Evaluating the distributional implications of price movements : methodology, application and Australian evidence

This article investigates the distributional implication of relative price movements in Australia. It proposes and applies a method of evaluating the nature and size of the inequality bias of price movements. In the process, the study introduces a new demographic demand model that yields sensible and statistically significant estimates of the general equivalence scale and the size economies of scale. The study finds that relative price movements in Australia during the 1990s had an inequality increasing bias and that this bias increased in the late 1990s and the first part of the new millennium. The disaggregated analysis of the inequality movements shows that the regressive nature of relative price changes affected the renters much more than non-renters. The study also provides evidence on the decomposition of overall inequality between demographic groups and compares the decomposition between the nominal and real expenditure inequalities.

Challenge to ICT manpower planning under the economic restructuring : empirical evidence from MNCs in Singapore and Taiwan

The study evaluates the issues related to the manpower planning for developing the information, communication and technology (ICT) industry under the economic restructuring in Singapore and Taiwan. Using data collected from 211 multinational companies (MNCs) operating in these two countries, we measured recruitment difficulty and attrition rate experienced by MNCs, and evaluate the extent of ICT skill shortages among the companies surveyed. We found some impact of the nation-pushed ICT manpower planning and development on easing the recruitment difficulty overall at firm level. However, a high attrition rate especially of the low-medium ICT professionals identified in this study may be related to an imbalanced approach taken by the governments to focus on developing high level of science and technology and ICT skills. Implications to the two countries examined and other latecomer countries such as China, India and Vietnam are discussed.

The use of heuristics in valuation practice : implications in a changing market

Despite the existence of prescribed frameworks, valuation remains a cause of much controversy and variety of opinion. It does not matter whether procedures are undertaken in exactly the same way, the conclusion of ‘value’ will vary from valuer to valuer – sometimes considerably. This uncertainty within valuation is founded on property’s heterogeneous nature and the imperfect market that is the property market; in addition to the unpredictability of human behaviour in making judgements (French and Gabrielli 2004). Uncertainty, in valuation is found in the amalgam of locational, physical and legal characteristics and innumerable other forces which control and energise the property market (Whipple 1995). Particular irregular occurrences, or drastic changes in property markets, from either within market evolution or external forces, for example the creation of global financial markets, cause further uncertainty for valuers and provides challenges in identifying ‘market value’ in valuation practice. The praxis of valuation in a commercial sense navigates this complexity using a combination of algorithms and heuristics to identify the value of a property. The application of theoretical mathematical algorithms based on economic theory (Brown 1995), is augmented by valuers’ ability to apply appropriate adjustment based on their knowledge of the market, their ability to analyse, assess and compare the attributes of a property in comparison to its market, and their practical experience (Sliogeriene 2008). Despite the necessity of algorithms, the application of appropriate adjustments and assumptions are important in arriving at a value. This paper is a critical reflection on the basis of valuation practice as guided by standards, methods, and ethics (algorithms), and the use of heuristics in practice. This is important because changes within property markets challenge the inter-relationship between these two aspects of valuation practice. Through the authors’ industry experience and a review of previous research and statements of practice norms this paper provides an analysis of the ability of valuers to address market change in their valuation practices.

