Trade and industrial policy in developing countries : what scope for interfaces between agent-based models and computable-general equilibrium models

How best to assess trade and industrial policy in developing countries is a controversial question that unlocks a host of modelling complexities. Large computable general-equilibrium (CGE) models dominate many economic policy debates, but recent developments in the field have demonstrated that it is by no means clear that they give reliable results to questions of how trade reforms affect the poor. Over the last decade or so, a new approach to modelling complex systems has emerged using agent-based models (ABMs). This paper explores the question of whether ABMs are useful for economic policy-makers seeking to quantitatively model the effects of trade and industrial policies and whether constructive interfaces could be developed between CGE models and ABMs. The paper argues that in developing economic policy, ABMs can and should be used in conjunction with CGE models and that there is much to be gained from a greater understanding of the strengths and weaknesses of different modelling approaches, and what domains are most appropriate for their use. It concludes with some reflections on the reasons for the success of CGE approaches and ways in which ABMs could be made more widely understood and used among economists.

Banking regulation and market forces in Australia

The purpose of this paper is to use Kane's notion of the regulatory dialectic to analyse the changing nature of bank regulation in Australia. Throughout Australia's economic history, economic regulation of the Australian banking system has not been static but has responded to changes in technology, market forces, and the behaviour of regulated institutions. From this analysis, some inferences about general banking principles and policy can be made.

Pharmaceuticals in Australia: developments in regulation and governance

The pharmaceutical domain represents a type of internationalised policy network theorised in recent writings on neo-liberalism, neo-corporatism and governance. This article presents an analysis of developments in prescription drug regulation in Australia. A relatively stable, state-managed pattern of interaction has been superseded by less closed exchange, and the government itself has fragmented into agencies pursuing different objectives. Developments in the three core regulatory areas are described: safety and efficacy controls, social policy (access and equity), and state support for industry (economic) development. Consensus-building occurs within the context of the National Medicines Policy. The pharmaceutical industry, represented by Medicines Australia, has a stake in all aspects of pharmaceutical policy and regulation, and draws upon unique resources (expertise and lobbying capacity). The context for the developments described is Australia's abandonment of a protectionist version of the Keynesian welfare national state in favour of the model of the competition state, which is oriented towards support for the growth of high technology industries such as pharmaceuticals, premised on partnerships with business.

Analysing health claims policy in Australia : a case study of evidence in food and nutrition policy-making

Purpose: Health claims generally describe an association between a food product and a health outcome. There is debate whether health claims promote or obstruct healthy food selection behaviour. This study investigates the role of evidence in food and nutrition policy-making. The research question is how and why was health claims policy made in Australia? The research is innovative in its critical analysis design and its focus on building theory to help improve food and nutrition policy-making processes and outcomes.

Methods: A case study design was adopted in which events, stakeholders and issues associated with the policy review were described from data generated from interviews and documentary sources. A content-analysis tool is being used to critically analyse textual data. Concepts in the text are being identified and relationships among the policy concepts, stakeholders and processes are being mapped.

Findings: The analysis of data associated with the policy review is revealing a pattern of relationships among stakeholders, processes and concepts around shared values, beliefs and interests towards food and health. Broader food regulation contexts have influenced the decision-making environment. The pattern of relationships shares common characteristics with Sabatier’s ‘Advocacy Coalition Framework’ theoretical explanation of policy-making.

Conclusions: The study findings have implications for health claims policy and practice in Australia. As a case study of evidence in food and nutrition policy-making, this research highlights the role of competing interests, beliefs and values in evidence interpretation. Challenges are identified in undertaking food policy research.

