Financial Markets, Institutions and Money [3rd ed.]

"The financial system is a key influencer of the health and efficiency of an economy. The role of the financial system is to gather money from people and businesses that currently have more money than they need and transfer it to those that can use it for either business or consumer expenditures. This flow of funds through financial markets and institutions in the Australian economy is huge (in the billions of dollars), affecting business profits, the rate of inflation, interest rates and the production of goods and services. In general, the larger the flow of funds and the more efficient the financial system, the greater the economic output and welfare in the economy. It is not possible to have a modern, complex economy such as that in Australia, without an efficient and sound financial system. The global financial crisis (GFC) of late 2007–09 (and the ensuing European debt crisis), where the global financial market was on the brink of collapse with only significant government intervention stopping a catastrophic global failure of the market, illustrated the importance of the financial system. Financial Markets, Institutions and Money 3rd edition introduces students to the financial system, its operations, and participants. The text offers a fresh, succinct analysis of the financial markets and discusses how the many participants in the financial system interrelate. This includes coverage of regulators, regulations and the role of the Reserve Bank of Australia, that ensure the system’s smooth running, which is essential to a modern economy. The text has been significantly revised to take into account changes in the financial world."---publisher website Table of Contents 1. The financial system - an overview 2. The Monetary Authorities 3. The Reserve Bank of Australia and interest rates 4. The level of interest rates 5. Mathematics of finance 6. Bond Prices and interest rate risk 7. The Structure of Interest Rates 8. Money Markets 9. Bond Markets 10. Equity Markets

Meta-level terrorism futures : constructing and deconstructing using causal layered analysis

Focused on the alternative futures of terrorism, this study engages with the different levels of terrorism knowledge to identify and challenge the restrictive narratives that define terrorism: that "society must be defended" from the "constant and evolving terrorist threat". Using Causal Layered Analysis to deconstruct and reconstruct strategies, alternative scenarios emerge. These alternative futures are depicted collectively as a maze, highlighting the prospect of navigating towards preferred and even shared terrorism futures, once these are supported by new and inclusive metaphors and stakeholder engagement.

Residential real estate education and globalisation in Australian real estate markets and practices

The purpose of this scoping paper is to offer an overview of the literature to determine the development to date in the area of residential real estate agency academic and career education in respect to Foreign Direct Investment (FDI) transactions and implications in Australia. This paper will review studies on the issue of foreign real estate ownership and FDI in Australian real estate markets to develop an understanding of the current state of knowledge on residential real estate agency practice, career education and real estate licensing requirements in Australia. The distinction between the real estate profession education, compared to other professions such as accounting, legal and finance is based on the intensity of the professional career training prior or post formal academic training. Real estate education could be carried out with relatively higher standards in terms of licensing requirement, career and academic education. As FDI in the Australian real estate market is a complex globalisation and economic phenomenon, a simple content of residential real estate training and education may not promote proper management or capacity in dealing with relevant foreign residential property market transaction. The preliminary summarising from the literature of residential real estate agency education, with its current relevant or emerging licensing requirement are focused on its role and effectiveness and impact in residential real estate market. Particular focus will be directed to the FDI relevant residential real estate agency transactions and practices, which have been strongly influenced by the current residential real estate market and agency practices. Taken together, there are many opportunities for future research to extend our understanding and improving the residential real estate agency education and training of Foreign Direct Investment in the Australian residential real estate sector.

Educating for digital futures : what the learning strategies of digital content professionals can teach higher education