Climate change regulation : implications for business executives

Purpose – The purpose of this paper is to provide an overarching conceptual decision model that delineates the major issues and decisions associated with carbon regulations that will allow executives to better understand the potential regulatory schemes and implications that may be imposed in the near future.
Design/methodology/approach – The authors use the extant literature as the foundation to develop a conceptual model of the decisions pertaining to climate change regulation that face business executives today.
Findings – This paper suggests four major categories of issues that must be addressed in any climate change regulatory scheme. These include: “scope” – will carbon emission management systems be global or regional; “who pays” – will the consumer or will the supply chain be responsible for the cost of their emissions; “market or compliance-based mechanisms” – will the CO2 emissions system be market-based or a compliance-based regulatory system; and “criteria” – how can credence of the remedy be established – what is necessary for a business initiative to qualify for as a creditable carbon offset?
Research limitations/implications – This paper offers a framework that categories the fundamental decisions that must be made in any climate change regulation. This framework may be useful in advancing research into any of the four categories of decisions and their implications on commerce and the environment. This paper is designed to be managerially useful and in that way does limit its ability to specifically advance many dimensions of research.
Practical implications – The paper offers executives for a simple model of the decisions that must be made to craft an effective climate change regulatory scheme. In addition, it suggests how these decisions may create exploitable economic opportunities for innovative and proactive firms.
Originality/value – This paper adds value to the debate by clarifying the decisions that must be addressed in any climate change regulation scheme.

The increasing criminalization of economic law : a competition law perspective

Purpose – The purpose of this paper is to examine the trend towards the criminalization of hard core cartel conduct and to consider the appropriateness and effectiveness of extending the criminal law to this conduct. In addition, it will consider some of the legal implications, including the exposure of directors of companies to potential racketeering charges.
Design/methodology/approach – The paper first examines cartel theory and the justification for prohibition. The paper then identifies the emerging trend toward criminalization of hard core cartel conduct, followed by an assessment of potential justifications for criminalization. Implications of criminalization, including the potential impact of organized crime legislation on offenders and regulators, will then be considered.
Findings – There is a clear trend towards the criminalization of hard core cartels. The paper argues that this trend is appropriate, both because of the moral culpability it attracts and because of its potential to enhance general deterrence. The paper also argues that cartel conduct, in jurisdictions in which it is criminalized, will constitute “organized crime” as defined in the Palermo Convention and, as such, expose participants to potential money laundering and asset forfeiture consequences.
Originality/value – This paper is of value to governments and regulators considering adoption or implementation of a criminal cartel regime and to practitioners in advising clients about potential consequences of cartel conduct within a criminal regime.

Information needs and the implications for monitoring health systems : the Australian experience

This paper outlines the information needs underlying the health information system in Australia and the implications these have for the ability to monitor the performance of the health system. We discuss the use of indicators in performance monitoring and the role of information frameworks in providing a basis for their development. The major Australian data sources to support the development of performance indicators are outlined, and their current and likely futures uses for performance monitoring discussed.

Winds of change in Myanmar? Implications for international cooperation In poverty alleviation

We are witnessing the beginnings of what could well be significant change in Myanmar. Elections in November 2010 were quickly followed by the release of opposition leader Aung San Suu Kyi, then by the resignation of Senior-General Than Shwe, dissolution of the State Peace and Development Council (SPDC), the opening of parliament, and the inauguration of Thein Sein as President on 30th March 2011. Thein Sein's inauguration speech called for national reconciliation and an end to corruption, promised a more market-oriented economy, and vowed to create employment opportunities. He also pledged to develop the health and education sectors in cooperation with international organisations, and to alleviate poverty. While some fear this may only be rhetoric, a growing number of indications suggest that major political and economic reform may indeed be getting underway. This paper traces these recent developments and the possibility of significantly improved international development cooperation in Myanmar, particularly as it affects the prospects of poverty alleviation efforts and cooperation with Western INGO and multilateral agencies. It analyses the implications of this reform on international development assistance and cooperation from the perspectives of humanitarian needs, international relations theory, development theory, and political philosophy.

Re-positioning Australia's international education in global knowledge economies : implications of shifts in skilled migration policies for universities

In recent times, many key host nations have made it easier for foreign graduates to migrate after graduation. These students are often considered ideal migrants, possessing local qualifications along with a degree of acculturation, language skills and, in many cases, relevant local work experience. For the student, the opportunity to obtain international work experience adds to the appeal of the overseas study experience and enhances the graduate skills necessary to compete in the global labour market. This paper examines recent changes to migration policy in Australia affecting the post-study work entitlements of international students studying at Australian universities and explores the underlying rationale and consequences of the recent changes in policy direction. An examination of migration policies in the United States, United Kingdom, New Zealand and Canada indicates that recent changes to skilled migration policy in Australia, along with bleak economic conditions in a number of key host countries, has opened up opportunities for Australia to re-position itself favourably.

