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.

The implied convenience yield of precious metals: safe haven versus industrial usage

During a financial crisis, investors find it convenient to hold gold (Gd) as a safe haven. But during good economic times, manufacturing firms find it convenient to stockpile platinum (Pl), palladium (Pd) and especially silver (Si), for industrial usages. We have three related objectives. First, we examine the nature of cross-market interactions among the convenience yields (cy_it) of {Gd, Pl, Pd, Si}, which are implied from cost-of-carry relations. Second, we test if the more influential cy_it of certain precious metals are also affecting the return, volatility and/or volume dynamics of other precious metals. Third, we analyze if the cy_it of gold is enhanced (diluted) during (after) the Asian and Global financial crises. We find, consistent with our propositions, that during crisis period, gold’s cy_it provides incremental information to the volatility series of {Gd, Pl, Pd, Si}. But during good economic times, it is silver’s cy_it that has the most influence on the return series across {Gd, Pl, Pd, Si}. This is not surprising given that Si has the largest proportion of industrial usage among the four metals.

The drivers for port city sustainable development : what triggers these and what changes does the current economic climate facilitate?

Over the last decade various waterfront cities have undergone major redevelopments, for example Wellington, Southbank (Melbourne), Baltimore, Sydney and Canary Wharf (London). These were all completed prior to the global financial climate of 2008/10. The world has changed. This paper explores the drivers for past port city redevelopment projects; What impetus drove these projects forward? What tools supported the projects to go ahead? In an unstable financial market do these remain viable? And if not are there new drivers which are stepping in to replace the classic drivers of the past? A literature review of academic, practitioner, policy documents and social media is analyzed to establish the drivers of the past, comparing these to current and future drivers. The review will be based on a survey of 40 international cities based on or near a port which have undergone significant redevelopment prior to or during the 2008/10 financial crisis. It assesses the drivers for sustainable development in port cities and explores the potential for establishing a matrix for successful sustainable development.

Market effects on forecasting construction prices using vector error correction models

Construction price forecasting is an essential component to facilitate decision-making for construction contractors, investors and related financial institutions. Construction economists are increasingly interested in seeking a more analytical method to forecast construction prices. Although many studies have focused on construction price modelling and forecasting, few have considered the impacts of large-scale economic events and seasonality. In this study, an advanced multivariate modelling technique, namely the vector correction (VEC) model with dummy variables, was employed. The impacts of global economic events and seasonality are factored into the model to forecast the construction price in the Australian construction market. Research findings suggest that both long-run and dynamic short-term causal relationships exist among the price and levels of supply and demand in the construction market. These relationships drive the construction price and supply and demand, which interact with one another as a loop system. The reliability of forecasting models was examined by the mean absolute percentage error (MAPE) and the Theil's inequality coefficient U tests. The test results suggest that the conventional VEC model and the VEC model with dummy variable are both acceptable for forecasting the construction price, while the VEC model considering external impacts achieves higher prediction accuracy than the conventional VEC model. © 2014 © 2014 Taylor & Francis.