Foreign Capital and Finland : Central government's first period of reliance on international financial markets, 1862-1938

The main objective of the study is to evaluate the Finnish central government s foreign borrowing between the years 1862 and 1938. Most of this period was characterised by deep capital market integration that bears resemblance to the liberal world financial order at the turn of the millennium. The main aim is to analyse the credit risk associated with the state and its determination by evaluating the world financial market centres perception of Finland. By doing this, the study is also expected to provide an additional dimension to Finland s political and economic history by incorporating into the research the assessments of international capital markets regarding Finland during a period that witnessed profound political and economic changes in Finnish society. The evaluation of the credit risk mainly relies on exchange-rate risk free time series of the state s foreign bonds. They have been collected from quotations in the stock exchanges in Helsinki, Hamburg, Paris and London. In addition, it investigates Finland s exposure to short-term debt and Moody s credit ratings assigned to Finland. The study emphasises the importance of the political risk. It suggests that the hey-day of the state s reliance on foreign capital markets took place during last few decades of the 19th century when Finland enjoyed a wide autonomy in the Russian Empire and prudently managed its economy, highlighted in Finland s adherence to the international gold standard. Political confrontations in Finland and, in particular, in Russia and the turbulence of the world financial system prevented the return of this beneficial position again. Through its issuance of foreign bonds the state was able to import substantial amounts of foreign capital, which was sorely needed to foster economic development in Finland. Moreover, the study argues that the state s presence in the western capital markets not only had economic benefits, but it also increased the international awareness of Finland s distinct and separate status in the Russian Empire and later underlined its position as an independent republic.

Studies on the international effects of real shocks

This doctoral thesis addresses the macroeconomic effects of real shocks in open economies in flexible exchange rate regimes. The first study of this thesis analyses the welfare effects of fiscal policy in a small open economy, where private and government consumption are substitutes in terms of private utility. The main findings are as follows: fiscal policy raises output, bringing it closer to its efficient level, but is not welfare-improving even though government spending directly affects private utility. The main reason for this is that the introduction of useful government spending implies a larger crowding-out effect on private consumption, when compared with the `pure waste' case. Utility decreases since one unit of government consumption yields less utility than one unit of private consumption. The second study of this thesis analyses the question of how the macroeconomic effects of fiscal policy in a small open economy depend on optimal intertemporal behaviour. The key result is that the effects of fiscal policy depend on the size of the elasticity of substitution between traded and nontraded goods. In particular, the sign of the current account response to fiscal policy depends on the interplay between the intertemporal elasticity of aggregate consumption and the elasticity of substitution between traded and nontraded goods. The third study analyses the consequences of productive government spending on the international transmission of fiscal policy. A standard result in the New Open Economy Macroeconomics literature is that a fiscal shock depreciates the exchange rate. I demonstrate that the response of the exchange rate depends on the productivity of government spending. If productivity is sufficiently high, a fiscal shock appreciates the exchange rate. It is also shown that the introduction of productive government spending increases both domestic and foreign welfare, when compared with the case where government spending is wasted. The fourth study analyses the question of how the international transmission of technology shocks depends on the specification of nominal rigidities. A growing body of empirical evidence suggests that a positive technology shock leads to a temporary decline in employment. In this study, I demonstrate that the open economy dimension can enhance the ability of sticky price models to account for the evidence. The reasoning is as follows. An improvement in technology appreciates the nominal exchange rate. Under producer-currency pricing, the exchange rate appreciation shifts global demand toward foreign goods away from domestic goods. This causes a temporary decline in domestic employment.

From mundane to smart: Exploring interactions with ‘smart' design objects

In addition to functional and technological features, the role of augmented objects should also be seen in terms of how effectively they fit into the everyday practices of users and how they enhance users' experiences. In this article, the authors introduce a low-tech, internet-of-things technology called CAM (Cooperative Artefact Memory) that is used as a collaborative tool in design studio environments. CAM works as an object memory technology and allows industrial and product designers to collaboratively store relevant information onto their physical design objects, such as sketches, collages, storyboards, and physical mock-ups in the form of messages, annotations and external web links. In the context of this study, CAM serves as an important probing device to understand designers' interaction and experiences with augmented design objects, in their natural environment. The authors carried out a small-scale field trial of CAM in an academic design studio, over three student design projects. In this article, they discuss the findings of their field trial and show how CAM was used by the participants, how it was integrated into the design process and how it was appropriated for different purposes. The authors also found that CAM supported coordination and awareness within the design teams, yet its serendipitous and asynchronous nature facilitated creative and playful interactions between team members. In general, the results show how CAM transformed mundane design objects into “smart” objects that made the creative and playful side of cooperative design visible.

