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.

Agency issues surrounding A-REITS and the global financial crisis

 This thesis examines the optimal balance of debt and equity undertaken by Australian Real Estate Investment Trusts, the incentive-driven pay structure utilized to compensate management, and the factors of A-REIT composition and performance that appeal to large, powerful shareholders who are able to influence market prices.

Did the late-2000s financial crisis influence construction labour productivity?

The late-2000s global financial crisis has wrought dramatic impacts on the construction industry. However, the issue of whether the crisis influenced the behaviours of the construction industry has not been addressed yet. This research presents an econometric approach to investigating the effects of the recent global financial crisis on construction labour productivity. By employing the error correction model and panel regression methods, the direct and indirect effects of the financial crisis on the changes in Australian construction labour productivity are explored at national and state levels. Neither the direct nor the indirect effects appear statistically significant. The results indicate that the direct effect of the financial crisis drives up construction labour productivity at the national level, while the indirect effect diminishes productivity. The effects of the financial crisis on the state construction labour productivity vary from state to state. The financial crisis influenced construction labour productivity directly and significantly in the northern and eastern regions, while the direct effects appear not significant in the other states and territories. The indirect effects of the financial crisis on productivity are statistically significant in three regions: the Australian Capital Territory, the Northern Territory and Western Australia. By comparison, the model with the financial effects fails to provide more accurate simulating results. As such, this research concludes that the influence of the late-2000s financial crisis on Australian national and state construction labour productivity is limited.

Handover of patient information from the crisis assessment and treatment team to the inpatient psychiatric unit.

Handover, or the communication of patient information between clinicians, is a fundamental component of health care. Psychiatric settings are dynamic environments relying on timely and accurate communication to plan care and manage risk. Crisis assessment and treatment teams are the primary interface between community and mental health services in many Australian and international health services, facilitating access to assessment, treatment, and admission to hospital. No previous research has investigated the handover between crisis assessment and treatment teams and inpatient psychiatric units, despite the importance of handover to care planning. The aim of the present study was to identify the nature and types of information transferred during these handovers, and to explore how these guides initial care planning. An observational, exploratory study design was used. A 20-item handover observation tool was used to observe 19 occasions of handover. A prospective audit was undertaken on clinical documentation arising from the admission. Clinical information, including psychiatric history and mental state, were handed over consistently; however, information about consumer preferences was reported less consistently. The present study identified a lack of attention to consumer preferences at handover, despite the current focus on recovery-oriented models for mental health care, and the centrality of respecting consumer preferences within the recovery paradigm.