Economic growth and inequality patterns in the presence of costly technology adoption and uncertainty

We develop a stochastic endogenous growth model to explain the diversity in growth and inequality patterns and the non-convergence of incomes in transitional economies where an underdeveloped financial sector imposes an implicit, fixed cost on the diversification of idiosyncratic risk. In the model endogenous growth occurs through physical and human capital deepening, with the latter being the more dominant element. We interpret the fixed cost as a ‘learning by doing’ cost for entrepreneurs who undertake risk in the absence of well developed financial markets and institutions that help diversify such risk. As such, this cost may be interpreted as the implicit returns foregone due to the lack of diversification opportunities that would otherwise have been available, had such institutions been present. The analytical and numerical results of the model suggest three growth outcomes depending on the productivity differences between the projects and the fixed cost associated with the more productive project. We label these outcomes as poverty trap, dual economy and balanced growth. Further analysis of these three outcomes highlights the existence of a diversity within diversity. Specifically, within the ‘poverty trap’ and ‘dual economy’ scenarios growth and inequality patterns differ, depending on the initial conditions. This additional diversity allows the model to capture a richer range of outcomes that are consistent with the empirical experience of several transitional economies.

Heart beats and economic decisions : Observing mental stress in the ultimatum bargaining game

One aim of experimental economics is to try to better understand human economic decision making. Early research of the ultimatum bargaining game (Gueth et al., 1982) revealed that other motives than pure monetary reward play a role. Neuroeconomic research has introduced the recording of physiological observations as signals of emotional responses. In this study, we apply heart rate variability (HRV) measuring technology to explore the behaviour and physiological reactions of proposers and responders in the ultimatum bargaining game. Since this technology is small and non-intrusive, we are able to run the experiment in a standard experimental economic setup. We show that low o�ers by a proposer cause signs of mental stress in both the proposer and the responder, as both exhibit high ratios of low to high frequency activity in the HRV spectrum.

In defence of Victoria's Children's Court : its value and role in the child protection system

Australian child protection systems have been subject to sustained and significant criticism for many decades. As a central part of that system Children’s Courts have been implicated: three recent inquiries into the child protection system in Victoria all criticised the Family Division of the Children’s Court.1 In the resulting debate two diametrically opposed points of view surfaced about the Children’s Court and the role that legal procedures and professionals should play in child protection matters. On one side bodies like the Children’s Court of Victoria, Victoria Legal Aid (‘VLA’), the Law Institute of Victoria (‘LIV’), and the Federation of Community Legal Centres (‘FCLC’) argued that the Children’s Court plays a vital role in child protection and should continue to play that role.2 On the other side a coalition of human service and child protection agencies called for major change including the removal of the Children’s Court from the child protection system. Victoria’s Department of Human Services (‘DHS’) has been critical of the Court3 as have community sector organisations like Anglicare, Berry Street, MacKillop Family Services and the Salvation Army — all agencies the DHS funds to deliver child protection services.4 Victoria’s Child Safety Commissioner has also called for major reform, publicly labelling the Court a ‘lawyers’ playground’ and recommending abolishing the Court’s involvement in child protection completely.

Opportunities for forest finance under the International climate change regime

The international climate change regime has the potential to increase revenue available for forest restoration projects in Commonwealth nations. There are three mechanisms which could be used to fund forest projects aimed at forest conservation, forest restoration and sustainable forest management. The first forest funding opportunity arises under the clean development mechanism, a flexibility mechanism of the Kyoto Protocol. The clean development mechanism allows Annex I parties (industrialised nations) to invest in emission reduction activities in non-Annex 1 (developing countries) and the establishment of forest sinks is an eligible clean development mechanism activity. Secondly, parties to the Kyoto Protocol are able to include sustainable forest management activities in their national carbon accounting. The international rules concerning this are called the Land-Use, Land-Use Change and Forestry Guidelines. Thirdly, it is anticipated that at the upcoming Copenhagen negotiations that a Reduced Emissions from Deforestation and Degradation (REDD) instrument will be created. This will provide a direct funding mechanism for those developing countries with tropical forests. Payments made under a REDD arrangement will be based upon the developing country with tropical forest cover agreeing to protect and conserve a designated forest estate. These three funding options available under the international climate change regime demonstrate that there is potential for forest finance within the regime. These opportunities are however hindered by a number of technical and policy barriers which prevent the ability of the regime to significantly increase funding for forest projects. There are two types of carbon markets, compliance carbon markets (Kyoto based) and voluntary carbon markets. Voluntary carbon markets are more flexible then compliance markets and as such offer potential to increase revenue available for sustainable forest projects.

