Early years education in the primary years programme: implementation strategies and programme outcomes

This mixed-methods study investigated implementation strategies and child learning outcomes in early years education in the Primary Years Programme. Researchers from Deakin University evaluated processes and outcomes in four early years programmes, two in Singapore and two in Melbourne, Australia. Researchers collected qualitative data through classroom observations, drawings and writing produced by children, and interviews with educators, coordinators and parents. Quantitative data was collected through assessments of children’s literacy, developmental school readiness and learning skills. Three of the early years programmes appeared to support the development of learner profile attributes through inquiry-led learning and play-based approaches, while one site in Singapore was still in a developmental stage of implementing the programme. The study suggested that literacy skills at all sites were fairly developed; that children were performing at levels commensurate with or better in terms of school readiness; and that children were developing learning skills at higher rates than a comparative sample.

A dynamic model of tourism, employment and welfare: the case of Hong Kong

The present paper uses a dynamic open-economy model with wage indexation to examine the impact of tourism on employment and welfare. Both short-run and long-run situations are analysed. It is well known that tourism converts non-traded goods into tradable goods. An increase in the demand for a non-traded good raises its relative price, which results in an expansion of the non-traded sector at the expense of the traded goods sector. This output shift raises labour employment in the short run. However, in the long run, the higher relative price leads to higher wages, resulting in a negative impact on labour employment. If the output effect is dominant, the expansion in tourism raises employment and welfare. However, under realistic conditions tourism may lower both labour employment and welfare due to rising costs. These results are demonstrated by simulating a dynamic model for the case of Hong Kong.

Price dynamics, foreign exchange and anticipated shocks in a tourism economy

Using a dynamic model of an open monetary economy, this paper examines the effects of tourism-related anticipated shocks on goods prices and foreign exchange reserves. Foreign tourists consume mainly non-traded goods in holiday destinations, converting them into exportable goods. This gives rise to a tourism terms-of-trade effect that affects the accumulation of foreign exchange. Announcements of anticipated events bring tourist visits forward, resulting in an initial underadjustment or an over-adjustment in the prices of the non-traded goods when the tourism termsof-trade effect is positive or negative. This leads to an increase or a decrease in foreign reserves in the long run.

Quotas, spillovers, and the transfer paradox in an economy with tourism

This paper examines the welfare implications of quotas for an economy that is small in terms of traditionally traded goods and has monopoly power over the trade of goods consumed by tourists. Inbound tourism converts local nontraded goods into tradable goods, creating a tourism terms-of-trade effect for the touristreceiving economy. Through this effect, quotas result in a spillover to the nontraded sector. Hence, in the presence of tourism, the traditional free-trade prescription for the small open economy is no longer valid. This lends support to the setting of import quotas. Using the optimal quota as a benchmark, we further examine the welfare effect of tied aid. If tied aid brings about an excessive supply of importable goods, then the transfer paradox of the immiserization of the tourist- receiving economy may occur.

Foreign aid, leisure-effort choice, and economic growth

Using an endogenous growth model, this paper examines the growth and welfare effects of foreign aid in the recipient economy. The emphasis is on the incentive factor of the effort-leisure choice. Besides financing public services, part of the aid is transferred to the public. This increases individual wealth, thereby providing less incentives to individuals for human capital acquisition, but with more leisure. Thus, foreign aid may not always help the growth and welfare of the economy. Taking this incentive factor into account, we further study the issue on aid allocation in achieving the highest levels of growth and welfare. Along the balanced growth path, aid allocation for welfare maximization is different from that under growth maximization.

Tariff and consumption tax reforms in a developing tourism economy

This paper examines the effects of a coordinated tax reform by replacing import tariffs with point-by-point increases in consumption taxes for a small-open developing tourism economy. Foreign tourists demand for the non-traded goods provided in the informal sector of the host economy, resulting in a tourism-induced terms-of-trade effect. The presence of inbound tourism lends a support to positive tariffs even for a small open economy. The indirect tax reform of this kind can increase residents’ welfare and government revenue when the initial tariffs are relatively larger to the consumption taxes.

Housing markets with foreign buyers

There are cities in the world which have experienced substantial numbers of foreign buyers in the local housing markets, thereby pushing up the real estate prices to the levels beyond the affordability of local residents. To suppress foreign influences in the forming of housing bubbles, governments have resorted to short-term measures of stamp duty or raising the duty rate for non-local buyers, increasing down payments and restricting or even forbidding non-local purchases. These new measures may help contain the demand for housing, but short of being the first-best optimal housing policy for an open economy with significant non-local and foreign buyers. We argue that the first-best policy is to tax non-local and foreign buyers and then use the tax revenue generated to subsidize domestic low- and middle-income buyers. The optimal tax rate under this compensated scheme is smaller than the tax rate under the lump-sum transfer of tax revenue to all residents. © 2014 Springer Science+Business Media New York.

Ultrafine grain formation in a Ti-6Al-4V alloy by thermomechanical processing of a martensitic microstructure

In the current study, ultrafine equiaxed grains with a size of 150 to 800 nm were successfully produced in a Ti-6Al-4V alloy through thermomechanical processing of a martensitic starting microstructure. This was achieved through a novel mechanism of grain refinement consisting of several concurrent processes. This involves the development of substructure in the lath interiors at an early stage of deformation, which progressed into small high-angle segments with increasing strain. Consequently, the microstructure was gradually transformed to an equiaxed ultrafine grained structure, mostly surrounded by high-angle grain boundaries, through continuous dynamic recrystallization. Simultaneously, the supersaturated martensite was decomposed during deformation, leading to the progressive formation of beta phase, mainly nucleated on the intervariant lath boundaries.