Beginning in the second half of the 20th century, ICTs transformed many societies from industrial societies in which manufacturing was the central focus, into knowledge societies in which dealing effectively with data and information has become a central element of work (Anderson, 2008). To meet the needs of the knowledge society, universities must reinvent their structures and processes, their curricula and pedagogic practices. In addition to this, of course higher education is itself subject to the sweeping influence of ICTs. But what might effective higher education look like in the 21st century? In designing higher education systems and learning experiences which are responsive to the learning needs of the future and exploit the possibilities offered by ICTs, we can learn much from the existing professional development strategies of people who are already successful in 21st century fields, such as digital media. In this study, I ask: (1) what are the learning challenges faced by digital media professionals in the 21st century? (2) what are the various roles of formal and informal education in their professional learning strategies at present? (3) how do they prefer to acquire needed capabilities? In-depth interviews were undertaken with successful Australian digital media professionals working in micro businesses and SMEs to answer these questions. The strongest thematic grouping that emerged from the interviews related to the need for continual learning and relearning because of the sheer rate of change in the digital media industries. Four dialectical relationships became apparent from the interviewees’ commentaries around the learning imperatives arising out of the immense and continual changes occurring in the digital content industries: (1) currency vs best practice (2) diversification vs specialisation of products and services (3) creative outputs vs commercial outcomes (4) more learning opportunities vs less opportunity to learn. These findings point to the importance of ‘learning how to learn’ as a 21st century capability. The interviewees were ambivalent about university courses as preparation for professional life in their fields. Higher education was described by several interviewees as having relatively little value-add beyond what one described as “really expensive credentialling services.” For all interviewees in this study, informal learning strategies were the preferred methods of acquiring the majority of knowledge and skills, both for ongoing and initial professional development. Informal learning has no ‘curriculum’ per se, and tends to be opportunistic, unstructured, pedagogically agile and far more self-directed than formal learning (Eraut, 2004). In an industry impacted by constant change, informal learning is clearly both essential and ubiquitous. Inspired by the professional development strategies of the digital media professionals in this study, I propose a 21st century model of the university as a broad, open learning ecology, which also includes industry, professionals, users, and university researchers. If created and managed appropriately, the university learning network becomes the conduit and knowledge integrator for the latest research and industry trends, which students and professionals alike can access as needed.

Twitter and Sports : Football Fandom in Emerging and Established Markets

Twitter and other social media have become increasingly important tools for maintaining the relationships between fans and their idols across a range of activities, from politics and the arts to celebrity and sports culture. Twitter, Inc. itself has initiated several strategic approaches, especially to entertainment and sporting organisations; late in 2012, for example, a Twitter, Inc. delegation toured Australia in order to develop formal relationships with a number of key sporting bodies covering popular sports such as Australian Rules Football, A-League football (soccer), and V8 touring car racing, as well as to strengthen its connections with key Australian broadcasters and news organisations (Jackson & Christensen, 2012). Similarly, there has been a concerted effort between Twitter Germany and the German Bundesliga clubs and football association to coordinate the presence of German football on Twitter ahead of the 2012–2013 season: the Twitter accounts of almost all first-division teams now bear the official Twitter verification mark, and a system of ‘official’ hashtags for tweeting about individual games (combining the abbreviations of the two teams, e.g. #H96FCB) has also been instituted (Twitter auf Deutsch, 2012).

How technological change affects power relations in global markets : remote developers in the console and mobile games industry

This paper focuses on Australian development firms in the console and mobile games industry in order to understand how small firms in a geographically remote and marginal position in the global industry are able to relate to global firms and capture revenue share. This paper shows that, while technological change in the games industry has resulted in the emergence of new industry segments based on transactional rather than relational forms of economic coordination, in which we might therefore expect less asymmetrical power relations, lead firms retain a position of power in the global games entertainment industry relative to remote developers. This has been possible because lead firms in the emerging mobile devices market have developed and sustained bottlenecks in their segment of the industry through platform competition and the development of an intensely competitive ecosystem of developers. Our research shows the critical role of platform competition and bottlenecks in influencing power asymmetries within global markets.

Forging the synergy between anticipation and innovation : the futures action model

This paper presents the theory and practice of the Futures Action Model (FAM). FAM has been in development for over a decade, in a number of contexts and iterations. It is a creative methodology that uses a variety of concepts and tools to guide participants through the conception and modeling of enterprises, services, social innovations and projects in the context of emerging futures. It is used to generate strategic options that people can utilise to build opportunities for value creation as they move into the future. This paper details examples in its development, and provides theoretical and practical guidelines for educators and business facilitators to use the FAM system in their own workplaces.

Agentive motility meets structural viscosity: Australian families relocating in educational markets

This paper will develop and illustrate a concept of institutional viscosity to balance the more agentive concept of motility with a theoretical account of structural conditions. The argument articulates with two bodies of work: Archer’s (2007, 2012) broad social theory of reflexivity as negotiating agency and social structures; and Urry’s (2007) sociology of mobility and mobility systems. It then illustrates the concept of viscosity as a variable (low to high viscosity) through two empirical studies conducted in the sociology of education that help demonstrate how degrees of viscosity interact with degrees of motility, and how this interaction can impact on motility over time. The first study explored how Australian Defence Force families cope with their children’s disrupted education given frequent forced relocations. The other study explored how middle class professionals relate to career and educational opportunities in rural and remote Queensland. These two life conditions have produced very different institutional practices to make relocations thinkable and doable, by variously constraining or enabling mobility. In turn, the degrees of viscosity mobile individuals meet with over time can erode or elevate their motility.

