ANZUS - Alive and well after fifty years

Marking its fiftieth anniversary in late 2001, the ANZUS alliance remains Australia's primary security relationship and one of the United States' most important defence arrangements in the Asia-Pacific region. It is argued here that ANZUS has defied many common suppositions advanced by international relations theorists on how alliances work. It thus represents an important refutation of arguments that they are short-term instruments of mere policy expediency and are largely interest-dependent. Cultural and normative factors are powerful, if often underrated, determinants for ANZUS's perpetuation. ANZUS may thus constitute an important test case for expanding our understanding of alliance politics beyond the usual preconditions and prerogatives normally associated with such a relationship.

Selling Queensland at the Glasgow international exhibition of 1901

Queensland was one of two states of the newly-federated Australia to mount official courts at the Glasgow International Exhibition of 1901, the largest world expo held in Great Britain to that date. In exhibiting at Glasgow, then the second city of the British Empire, Queensland sought to draw emigrants and investment from Britain. The court, funded by the Queensland Department of Mines, was mostly a display of mineral wealth, and the state's agricultural and pastoral resources were poorly represented. The 'prettily designed' court presented a rose-coloured view of a land endowed with boundless wealth and resources. This in no way reflected the realities of life back home, in a year of environmental and economic disaster, and of political and social upheaval. Though the exhibit failed to bring tangible benefits, it is an important record of Queensland aspirations and concerns at the time of Federation. It has special interest as the last occasion when Queensland exhibited in its own right, rather than as part of the Commonwealth of Australia.

On the robustness of short-term interest rate models

This paper investigates the robustness of a range of short–term interest rate models. We examine the robustness of these models over different data sets, time periods, sampling frequencies, and estimation techniques. We examine a range of popular one–factor models that allow the conditional mean (drift) and conditional variance (diffusion) to be functions of the current short rate. We find that parameter estimates are highly sensitive to all of these factors in the eight countries that we examine. Since parameter estimates are not robust, these models should be used with caution in practice.