Bombs away: Visual thinking and students’ engagement in design studios contexts

In design studio, sketching or visual thinking is part of processes that assist students to achieve final design solutions. At QUT’s First and Third Year industrial design studio classes we engage in a variety of teaching pedagogies from which we identify ‘Concept Bombs’ as instrumental in the development of students’ visual thinking and reflective design process, and also as a vehicle to foster positive student engagement. In First year studios our Concept Bombs’ consist of 20 minute individual design tasks focusing on rapid development of initial concept designs and free-hand sketching. In Third Year studios we adopt a variety of formats and different timing, combining individual and team based tasks. Our experience and surveys tell us that students value intensive studio activities especially when combined with timely assessment and feedback. While conventional longer-duration design projects are essential for allowing students to engage with the full depth and complexity of the design process, short and intensive design activities introduce variety to the learning experience and enhance student engagement. This paper presents a comparative analysis of First and Third Year students’ Concept Bomb sketches to describe the types of design knowledge embedded in them, a discussion of limitations and opportunities of this pedagogical technique, as well as considerations for future development of studio based tasks of this kind as design pedagogies in the midst of current university education trends.

The Art of Studio Teaching

This project began in 2013, with the award of an internal QUT Teaching and Learning grant. The task we wished to undertake was to document and better understand the role of studio teaching practice in the Creative Industries Faculty. While it was well understood that the Faculty had long used studio pedagogies as a key part of its teaching approach, organizational and other changes made it productive and timely to consider how the various study areas within the Faculty were approaching studio teaching. Chief among these changes were innovations in the use of technology in teaching, and at an organizational level the merging of what were once two schools within different faculties into a newly-structured Creative Industries Faculty. The new faculty consists of two schools, Media, Entertainment and Creative Art (MECA) and Design. We hoped to discover more about how studio techniques were developing alongside an ever-increasing number of options for content delivery, assessment, and interaction with students. And naturally we wanted to understand such developments across the broad range of nineteen study areas now part of the Creative Industries Faculty. This e-book represents the first part of our project, which in the main consisted in observing the teaching practices used in eight units across the Faculty, and then interviews with the unit coordinators involved. In choosing units, we opted for a broad opening definition of ‘studio’ to include not only traditional studios but also workshops and tutorials in which we could identify a component of studio teaching as enumerated by the Australian Learning and Teaching Council’s Studio Teaching Project: • A culture, a creative community created by a group of students and studio teachers working together for periods of time • A mode of teaching and learning where students and studio teachers interact in a creative and reflective process • A program of projects and activities where content is structured to enable ‘learning in action’ • A physical space or constructed environment in which the teaching and learning can take place (Source: http://www.studioteaching.org/?page=what_is_studio) The units we chose to observe, and which we hoped would represent something of the diversity of our study areas, were: • Dance Project 1 • Furniture Studies • Wearable Architecture • Fashion Design 4 • Industrial Design 6 • Advanced Writing Practice 3 • Introduction to Creative Writing • Studio Art Practice 2 Over the course of two semesters in 2013, we attended classes, presentations, and studio time in these units, and then conducted interviews that we felt would give further insight into both individual and discipline-specific approaches to studio pedagogies. We asked the same questions in each of the interviews: • Could you describe the main focus and aims of your unit? • How do you use studio time to achieve those aims? • Can you give us an example of the kind of activities you use in your studio teaching? • What does/do these example(s) achieve in terms of learning outcomes? • What, if any, is the role of technology in your studio teaching practice? • What do you consider distinctive about your approach to studio teaching, or the approach taken in your discipline area? The unit coordinators’ responses to these questions form some of the most interesting and valuable material in this book, and point to both consistencies in approach and teaching philosophies, as well as areas of difference. We believe that both can help to raise our critical awareness of studio teaching, and provide points of comparison for the future development of studio pedagogy in the Creative Industries. In each of the following pages, the interviews are placed alongside written descriptions of the units, their aims and outcomes, assessment models, and where possible photographs and video footage, as well as additional resources that may be useful to others engaged in studio teaching.

Care for care: Studio REV's strategies of engagement

The artists at Studio REV-, along with their allies in the broader non-profit sector, address domestic workers’ rights in the United States. As a social practice art project, NannyVan works to improve how information about domestic rights is disseminated to these workers, whether nannies, elder caregivers or others. As part of a larger project named CareForce, the NannyVan project shows an ethics of care by using design traces as tactics and transversal methods as strategies.

