interest rate spread, inflation, the real effective exchange rate, and the US real interest rate; (b) the long-run income elasticity is greater than unity; and (c) both the currency substitution and capital mobility hypotheses hold only in the long run.
Structural Breaks In Trade And Income Per Capita In Asean-5 Countries: An Application Of Innovational Outlier Models, Kankesu Jayanthakumaran, M. Pahlavani
Structural Breaks In Trade And Income Per Capita In Asean-5 Countries: An Application Of Innovational Outlier Models, Kankesu Jayanthakumaran, M. Pahlavani
Faculty of Business - Economics Working Papers
The founder members of the Association of Southeast Asian Nations (ASEAN-5) – Malaysia, Indonesia, Thailand, the Philippines and Singapore – increasingly adopted outward-oriented policies in trade and investment by enforcing reforms in the mid- 1980s. This paper investigates the existence of endogenously determined structural breaks of the trade and income per capita by using historical time series data during the period from 1970 to 2003 for the ASEAN-5 by applying an Innovational Outliner (IO) model in the presence of a potential structural break. We find that significant structural breaks occurred for trade per capita in the mid-1980s, which coincides with …
Depression And Substance Abuse: A Rationalization Of A Vicious Cycle, Amnon Levy, J. R. Faria
Depression And Substance Abuse: A Rationalization Of A Vicious Cycle, Amnon Levy, J. R. Faria
Faculty of Business - Economics Working Papers
While a mind-altering-substance consumption alleviates current level of depression, it facilitates future depression. Our analysis incorporates this trade off and shows that the stationary state of a consistently overly ambitious sophisticated substance user is improved by impatience, and that this improvement is amplified by the ratio of the instantaneous depression-relief effect to the state-degradation effect of the substance. The analysis also shows that the existence of a supportive personal community leads to permanent cyclical substance consumption when the user is relatively patient.
Labour Productivity In Iran, Abbas Valadkhani
Labour Productivity In Iran, Abbas Valadkhani
Faculty of Business - Economics Working Papers
This study presents a model capturing sources of Iranian aggregate labour productivity using annual time series data from 1960 to 2002. Labour productivity in this model is determined by real net capital stock, information technology and telecommunications (ITT) and trade openness. Empirical estimates indicate that policies aimed at promoting various types of investment and trade openness, which generates technology spillovers, can improve labour productivity. A substantial rise in productivity can not be achieved unless the economy increases its stock of capital in both ITT and non-ITT sectors, and industrial protectionist policies are reversed.
A New Macroeconomic Time Series: Business Profitability In Twentieth-Century Australia, Simon Ville, D. Merrett
A New Macroeconomic Time Series: Business Profitability In Twentieth-Century Australia, Simon Ville, D. Merrett
Faculty of Business - Economics Working Papers
Australia has historical time series for a wide range of economic data. These include statistical information relating to national income, demography, prices, external trade, financial markets, and the government sector covering most of the twentieth century.1 However, we lack a long national time series for business profits. We have calculations for some industries, especially banking, and national figures from 1985 using the IBIS database.2 Business historians in Australia have tended to focus on alternative research agendas such as business strategy, behaviour, and the evolution of individual industries and companies; much less attention has been devoted to measuring and analysing quantitative …
Unemployment Conundrum In Iran, Abbas Valadkhani
Unemployment Conundrum In Iran, Abbas Valadkhani
Faculty of Business - Economics Working Papers
This paper examines the major causes of Iran’s unemployment conundrum using a simultaneous-equation model and annual time series data from 1968 to 2000. It is found that the rate of unemployment responds positively to output gap and increasing economic uncertainty and negatively to the higher growth rates of real investment and inflation, supporting the view that there exists a degree of trade-off between inflation and unemployment. However, since persistent and soaring inflation rates eventually lead to the chronic depreciation of the domestic currency and rising economic instability, it will be irrational to exploit this tradeoff to fight against unemployment, particularly …
Sources Of Economic Growth In South Korea: An Application Of The Ardl Analysis In The Presence Of Structural Breaks – 1980-2005, Charles Harvie, M. Pahlavani
Sources Of Economic Growth In South Korea: An Application Of The Ardl Analysis In The Presence Of Structural Breaks – 1980-2005, Charles Harvie, M. Pahlavani
Faculty of Business - Economics Working Papers
The primary objective of this paper is to examine the major determinants of GDP growth in South Korea emphasizing the importance of investment, trade and human capital, using quarterly time series data covering the period 1980Q1 to 2005Q3. The time series properties of the data are, first, analyzed using the Zivot-Andrews (1992) model. The empirical results derived indicate that there is insufficient evidence against the null hypothesis of unit roots for all of the variables under investigation. Second, the Gregory-Hansen (1996) cointegration technique, allowing for the presence of potential structural breaks in the data, is applied, and is found to …
Partnership With Partial Commitment, Amnon Levy
Partnership With Partial Commitment, Amnon Levy
Faculty of Business - Economics Working Papers
This paper derives the Nash-equilibrium degrees of commitment to a partnership where lack of full commitment fuels suspicion and increases potential losses for partners.
