The national fallout from Queensland's crisis

The entire national arts sector is facing worrying reverberations as a result of the massive cuts to small and medium arts organisations in Queensland. Part 3 of Ben Eltham's investigation into the Arts Queensland funding cuts of 2013.

Economic effects of the external debt crisis for Pakistan

Pakistan experienced an external debt crisis in 1998. There is robust evidence of the significant positive effects of the growth rate of real long-term external debt and negative effects of the growth rate of total debt servicing as a percentage of exports on real GDP growth in short and long-run.

PhD crisis discourse: a critical approach to the framing of the problem and some Australian ‘solutions’

A feature of HE reform discourse is the tendency to construct the rationale for reform in terms of averting calamity and risk. We refer to this risk talk as ‘crisis discourse’. This study examines the formulation of PhD crisis discourse internationally and in Australia. We find that a key feature of PhD crisis discourse is that universities are producing too many graduates for too few academic jobs; and graduates lack skills that enable them to be productive in jobs outside academia. In Australia, the discourse has shifted from one dominated by efficiency concerns from the late 1990s to the present focus on graduate skills and employability. The policy solution to the efficiency crisis in the Australian PhD resulted in system-wide changes in research training funding focused on increased efficiency. The current unemployability discourse has as yet prompted isolated institutional responses, the introduction of new PhD programs or re-badging existing offerings as pro-skills development offerings. Following an examination of three Australian institutional responses, we conclude that the crisis discourse signals tensions surrounding the PhD: should achievement in doctoral education be measured by outcomes in intellectual excellence or the responsiveness of qualification to the current needs and priorities of society?

Determinants of stock returns: Factors or systematic co-moments? Crisis versus non-crisis periods

In this paper we evaluate the intertemporal pricing performance of stock return determinants over the periods surrounding, and outside of, financial crises. The analysis focuses on the variables of size, book-to-market ratio, momentum, liquidity, and higher-order systematic co-moments. The evidence reveals that over non-crisis periods the market beta plays an important role in determining the cross-section of stock returns. Size, value, momentum, and liquidity also exhibit associations with the cross-section of stock returns. However, over crisis periods most of the variables we examined lose their explanatory power, suggesting that their usefulness is limited for investment purposes when financial markets experience crises. There is some evidence of coskewness pricing surrounding market crashes. Practitioners may consider coskewness over crisis periods.

Economic crisis in Korea and the degraded developmental state

This article analyses the Korean developmental state since the late 1990s, and argues that the state has continued to play a weighty role in the economy. The state guided industrial and financial restructuring after the Asian economic crisis, and intervened to stimulate the economy during the 2008 global financial crisis. In doing so, state elites have displayed a distinctive form of economic leadership that is largely consistent with the developmental state. Rather than focusing predominantly on performance-related indicators of state strength such as growth rates, this article analyses the deeper aspects of the developmental state, specifically its internal functions and its collaboration with business. The article brings politics back into analysis of the developmental state by questioning the assumption that strong economic performance is necessary for the maintenance of close ties between the state and chaebol. Instead, economic performance is better understood as a predictor of patterns of conflict and cooperation. Longstanding ties between the state and big business have endured two significant economic crises, even if the performance of the developmental state has been degraded compared to earlier decades.

The Victorian bushfires and extreme weather events : media coverage, crisis and communication

The 2009 'Black Saturday' Victorian bushfires claimed the lives of 173 people and have become known as the worst fire event in Australian history. Victoria has been at the centre of two other significant Australian fire disasters - 'Black Friday' in 1939 and the 1983 'Ash Wednesday' fires in south-eastern Australia that claimed the lives of 47 people in Victoria. As media scholar and commentator Michael Gawenda has noted, the media not only report an 'event' - like the Victorian bushfires or the tsunami in the South Pacific - but in a sense create and define it. Print and electronic media coverage of extreme weather events therefore raises a multitude of issues about the media's role in serving the community before, during and after a crisis, while also trying to produce the best possible reportage in a competitive industry undergoing dramatic change. This issue of MIA provides a venue for critical, empirical engagement with media coverage and representation, and the role of journalism and journalists in reporting national and international bushfires, tsunamis, hurricanes and other extreme weather events, with a special focus on the 2009 Victorian bushfires. Its goal is to address the ramifications of an industry in flux - indeed, some may say crisis - driven by technological advances, staff reductions and media organisations under financial pressure, and to explore the ways in which such extreme weather events have impacted media practices and policy

Merah and Breivik: a mirror effect of a European identity crisis

While the cases of Anders Behring Breivik and Mohamed Merah clearly demonstrate the impact of social networks and the role of the Internet and prison on the radicalization process, the killings in Norway and France in fact expose larger issues that exist within contemporary Europe, including profound identity crises manifesting as Islamist extremism in some quarters and far-right extremism in others. This article discusses the individual pathways towards extremism of Merah and Breivik, the interconnectivity of two extremisms and how these can be understood as mirrored manifestations of an identity crisis in Europe.

Personal resilience in times of crisis : the implications of SWB homeostasis and set-points

Our companion paper (Cummins et al. in J Happiness Stud, 2013) describes the statistical process used to demonstrate set-points and set-point-ranges for subjective wellbeing. The implications of set-points and homeostasis are now considered in the context of resilience. This discussion leads with a brief overview of resilience definitions and is followed by a description of subjective wellbeing (SWB) homeostasis. This addresses, in particular, the issue of SWB malleability under homeostatic control. The link between resources and resilience is then considered, in terms of predictions made by homeostasis theory. Finally, discussion focuses on the implications of such understanding for future directions in SWB research. It is concluded that an understanding of set-points and homeostasis allows new insights into the resilience construct.

PhD crisis discourse : a critical approach to the framing of the problem and some Australian ‘solutions’

 A feature of HE reform discourse is the tendency to construct the rationale for reform in terms of averting calamity and risk. We refer to this risk talk as 'crisis discourse'. This study examines the formulation of PhD crisis discourse internationally and in Australia. We find that a key feature of PhD crisis discourse is that universities are producing too many graduates for too few academic jobs; and graduates lack skills that enable them to be productive in jobs outside academia. In Australia, the discourse has shifted from one dominated by efficiency concerns from the late 1990s to the present focus on graduate skills and employability. The policy solution to the efficiency crisis in the Australian PhD resulted in system-wide changes in research training funding focused on increased efficiency. The current unemployability discourse has as yet prompted isolated institutional responses, the introduction of new PhD programs or re-badging existing offerings as pro-skills development offerings. Following an examination of three Australian institutional responses, we conclude that the crisis discourse signals tensions surrounding the PhD: should achievement in doctoral education be measured by outcomes in intellectual excellence or the responsiveness of qualification to the current needs and priorities of society? © 2014 Springer Science+Business Media Dordrecht.