Open access and soft power: Chinese voices in international scholarship

Networked digital technologies and Open Access (OA) are transforming the processes and institutions of research, knowledge creation and dissemination globally: enabling new forms of collaboration, allowing researchers to be seen and heard in new ways and reshaping relationships between stakeholders across the global academic publishing system. This article draws on Joseph Nye’s concept of ‘Soft Power’ to explore the role that OA is playing in helping to reshape academic publishing in China. It focusses on two important areas of OA development: OA journals and national-level repositories. OA is being supported at the highest levels, and there is potential for it to play an important role in increasing the status and impact of Chinese scholarship. Investments in OA also have the potential to help China to re-position itself within international copyright discourses: moving beyond criticism for failure to enforce the rights of foreign copyright owners and progressing an agenda that places greater emphasis on equality of access to the resources needed to foster innovation. However, the potential for OA to help China to build and project its soft power is being limited by the legacies of the print era, as well as the challenges of efficiently governing the national research and innovation systems.

Conference Report: International Institute of Fisheries Economics and Trade Conference (IIFET) 2014

The 17th Biennial Conference of the International Institute of Fisheries Economics and Trade (IIFET) was held in Brisbane in July 2014. IIFET is the principal international association for fisheries economics, and the biennial conference is an opportunity for the best fisheries economists in the world to meet and share their ideas. The conference was organised by CSIRO, QUT, UTAS, University of Adelaide and KG Kailis Ltd. This is the first time the conference has been held in Australia. The conferences covered a wide range of topics of relevance to Australia. These included studies of fishery management systems around the world, identified key issues in aquaculture and marine biodiversity conservation, and provided a forum for new modelling and theoretical approaches to analysing fisheries problems to be presented. The theme of the conference was Towards Ecosystem Based Management of Fisheries: What Role can Economics Play? Several sessions were dedicated to modelling socio-ecological systems, and two keynote speakers were invited to present the latest thinking in the area. In this report, the key features of the conference are outlined.

International Arrivals Building, Idlewild Airport

[Book] The potential of electric light as a new building “material” was recognized in the 1920s and became a useful design tool by the mid-century. Skillful lighting allowed for theatricality, narrative, and a new emphasis on structure and space. The Structure of Light tells the story of the career of Richard Kelly, the field’s most influential figure. Six historians, architects, and practitioners explore Kelly’s unparalleled influence on modern architecture and his lighting designs for some of the 20th century’s most iconic buildings: Philip Johnson’s Glass House; Louis Kahn’s Kimbell Art Museum; Eero Saarinen’s GM Technical Center; and Mies van der Rohe’s Seagram Building, among many others. This beautifully illustrated history demonstrates the range of applications, building types, and artistic solutions he employed to achieve a “nocturnal modernity” that would render buildings evocatively different at night. The survival of Kelly’s rich correspondence and extensive diaries allows an in-depth look at the triumphs and uncertainties of a young profession in the making. The first book to focus on the contributions of a master in the field of architectural lighting, this fascinating volume celebrates the practice’s significance in modern design.

The accounting and accountability practices of Fairtrade International (FLO)

This study examines the accounting and accountability practices of Fairtrade International (FLO), one of the largest Fair Trade umbrella organizations. Our aim is to explore whether new forms of accounting and related disclosures emerge in the reporting practices of FLO and how these reflect their self-declared social mission towards the emancipation and sustainability of producers. Using thematic analysis and reflecting on Bourdieu’s theory of symbolic power, we analyse FLO’s reporting practices from 2006 to 2013. Our findings reveal that FLO mobilises the taken-for-granted images and symbols of ’fairness’ in the Fair Trade system by using descriptive statistics of Fair Trade premium distributions and pictures of producers but keeps silent to current concerns surrounding the limitations of Fair Trade. Such findings extend important insights into how new forms of accounting and related disclosure are used to legitimise the practice of Fair Trade.

The mini clinical evaluation exercise (mini-CEX) for assessing clinical performance of international medical graduates

Objective: To evaluate the feasibility, reliability and acceptability of the mini clinical evaluation exercise (mini-CEX) for performance assessment among international medical graduates (IMGs). Design, setting and participants: Observational study of 209 patient encounters involving 28 IMGs and 35 examiners at three metropolitan teaching hospitals in New South Wales, Victoria and Queensland, September-December 2006. Main outcome measures: The reliability of the mini-CEX was estimated using generatisability (G) analysis, and its acceptability was evaluated by a written survey of the examiners and IMGs. Results: The G coefficient for eight encounters was 0.88, suggesting that the reliability of the mini-CEX was 0.90 for 10 encounters. Almost half of the IMGs (7/16) and most examiners (14/18) were satisfied with the mini-CEX as a learning tool. Most of the IMGs and examiners enjoyed the immediate feedback, which is a strong component of the tool. Conclusion: The mini-CEX is a reliable tool for performance assessment of IMGs, and is acceptable to and well received by both learners and supervisors.