Exchange rate regimes and fiscal discipline: the role of trade openness

This study revisits the relationship between exchange rate regime (ERR) choice and fiscal discipline focusing on the role of trade openness. The conventional theoretical view is that fixed regimes bring about more fiscal discipline, while the recent literature argues that flexible regimes are more disciplinary. Empirical studies have provided mixed evidence. Using a panel dataset for a large number of developing and developed countries, as well as pooled panel OLS and instrumental variables (IV) estimation techniques, we find support for both views. We document that a fixed ERR is disciplinary at low levels of trade openness, while a flexible regime produces a greater fiscal discipline above a certain level of trade openness. Moreover, this relationship applies to only developing countries. These findings remain robust across different measures of fiscal outcomes, a number of controls, across different sub-samples, and are supported by both annual and five-year averaged panel data.

Analysis of trade-offs between biodiversity, carbon farming and agricultural development in northern Australia reveals the benefits of strategic planning

Australia's northern savannas are one of the few remaining large and mostly intact natural areas on Earth. However, their biodiversity and ecosystem values could be threatened if proposed agricultural development proceeds. Through land-use change scenarios, we explored trade-offs and synergies among biodiversity conservation, carbon farming and agriculture production in northern Australia. We found that if all suitable soils were converted to agriculture, habitat at unique recorded locations of three species would disappear and 40 species and vegetation communities could lose more than 50% of their current distributions. Yet, strategically considering agriculture and biodiversity outcomes leads to zoning options that could yield >56,000 km2 of agricultural development with a significantly lower impact on biodiversity values and carbon farming. Our analysis provides a template for policy-makers and planners to identify areas of conflict between competing land-uses, places to protect in advance of impacts, and planning options that balance agricultural and conservation needs.

Evaluation of SWAT for modelling the water balance of the Woady Yaloak River catchment, Victoria

Future land use change will have a profound effect on the water balance of agricultural and rural catchments in Australia. It is therefore imperative that any such consequences likely to arise from impending land use changes are predicted accurately so that strategies can be implemented to minimise or prevent undesirable impacts to the water balance of catchments. SWAT is a comprehensive hydrologic model developed to predict the impacts of land use change on water balance. SWAT has been applied in Australia but it has not yet been widely adopted. The application of SWAT to the Woady Yaloak River catchment in southwest Victoria is described in this paper. SWAT is being evaluated to determine whether it is suitable for modelling the water balance of catchments in the southwest region of Victoria and to determine if it could be adopted as a planning tool to manage land use change. The results achieved in this initial application of SWAT were very pleasing. However it is shown that the groundwater and tree growth components of the model are not entirely adequate. These shortcomings with SWAT affect its ability to accurately model the water balance of catchments in Australia. It is recommended that both these components be modified to improve model performance.

Regulatory Change v's volume of trade effects in HSIF and HSI volatility

In an earlier paper we adopted a BEKK-GARCH framework and employed a systematic approach to examine structural breaks in the HSIF and HSI volatility. Switching dummy variables were included and tested in the variance equations to check for any structural changes in the autoregressive volatility structure due to the events that have taken place in the Hong Kong market. A Bi-variate GARCH model with 3 switching points was found to be superior as it captured the potential structural changes in return volatilities. Abolishment of the uptick rule, increase of initial margins for the HSIF and electronic trading of HSIF were found to have significant impact on the volatility structure of HSIF and HSI. In this paper we include measures of daily trading volume from both markets in the estimation. Likelihood ratio tests indicate the switching dummy variables become insignificant and the GARCH effects diminish but remain significant.

Perceptions of gender balance of IS journal editorial positions

An analysis of 18,854 editorial positions on IS journals was undertaken to examine the perceived gender balance of those positions as an indication of their contribution towards a positive role model for females considering an IS academic career. The nature and extent of perceived gender balance is examined in terms of overall composition of editorial positions, journal prestige and the specific area within IS covered by a journal. The results indicate that perceived gender balance of editorial positions reflects that of ICT academia generally, and that female representation appears to be concentrated in journals covering areas that are traditionally seen as female occupations, e.g., health, education, librarianship. As such, little or no encouragement is given to females considering an IS academic career.

Application of SWAT to model the water balance of the Woady Yaloak River catchment, Australia

The widespread land use changes that are expected to occur across the Corangamite region in southwest Victoria, Australia, have the potential to significantly alter the water balance of catchments. Adoption of the Soil and Water Assessment Tool (SWAT), which is a long-term water balance model, as a tool for predicting land use change impacts on catchment water balance for the Corangamite region is currently being considered. This paper describes the initial application of SWAT to the Woady Yaloak River catchment, located within the Corangamite region, to carry out an evaluation of its abilities for simulating the long-term water balance dynamics of the catchment. The performance of the model for predicting runoff at annual and monthly time scales was found to be very good. The excessive recharge of the shallow aquifer that occurred during winter, despite the subsoil being relatively impermeable, ultimately contributed to overestimation of baseflow and underestimation of interflow. The actual evapotranspiration from hydrologic response units (HRU s) containing eucalyptus trees was significantly less than that from HRUs containing pasture, a problem attributed to the incorrect simulation of Leaf Area Index (LAI) and biomass by the model for mature stands of eucalyptus trees and also to assigning inadequate values for two parameters that directly influence evapotranspiration. SWAT has very good potential for being used as tool to study land use change impacts across the Corangamite region provided that several modifications are made to the model to overcome some of the shortcomings and deficiencies that were identified in this initial application.

The role of sister city relationships in the enhancement of trade : Latrobe City (Australia) and Taizhou (China)

Traditionally the role of Sister City relationships has been a political and cultural one involving local governments across the world. Over the decades this role has been questioned in both its efficacy as well as its
focus. Hundreds of Sister City relationships have developed and in Australia velY few can be said to have produced long term and worthwhile outcomes. New interpretations of the /ill1ctionality of Sister City relationships in Australia (and elsewhere) has resulted and has shifted towards an inclusion of a consideration of the commercial utility of such relationships and not solely cultural (0 'Toole 2001). Today especially with current strong trade relations with China, new models are sought to provide sustainability and long term prospects to such relations. This paper examines the possibility of special sister city relations between
Australian and Chinese cities using their sister city links. Specifically an examination in this paper is undertaken of the City of Latrobe and Taizhou as a case study of interest which provides sustainable trade potential between two strong small medium enterprise (SME) economies.

The monetary approach to understanding the balance of payments for the Fiji Islands

The monetary approach to the balance of payments postulates a unidirectional, negative causality running from domestic credit to net foreign assets. Using data for Fiji for the period 1974–2003, we find a statistically significant, negative correlation between domestic credit and net foreign assets; but the Granger causality test reveals no statistical evidence of causality running from domestic credit to net foreign assets. This finding suggests that domestic credit is mainly passive and is not the central tool of monetary policy to which the balance of payments adjusts.

The relationship between the real exchange rate and balance of payments: empirical evidence for China from cointegration and causality testing

This article examines the relationship between the renminbi real exchange rate and China's foreign exchange reserves using cointegration and Granger causality testing. The main findings are that in the long run foreign exchange reserves Granger cause the real exchange rate. Meanwhile, in the short run there is unidirectional Granger causality running from foreign exchange reserves to the real exchange rate.

Multilevel model of trade union membership

Presents a new theory of why people join or leave trade unions. Shows that a major influence on this decision is the quality of social relationships in the workplace. In particular, workplaces with a workforce of diverse occupational groups are not conducive to trade unionism.