Australia And New Zealand Cer Agreement And Breakpoints In Bilateral Trade: An Application Of The Wald-Type Test, Kankesu Jayanthakumaran, M. Pahlavani
Australia And New Zealand Cer Agreement And Breakpoints In Bilateral Trade: An Application Of The Wald-Type Test, Kankesu Jayanthakumaran, M. Pahlavani
Faculty of Business - Economics Working Papers
This paper investigates the impact of the Australia-New Zealand Closer Economic Relations (CER) Trade Agreement on bilateral trade of each member country by using historical time series data before and after the implementation of the CER. We determined the existence of endogenously determined structural breaks over the last 30 years. The Vogelsang (1997) Wald-type testing procedure is then used to test for the existence of a break at an unknown time in the trend function of the dynamic time series. The advantage of this model is that the procedure does not impose any restriction on the nature of the data …
Revisiting Budget And Trade Deficits In Lebanon: A Critique, H. Marashdeh, A. S. Saleh
Revisiting Budget And Trade Deficits In Lebanon: A Critique, H. Marashdeh, A. S. Saleh
Faculty of Business - Economics Working Papers
This study re-examines the relationship between the budget deficit and the trade deficit in Lebanon. In contrast to earlier studies, we start by testing for a unit root in the presence of structural change using the Innovational Outlier (IO) model. This study also utilizes the newly proposed autoregressive distributed lag (ARDL) approach to examine such a relationship. The results show that the endogenously determined times of the breaks coincide with observed real events occurring during the years of Civil War in Lebanon and especially after the Israeli invasion of Beirut in 1982. This study finds, as well, that the trade …
The Youth Labour Market In Australia – Implications From Work Choices Legislation, Martin O'Brien
The Youth Labour Market In Australia – Implications From Work Choices Legislation, Martin O'Brien
Faculty of Business - Economics Working Papers
The youth labour market, comprising the age subgroups 15-19 and 20-24 years, forms a unique segment of the Australian labour market. The issue of youth employment has received attention most recently in 2005 in relation to industrial relations reforms (Work Choices legislation). Because of their relative inexperience, youth are seen as particularly vulnerable and in a weak bargaining position in the case of increasing prevalence of individual bargaining. We start with a review of the labour market for youth in 2005 for males and females compared to prime aged (25-44 years). We then explore specific features of youth employment such …
Testing For Structural Breaks In The Korean Economy 1980-2005: An Application Of The Innovational Outlier And The Additive Outlier Models, Charles Harvie, M. Pahlavani
Testing For Structural Breaks In The Korean Economy 1980-2005: An Application Of The Innovational Outlier And The Additive Outlier Models, Charles Harvie, M. Pahlavani
Faculty of Business - Economics Working Papers
This paper employs quarterly time series data to endogenously determine the timing of structural breaks for various macroeconomic variables in Korean economy. The Innovational Outlier (IO) as well as Additive Outlier models (Perron, 1997) are then used to test for non-stationarity of the Korean macroeconomic data. After accounting for the single most significant structural break, the results from the (AO) model clearly indicate that the null of at least one unit root cannot be rejected for all of the series under investigation. This finding is consistent with our finding based on the conventional unit root test. However, by applying the …
Optimal Control Of Locusts In Subsistence Farming Areas, Amnon Levy
Optimal Control Of Locusts In Subsistence Farming Areas, Amnon Levy
Faculty of Business - Economics Working Papers
Locust swarms hit subsistence-staple-crop-growing households at random and are not privately controllable. A regional aerial-spraying scheme that supports these households’ livelihood at the least cost is proposed. The properties of this scheme are analysed and two steady states are identified. The saddle one is socio-economically superior to the stable spiral. Simulations reveal that the respective stationary probability of a household’s crop being devoured by the swarm diminishes with the number of households, yield per household, staple crop’s replacement price and spraying efficacy, but rises with the spraying cost coefficient, locusts’ multiplication rate and public planner’s discount rate.