Biopharmaceutical innovation and industrial developments in South Korea, Singapore and Taiwan

South Korea, Singapore and Taiwan are well known as export-oriented developmental states which for decades employed industrial policy to target particular industries for government support. In the past fifteen years, these three countries all identified the biopharmaceutical industry as a strategic sector. This article explores, through economic analysis, the rationale for this decision and the strategies chosen for linking into the global bio-economy with the objective of catching up in biopharmaceuticals. The paper identifies three comparative advantages enjoyed by these countries in the biopharma sector: (1) public investments in basic research; (2) private investments in phase 1 clinical trials; and (3) a potentially significant contract research industry managing latter-stage clinical trials. Governments employ a range of industrial policies, consistent with these comparative advantages, to promote the biopharmaceutical industry, including public investment in biomedical hubs, research funding and research and development (R&D) tax credits. We argue that the most important feature of the biopharmaceutical industry in these countries is the dominant role of the public sector. That these countries have made progress in innovative capabilities is illustrated by input measures such as R&D expenditure as share of gross domestic product, number of patents granted and clinical trials, and volume of foreign direct investment. In contrast, output indicators such as approval of new chemical entities suggest that the process of catching up has only just commenced. Pharmaceutical innovation is at the stage of mainly generating inputs to integrated processes controlled by the globally incumbent firms.

Social networking, social harassment and social policy

This paper reports on the misuse of social networking sites (SNS). It was based on a study of 226 students in UK, Sweden, Turkey and France and a panel survey of 1068 Australian adults. Although only a minority of people experienced social harassment and abuse, the distressing nature of the bad experiences suggested that social marketing was needed on several fronts -self-regulation, regulation, education and personal responsibility - in order to minimise these behaviours.

Regulation and autonomy in teacher education: government, community or democracy?

Current attempts in industrialised countries to regulate teacher education in increasingly prescriptive ways raise profound social, ethical and pedagogical issues. This paper looks at the challenge such prescriptions pose and suggests that such regulation serves the democratic state less well than a more autonomous form of education. The implications of this alternative for teacher education are explored.

Regulation and autonomy in teacher education: government, community or democracy?

Current attempts in industrialised countries to regulate teacher education in increasingly prescriptive ways raise profound social, ethical and pedagogical issues. This paper looks at the challenge such prescriptions pose and suggests that such regulation serves the democratic state less well than a more autonomous form of education. The implications of this alternative for teacher education are explored.

The new arts leader: the Australia Council and cultural policy change

One consequence of the development of cultural policy has been a demand for more creative leadership in arts organisations. This article provides a case study of how leadership of the Australia Council changed from the 1970s to the beginning of the 21st century. It argues that changes to the way in which Australia Council chairs approached their role was shaped by, and contributed to, the trend towards constructing the arts as an industry. Part of this change sees the Australia Council subjected to aspects of reform, which were widely endorsed by the Australian public sector. The article identifies three styles of leadership exhibited by the chairs over the period: visionary, statesman and reformer, in three phases of the Council's history. It examines the political and social imperatives shaping these leadership styles.

Legal regulation and corporate governance in China`s top 100 listed companies

This article reports findings from an empirical study of corporate governance in China's top 100 listed companies. It examines the effectiveness of legal regulation, enforcement and remedies, finding that China's company and securities laws have not provided as string a legal framework for the protection of stakeholders im China's stock exchange listed companies as might be expected by investors.

Towards a new policy environment for indigenous people, culture and knowledge in Australian higher education: an examination of issues and possibilities for institutional and government policy

The purpose of this discussion paper is to stimulate an examination of critical issues in Indigenous higher education and encourage new possibilities to be explored. It invites a wide sharing of views. The paper
does not attempt to trace the full history of the policies for Indigenous higher education and the successes and failures. The focus instead is on the major contemporary issues and the key questions that might be considered by the conference participants.

Differences in underpricing returns between REIT IPOs and industrial company IPOs

This paper follows Chan, Stohs, andWang (2001), which argues that the underlying value of the real estate is not by itself the reason for the very substantial differences in underpricing returns between real estate investment trust (REIT) IPOs and industrial company IPOs.We use variables identified in previous studies that have helped explain the underpricing of industrial company IPOs to help explain the underpricing of property trust IPOs. We find that the prospectus forecast dividend yield is a critical variable in the valuation and hence underpricing of REIT IPOs compared to industrial company IPOs. The sentiment towards the market and whether or not the issue is underwritten also impact the underpricing of REITs but the impact is much less than on industrial company IPOs.