Peer journeys : building graduate capabilities for life long learning

Students experience university as peers. Peer-to-peer interaction offers unique opportunities for fostering the academic, social and emotional wellbeing of students (Kuh, 2008). Peer programs provide a formalisation of this relationship enabling students to partake both as peer leaders and program participants. The success of such programs is reliant on the university having a reserve of motivated and trained peer leaders. From their initial experience of peer programs as participants in first year and their ongoing involvement as peer leaders, students grow their graduate capabilities and employability skills through scaffolded peer leadership and training opportunities. Universities aspire to produce graduates who are inspirational leaders, effective collaborators and competent professionals ready to participate in the global community (DEEWR, 2012; Shook & Keup, 2012). This poster describes a model which scaffolds the development of peer leaders’ graduate capabilities using a university-wide supporting framework to grow a range of peer-to-peer initiatives across a variety of coordinated peer programs underpinned by a social justice framework (Gidley, Hampson, Wheller & Bereded-Samuel, 2010; Nelson & Creagh, 2012).

The consequences of not taking reasonable steps to obtain finance

In Hauff v Miller [2013] QCA 48 the Queensland Court of Appeal considered an issue that has not previously arisen at appellate level. The case concerned the interaction of the well-known subject to finance clause and other standard contractual provisions...

The impact of auditor independence regulations on established and emerging firms.

Purpose – The purpose of this paper is to study whether auditor independence reforms introduced in 2004 led to an enhancement in earnings quality in the post-reform era. Design/methodology/approach – This study predicts that as the cost of compliance will vary based on a firm's existing corporate governance regime and the level of external scrutiny (monitoring) it faces, we compare the earnings quality of a sample of “established” (S&P/ASX 100) to a sample of “emerging” (S&P/ASX Small Ordinaries Index) firms. The paper examines the reporting behaviour of the two groups of listed entities, covering the regulatory change period 2003-2006. The paper uses regression modelling to test the associations between increased audit independence, earnings quality and corporate governance mechanisms over the pre- and post-regulatory period. Findings – The paper's results confirm that earnings quality for the established firms was enhanced in the post-reform period; while this was not the case for emerging firms. The evidence also suggests that corporate governance mechanisms of board independence and board financial skill are associated with higher earnings quality; while the higher the concentration of insider firm ownership is associated with lower earnings quality. Practical implications – This study provides policy makers with evidence as to changes in reporting behaviour following law reform aimed at strengthening auditor independence. Originality/value – The studies on earnings quality are informed by the US market practices. Australia provides a unique setting through its auditor independence reforms to examine the impact of reform choices. This study also investigates two specific subsets of the market: established firms and emerging firms.

Are employment effects of gender discrimination important? Some evidence from Great Britain

Interpreting the unexplained component of the gender wage gap as indicative of discrimination, the empirical literature to date has tended to ignore the potential impact wage discrimination may have on employment. Employment effects may arise if discrimination lowers the female offered wage and the labour supply curve is upward sloping. The empirical analysis employs the British Household Panel Study and finds evidence of both wage and associated employment effects.