Do prediction markets produce well-calibrated probability forecasts?

This article presents new theoretical and empirical evidence on the forecasting ability of prediction markets. We develop a model that predicts that the time until expiration of a prediction market should negatively affect the accuracy of prices as a forecasting tool in the direction of a ‘favourite/longshot bias’. That is, high-likelihood events are underpriced, and low-likelihood events are over-priced. We confirm this result using a large data set of prediction market transaction prices. Prediction markets are reasonably well calibrated when time to expiration is relatively short, but prices are significantly biased for events farther in the future. When time value of money is considered, the miscalibration can be exploited to earn excess returns only when the trader has a relatively low discount rate.

Educating for digital futures : what the learning strategies of digital media professionals can teach higher education

This article explores how universities might engage more effectively with the imperative to develop students’ 21st century skills for the information society, by examining learning challenges and professional learning strategies of successful digital media professionals. The findings of qualitative interviews with professionals from Australian games, online publishing, apps and software development companies reinforce an increasing body of literature that suggests that legacy university structures and pedagogical approaches are not conducive to learning for professional capability in the digital age. Study participants were ambivalent about the value of higher education to digital careers, in general preferring a range of situated online and face-to-face social learning strategies for professional currency. This article draws upon the learning preferences of the professionals in this study to present a model of 21st century learning, as linked with extant theory relating to informal, self-determined learning and communities of practice.

Silk purse, sow’s ear : transforming second-Hand clothing into luxury fashion through craft practice

There is more apparel being created than ever before in history. The unsustainable production of materials and the clothing and textile waste that contributes annually to landfill, an estimated 500 000 tonnes of clothing per year in the UK (Gray, 2012) are significant issues inspiring the practice of Australian fashion designers, Carla van Lunn and Carla Binotto. While the contemporary fashion industry is built upon a production and consumption model that is younger than the industrial revolution, the traditions of costume, craft, and bodily adornment are ancient practices. Binotto and van Lunn believe that the potential for sustainable fashion practice lies outside the current industrial manufacturing model. This case study will discuss their fashion label, Maison Briz Vegas, and examine how recycling and traditional craft practices can be used to address the problem of clothing waste and offer an alternative idea of value in fashion and materials, addressing the indicative conference theme, Craft as Sustainability Activism in Practice. “Maison Briz Vegas”, a play on the notion of French luxury and the designers’ new world and sub-tropical home town, Brisbane, is an experimental and craft-based fashion label that uses second-hand cotton T-shirts and wool sweaters as primary materials to create designer fashion. The first collection, titled “The Wasteland”, was conceived and created in Paris in 2011, where designer Carla van Lunn had been living and working for several years. The collection was inspired by the precariousness of the global economy and concerns about climate change. The mountains of discarded clothing found at flea markets provided a textile resource from which van Lunn created a recycled hand-crafted fashion collection with an activist message and was shown to buyers and press during Paris Fashion Week. The label has since become a collaboration with fellow Australian designer Carla Binotto. The craft processes employed in Maison Briz Vegas’ up-cycled fashion collections include original hand block-printing, hand embroidery, quilting and patchwork. Taking an artisanal and slow approach, the designers work to create a hand touched imperfect style in a fashion market flooded with digital printing and fast mass-produced garments. The recycling extends to garment fastenings and embellishments, with discarded jar lids and bottle tops being used as buttons and within embroidery. This process transforms the material and aesthetic value of cheap and generic second-hand clothing and household waste. Maison Briz Vegas demonstrates the potential for craft and design to be an interface for environmental activism within the world of fashion. Presenting garments that are both high-design and thoughtfully recycled in a significant fashion context, such as Paris Fashion Week, Maison Briz Vegas has been able to engage a high-profile luxury fashion audience which has not traditionally considered sustainable or eco practices as relevant or desirable in themselves. The designers are studying how to apply their production model on a greater scale in order to fill commercial orders and reach a wider audience whilst maintaining the element of bespoke, limited edition, and slow hand-craft within their work.