Innovation In Small And Medium-Sized Enterprises: A Study Of Businesses In New South Wales, Australia, J. Olsen, B. C. Lee, A. Hodgkinson
Innovation In Small And Medium-Sized Enterprises: A Study Of Businesses In New South Wales, Australia, J. Olsen, B. C. Lee, A. Hodgkinson
Faculty of Business - Economics Working Papers
This paper examines the process of innovation within SMEs, focusing, in particular, on a sample of firms in New South Wales, Australia. The trend of the last several decades towards increased integration of global markets, or globalization, has meant that many firms are experiencing continuously increasing pressure to remain viable as their markets expand, and they begin competing with a larger number of firms. SMEs, in particular, are vulnerable to this pressure, since they tend to be disadvantaged relative to larger firms that generally have better access to funding and other resources. The ways in which SMEs operate to remain …
Identifying Structural Breaks In The Lebanese Economy 1970-2003: An Application Of The Zivot And Andrews Test, Charles Harvie, M. Pahlavani, A. S. Saleh
Identifying Structural Breaks In The Lebanese Economy 1970-2003: An Application Of The Zivot And Andrews Test, Charles Harvie, M. Pahlavani, A. S. Saleh
Faculty of Business - Economics Working Papers
During the 1960s and early 1970s the Lebanese economy was characterized by low inflation, high growth, sizeable balance of payments surpluses and small public sector deficits, which made it a highly attractive business centre. During this period the country was described as the Switzerland or Paris of the East. This macroeconomic stability did not last long, however, as the economy subsequently underwent fundamental structural changes during most years after the mid 1970s. The aim of this paper is to identify the timing of major structural breaks in the Lebanese economy by applying the Zivot and Andrews (ZA) (1992) procedure, using …
Sme Development In Malaysia: Domestic And Global Challenges, A. S. Saleh, N. O. Ndubisi
Sme Development In Malaysia: Domestic And Global Challenges, A. S. Saleh, N. O. Ndubisi
Faculty of Business - Economics Working Papers
Hence, the primary objectives of this study are to analyze and discuss the development of Malaysian SMEs and their role, as well as various contributions, in the national economy. The chapter goes further by reviewing extant literature to identify the major challenges facing this sector in Malaysia as well as government policies aimed at the development of SMEs. In doing so the chapter proceeds as follows. Section 2 presents a profile of Malaysian SMEs, their role and contribution in different sectors and in the overall national economy. This section will also shed some light on their characteristics, especially in the …
The Consequences Of Trade Liberalisation On The Australian Passenger Motor Vehicle Industry, E. Sanidas, Kankesu Jayanthakumaran
The Consequences Of Trade Liberalisation On The Australian Passenger Motor Vehicle Industry, E. Sanidas, Kankesu Jayanthakumaran
Faculty of Business - Economics Working Papers
This paper is an appraisal of the impact of Australian trade liberalization measures on imports, exports, productivity, and internal demand of the passenger motor vehicle industry. There is clear evidence that this liberalization has increased the volume of trade, imports, exports, and productivity, but reduced the locally produced cars for internal consumption. Various models are constructed and applied. Thus, this paper is an application of the bounds testing procedure based on the ARDL approach to cointegration and the comparison of the latter with the OLS and Johansen’s cointegration methods in the contexts of small samples.