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Tariffs, Subsidies And Profits: A Re-Assessment Of Structural Change In Australia 1901-1939, David Merrett, Simon Ville
Tariffs, Subsidies And Profits: A Re-Assessment Of Structural Change In Australia 1901-1939, David Merrett, Simon Ville
Faculty of Commerce - Papers (Archive)
This paper offers a re-interpretation of the drivers of structural change in Australia from federation until the outbreak of World War II. The broad story of structural change is that manufacturing increased its relative share of both output and employment while the share of the farm sector and mining contracted. The large tertiary sector, including construction, oscillated around its mean. The conventional wisdom is that these shifts were largely the result of government policy, particularly the increase in trade barriers that stimulated import substitution by manufacturers. However, if the unit of analysis is the firm rather than the economy then …
Mean Reversion Versus Random Walk In Asian Stock Prices: Evidence From Multiple Structural Breaks, Surachai Chancharat, Abbas Valadkhani
Mean Reversion Versus Random Walk In Asian Stock Prices: Evidence From Multiple Structural Breaks, Surachai Chancharat, Abbas Valadkhani
Faculty of Commerce - Papers (Archive)
This paper examines whether Asian stock prices for 9 countries are trend stationary or follow a random walk process using the Zivot and Andrews (1992), Lumsdaine and Papell (1997) tests and monthly data (1987:12-2005:12). With one structural break test results provide evidence in favour of random walk hypothesis in 6 countries. Moreover, when two endogenously-determined structural breaks are considered, this hypothesis was rejected for the same 3 countries, suggesting a robust conclusion regarding the non-stationarity of stock prices world wide. In addition, the dates of structural break in most cases point to the Asian crisis in the period 1996-1998.
Structural Changes In Australia's Monetary Aggregates And Interest Rates, Abbas Valadkhani, Mosayeb Pahlavani
Structural Changes In Australia's Monetary Aggregates And Interest Rates, Abbas Valadkhani, Mosayeb Pahlavani
Faculty of Commerce - Papers (Archive)
This paper employs all quarterly time series currently available to determine endogenously the time of structural breaks for three monetary aggregates—the long- and short-term interest rates as well as the consumer price index—in Australia using the ZA (Zivot and Andrews, 1992) test and the LP (Lumsdaine and Papell, 1997) test. After accounting for the single most significant structural break, the results from the ZA test (model C) provide no evidence against the unit root null hypothesis for all series examined. However, when two structural breaks are incorporated in the testing procedure within the framework proposed by LP (i.e., model CC) …