Medication adherence self-report instruments : implications for practice and research

Background: After an acute cardiac event, adhering to recommendations for pharmacologic therapy is important in achieving optimal health outcomes. Considering the impressive evidence base for cardiovascular pharmacotherapy, strategies for promoting adherence are less well developed. Furthermore, accessing reliable, valid, and cost-effective mechanisms of monitoring adherence in the research and clinical settings is challenging. Aim: The aim of this article was to review published self-report measures assessing and monitoring medication adherence in cardiovascular disease and provide recommendations for research into medication adherence. Methods: The electronic databases CINAHL, Medline, and Science Direct were searched using the key search terms medication adherence and/or compliance, cardiovascular, self-report measures, and questionnaires. The World Wide Web was searched using the Google and Google Scholar search engines, and reference lists of retrieved documents were reviewed. The search strategy was verified by a health librarian. Instruments were included if they specifically addressed medication adherence as a discrete construct rather than a disease-specific or a generic health status measurement. Findings: Despite of the problems with medication adherence identified in the literature, only 7 instruments met the search criteria. There was limited use of instruments across studies and settings to enable comparison across populations and extensive psychometric evaluation. Conclusions: Medication adherence is a complex, multifaceted construct dependent on a range of physical, social, economic, and psychological considerations. In spite of the importance of adherence in ensuring optimal cardiovascular outcomes, conceptual underpinnings and methods of assessing medication adherence require further discussion and debate.

Toxic marine microalgae and shellfish poisoning in the British isles : history, review of epidemiology, and future implications

The relationship between toxic marine microalgae species and climate change has become a high profile and well discussed topic in recent years, with research focusing on the possible future impacts of changing hydrological conditions on Harmful Algal Bloom (HAB) species around the world. However, there is very little literature concerning the epidemiology of these species on marine organisms and human health. Here, we examine the current state of toxic microalgae species around the UK, in two ways: first we describe the key toxic syndromes and gather together the disparate reported data on their epidemiology from UK records and monitoring procedures. Secondly, using NHS hospital admissions and GP records from Wales, we attempt to quantify the incidence of shellfish poisoning from an independent source. We show that within the UK, outbreaks of shellfish poisoning are rare but occurring on a yearly basis in different regions and affecting a diverse range of molluscan shellfish and other marine organisms. We also show that the abundance of a species does not necessarily correlate to the rate of toxic events. Based on routine hospital records, the numbers of shellfish poisonings in the UK are very low, but the identification of the toxin involved, or even a confirmation of a poisoning event is extremely difficult to diagnose. An effective shellfish monitoring system, which shuts down aquaculture sites when toxins exceed regularity limits, has clearly prevented serious impact to human health, and remains the only viable means of monitoring the potential threat to human health. However, the closure of these sites has an adverse economic impact, and the monitoring system does not include all toxic plankton. The possible geographic spreading of toxic microalgae species is therefore a concern, as warmer waters in the Atlantic could suit several species with southern biogeographical affinities enabling them to occupy the coastal regions of the UK, but which are not yet monitored or considered to be detrimental.