Industry policy, finance and the AIDC : Australia from the 1950s to the 1970s

This thesis, conceived within a Marxist framework, addresses key conceptual issues in the writing and theorising on industry policy in post second world- war Australia. Broadly, the thesis challenges the way that industry policy on the left of politics (reflected in the social democratic and Keynesian positions) has been constructed as a practical, progressive policy agenda. Specifically, the thesis poses a direct challenge to the primacy of the ‘national’ in interpreting the history of industry policy. The challenge is to the proposition that conflicts between national industry and international finance arose only from the mid 1980s. On the contrary, as will be seen, this is a 1960s issue and any interpretation of the debates and the agendas surrounding industry policy in the 1980s must be predicated on an understanding of how the issue was played out two decades earlier. As was the case in the 1960s, industry policy in the 1980s has been isolated from two key areas of interrogation: the role of the nation state in regulating accumulation and the role of finance in industry policy. In the 1950s and more so in the 1960s and early 1970s there was a reconfiguration of financing internationally but it is one that did not enter into industry policy analysis. The central concern therefore is to simultaneously sketch the historical political economy on industry policy from the 1950s through to the early 1970s in Australia and to analytically and empirically insert the role of finance into that history. In so doing the thesis addresses the economic and social factors that shaped the approach to industry finance in Australia during this critical period. The analysis is supported by a detailed examination of political and industry debates surrounding the proposal for, and institution of, a key national intervention in the form of the Australian Industry Development Corporation (AIDC).

The epidemiology of invasive group A streptococcal disease in Victoria, Australia

Objective To estimate the incidence and severity of invasive group A streptococcal infection in Victoria, Australia. Design Prospective active surveillance study. Setting Public and private laboratories, hospitals and general practitioners throughout Victoria. Patients eople in Victoria diagnosed with group A streptococcal disease notified to the surveillance system between 1 March 2002 and 31 August 2004. Main outcome measure Confirmed invasive group A streptococcal disease. Results We identified 333 confirmed cases: an average annualised incidence rate of 2.7 (95% CI, 2.3-3.2) per 100000 population per year. Rates were highest in people aged 65 years and older and those younger than 5 years. The case-fatality rate was 7.8%. Streptococcal toxic shock syndrome occurred in 48 patients (14.4%), with a case-fatality rate of 23%. Thirty cases of necrotising fasciitis were reported; five (17%) of these patients died. Type 1 (23%) was the most frequently identified emm sequence type in all, age groups. All tested isolates were susceptible to penicillin and clindamycin. Two isolates (4%) were resistant to erythromycin. Conclusion The incidence of invasive group A streptococcal disease in temperate Australia is greater than previously appreciated and warrants greater public health attention, including its designation as a notifiable disease.

Gambling revenues as a public administration issue : electronic gaming machines in Victoria

Gambling activities and the revenues derived have been seen as a way to increase economic development in deprived areas. There are also, however, concerns about the effects of gambling in general and electronic gaming machines (EGMs) in particular, on the resources available to the localities in which they are situated. This paper focuses on the factors that determine the extent and spending of community benefit-related EGM-generated resources within Victoria, Australia, focusing in particular on the relationships between EGM activity and socio-economic and social capital indicators, and how this relates to the community benefit resources generated by gaming.

TEXTA Book Club in the QUT Art Museum

TEXTA runs as a type of book club that we have previously labelled as ‘bespoke’ (Ellison, Holliday and Van Luyn 2012). We visualise TEXTA as a meeting place between the community and the university, as a space for discussion and engagement with both visual art forms and written texts. In today’s presentation, we shall briefly establish the ‘bespoke’ bookclub. We then want to introduce the idea of TEXTA as an example of a book club that negotiates Edward Soja’s Thirdspace (1996) – a space that incorporates and extends concepts of First and Secondspace (or perceived and conceived spaces). In doing so, we showcase two recent sessions of TEXTA as case studies. We will then illustrate some ideas we have for expanding TEXTA beyond the boundaries of Brisbane city, and invite feedback on how to further extend the opportunities for community engagement that TEXTA can offer in regional areas.