How the financial crisis sundered the dream of the autonomous subject

The article discusses the effect of the 2008 economic meltdown on self-reliance. Banks are noted to have honored credit default swaps and purchase mortgages as collateralized debt obligations (CDO) with the option of buy back at face value. Also discussed are the Wall Street Bailout, the Australian banking system and the overseas debt of Australia.

Volatility spillover between New Zealand stock market returns and exchange rate changes before and after the 1997 Asian financial crisis

Researchers in the last decade have been investigating the interdependence of stock returns and exchange rate changes within the same economy. Kanas (2000) and Yang and Doong (2004) find that for the G-7 countries, in general, the volatility of the stock market spills over to the exchange rate market but that volatility spillovers from the exchange rate market to the stock market are insignificant. Chen, Naylor, and Lu (2004) find that NZ individual firm returns are significantly exposed to exchange rate changes. This study complements their work by investigating the volatility spillover between the stock market and the foreign exchange market within the NZ economy.

A Ramsar wetland in crisis the Coorong, Lower Lakes and Murray Mouth, Australia

The state of global freshwater ecosystems is increasingly parlous with water resource development degrading high-conservation wetlands. Rehabilitation is challenging because necessary increases in environmental flows have concomitant social impacts, complicated because many rivers flow between jurisdictions or countries. Australia's MurrayDarling Basin is a large river basin with such problems encapsulated in the crisis of its Ramsar-listed terminal wetland, the Coorong, Lower Lakes and Murray Mouth. Prolonged drought and upstream diversion of water dropped water levels in the Lakes below sea level (20092010), exposing hazardous acid sulfate soils. Salinities increased dramatically (e.g. South Lagoon of Coorong>200gL-1, cf. modelled natural 80gL-1), reducing populations of waterbirds, fish, macroinvertebrates and littoral plants. Calcareous masses of estuarine tubeworms (Ficopomatus enigmaticus) killed freshwater turtles (Chelidae) and other fauna. Management primarily focussed on treating symptoms (e.g. acidification), rather than reduced flows, at considerable expense (≥AU$2 billion). We modelled a scenario that increased annual flows during low-flow periods from current levels up to one-third of what the natural flow would have been, potentially delivering substantial environmental benefits and avoiding future crises. Realisation of this outcome depends on increasing environmental flows and implementing sophisticated river management during dry periods, both highly contentious options.

Determinants of capital structure of A-REITS and the global financial crisis

This paper contributes to the capital structure literature by investigating the determinants of capital structure of Australian Real Estate Investment Trusts (A-REITs) over the period 2006-2009. By using a panel approach and a Global Financial Crisis (GFC) dummy variable, our analysis incorporates the Global Financial Crisis (GFC) shock which appears to have affected the market after December 2007. We find that A-REIT size, profitability, tangibility, operating risk and number of growth opportunities impact similarly to many previous studies of international entities upon the degree of leverage. We also find mixed support for prevailing capital structure theories of Pecking Order, Trade-off and Agency Theory, but find that Market Timing Theory can be rejected over our sample period. With specific focus after onset of the GFC, we find that the relationship between capital structure and our independent variables is somewhat distorted. Consequently, the postulations of theory also become distorted whereby changes to capital structure come about because of the primary goal to survive, rather than managerial opportunism.

Mental health telephone triage : managing psychiatric crisis and emergency

PURPOSE: The study aims to identify and articulate how mental health telephone triage (MHTT) clinicians manage psychiatric crisis and emergency via the telephone.

DESIGN AND METHODS: An observational design was employed in the study. Wireless headsets were used to observe 197 occasions of MHTT.

FINDINGS: Clinicians use a range of practical strategies, therapeutic skills, and psychosocial interventions to manage psychiatric crises and emergencies via the telephone.

PRACTICE IMPLICATIONS: The evidence base for managing psychiatric crisis/ emergency in MHTT is minimal. These findings contribute to the MHTT knowledge base and provide evidence-based strategies for high-quality emergency mental health care.

Implied volatility smiles, option mispricing and net buying pressure : evidence around the global financial crisis

Using the recent global financial crisis as an exogenous setting, we examine the presence and source of implied volatility smile phenomena in Australian S&P ASX 200 index options. We find a pronounced implied volatility smile for index puts in both bull and bear markets and a smile for index calls in the bear but not bull market. Implied volatilities of out-of-the money puts tend to be upwards biased whilst those of calls tend to be downwards biased. We also find that the bias in implied volatilities yields excess returns based on unhedged and delta-neutral trading strategies, suggesting that implied volatilities are related to option mispricing. Net buying pressure from market participants appears to be a source of mispricing in the case of out-of-the-money index puts with excess demand particularly pronounced during the bull period before the global financial crisis unfolded.

Corporatism, crisis and contention in Sweden and Korea during the 1990s

Debate has long surrounded corporatism’s depictions of power and the state, and the rise of neoliberalism has raised even more doubts about corporatism as an analytical construct. Faltering growth and rising unemployment in Sweden and Korea after financial crises in the 1990s seemed to confirm neoliberal expectations that all varieties of corporatism (state/authoritarian and societal/democratic) are doomed to decline, and that corporatism will converge on liberalism. Closer examination of the 1990s crises suggests that Swedish and Korean institutions have transformed rather than collapsed. Corporatist institutions have been transformed by ideas about networks and governance, interaction between national and international institutions and shifting alliances among export-oriented and competition-shielded employers, private and public sector unions and citizen networks. This article argues that the ‘dynamics of contention’ can explain how these new ideas and alliances transformed regimes in Sweden and Korea and as such constitute an alternative to corporatism as an analytical construct.

There are plenty of medical problems, but only one real crisis

Fixing the disgraceful state of indigenous health conditions would benefit us all in the long-term, writes Jim Hyde.