Neoliberalism, economic restructuring and policy change : precarious housing and precarious employment in Australia

Housing, employment and economic conditions in many nations have changed greatly over the past decades. This paper explores the ways in which changing housing markets, economic conditions and government policies have affected vulnerable individuals and households, using Australia as a case study. The paper finds a substantial number and proportion of low income Australians have been affected by housing and employment that is insecure with profound implications for vulnerability. Importantly, the paper suggests that in Australia the economic gains achieved as a consequence of mining-related growth in the early 2000s were translated as greater employment security for some on low incomes, but not all. Enhanced access to employment in this period was differentiated by gender, with women largely missing out on the growth in jobs. For the population as a whole, employment gains were offset by increased housing insecurity as accommodation costs rose. The paper finds low income lone parents were especially vulnerable because they were unable to benefit from a buoyant labour market over the decade 2000–2010. They were also adversely affected by national policy changes intended to encourage engagement with paid work. The outcomes identified for Australia are likely to have been mirrored in other nations, especially those that have embraced, or been forced to adopt, more restrictive welfare and income support regimes.

Applied econometrics and implications for energy economics research

Developments in applied econometrics, particularly with regard to unit root tests and cointegration tests, have motivated a rich empirical literature on energy economics over the last decade. This study reviews recent developments in time series econometrics applications in the energy economics literature. We first consider the literature on the integration properties of energy variables. We begin with a discussion of the implications of whether energy variables contain a unit root and proceed to examine how results differ according to the specific unit root or stationarity test employed. We then proceed to examine recent developments in the literature on cointegration, Granger causality and long-run estimates between (disaggregated) energy consumption and economic growth. We review both single country and panel studies and pay particular attention to studies which have expanded the literature through adding variables such as financial development and trade, in addition to energy consumption to the augmented production function, as well as studies which have extended the literature through examining disaggregated energy consumption by type. In each case we highlight best practice in the literature, point to limitations in the literature, including econometric modeling challenges, and suggest recommendations for future research. A key message of our survey is that the profession needs to guard against 'overload' of research in these areas as most applied studies are no longer adding anything more to what is already known. © 2014 Elsevier B.V. All rights reserved.

Economic Bias of Weather Forecasting: A Spatial Modeling Approach

The value of accurate weather forecast information is substantial. In this paper we examine competition among forecast providers and its implications for the quality of forecasts. A simple economic model shows that an economic bias geographical inequality in forecast accuracy arises due to the extent of the market. Using the unique data on daily high temperature forecasts for 704 U.S. cities, we find that forecast accuracy increases with population and income. Furthermore, the economic bias gets larger when the day of forecasting is closer to the target day; i.e. when people are more concerned about the quality of forecasts. The results hold even after we control for location-specific heterogeneity and difficulty of forecasting.

Corporate social responsibility, economic globalization and developing countries: a case study of the ready made garments industry in Bangladesh

Purpose – This paper aims to examine the state of corporate social responsibility (CSR) in labour-intensive industries in developing countries in the context of economic globalization. Using the ready-made garments’ (RMG) industry in Bangladesh as a case study, challenges and key issues relating to CSR are highlighted. Design/methodology/approach – The paper draws from the review of existing literature, and the content analysis of two leading newspapers in Bangladesh for a period of one year (July 2012-June 2013) to identify the key and contemporary issues related to CSR in the RMG industry. Findings – Findings identify the contemporary issues of concerns associated with CSR in the RMG industry, relating them to the debate on the applicability of Carroll’s CSR pyramid to developing countries. The findings suggest that non-compliance of CSR in labour-intensive industries is a function of the nature of economic globalization. The need for a stakeholder approach towards CSR for the profitability and sustainability of this industry is also highlighted. Practical implications – This paper makes contributions to two different but important interrelated discourses on CSR and economic globalization. It also provides insights into the complexity involved in CSR in labour-based export industries in developing countries and acts as a springboard for further research. Originality/value – The paper is the first to look at all major issues of concern regarding CSR in theRMG industry in Bangladesh. As Bangladesh is an exemplar of developing countries andRMGis a typical starter industry, the findings are generalizable to similar industries in other developing countries.

Transferring 'Yellow River capitalism' to Africa and its implications

This chapter reviews the extent to which China has involved in Africa in recent years. The economic, social and political implications from a macro perspective are analysed. Several international managerial challenges for Chinese enterprises operating in Africa at the micro-level are outlined.