Pub Date : 2022-10-26DOI: 10.1080/00779954.2022.2138517
A. Grimes, Shin-Hao Wu
We compile measures of ‘per capita Real Adjusted Net National Income’ (pcRANNI), being the income available for consumption by a country’s residents while maintaining the (broadly defined) capital stock intact, i.e. ‘sustainable consumption’. Changes in pcRANNI incorporate the impacts both of changes in technical efficiency (i.e. multi-factor productivity) and allocative efficiency where the latter reflects reallocation of resources in response to price signals. We find that New Zealand had approximately zero pcRANNI growth from 1970 to the early 1990s. Since then, New Zealand’s performance has been stronger than for most developed countries. We find considerable deviations between pcRANNI growth and per capita real GDP growth for some countries, highlighting the importance, especially for cross-country comparisons of aggregate economic performance, of focusing on income-based sustainable consumption measures.
{"title":"Sustainable consumption growth: New Zealand’s surprising performance","authors":"A. Grimes, Shin-Hao Wu","doi":"10.1080/00779954.2022.2138517","DOIUrl":"https://doi.org/10.1080/00779954.2022.2138517","url":null,"abstract":"We compile measures of ‘per capita Real Adjusted Net National Income’ (pcRANNI), being the income available for consumption by a country’s residents while maintaining the (broadly defined) capital stock intact, i.e. ‘sustainable consumption’. Changes in pcRANNI incorporate the impacts both of changes in technical efficiency (i.e. multi-factor productivity) and allocative efficiency where the latter reflects reallocation of resources in response to price signals. We find that New Zealand had approximately zero pcRANNI growth from 1970 to the early 1990s. Since then, New Zealand’s performance has been stronger than for most developed countries. We find considerable deviations between pcRANNI growth and per capita real GDP growth for some countries, highlighting the importance, especially for cross-country comparisons of aggregate economic performance, of focusing on income-based sustainable consumption measures.","PeriodicalId":38921,"journal":{"name":"New Zealand Economic Papers","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45625240","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-17DOI: 10.1080/00779954.2022.2134813
Lisa Meehan, L. Mitchell, G. Pacheco
New Zealand’s (NZ) current policy setting excludes migrants on work or student temporary visas from joining KiwiSaver (KS). Migrants on temporary visas, therefore, cannot access a savings vehicle that makes saving for retirement convenient and provides financial incentives to save. This research note estimates the extent of this migrant KS ineligibility issue. We use linked administrative data to create a cohort of 70,000 NZ migrants on temporary work or student visas in 2009 and follow them for ten years. Results show that after five years, over half of the cohort live overseas and about 10,000 remain on temporary visas and hence are still ineligible for KS. Using KS enrolment of a comparison group of resident-class migrants over the same time period, we estimate that just over half of employed temporary migrants might have potentially joined KS if eligible. The lost individual KS contributions range between $36,000 and $51,000 by time the migrant reaches 65 years old. Our findings contribute to the policy debate of whether the eligibility criteria of NZ’s KS scheme should be revised to allow temporary visa holders to join.
{"title":"A note on KiwiSaver and migrants on temporary visas","authors":"Lisa Meehan, L. Mitchell, G. Pacheco","doi":"10.1080/00779954.2022.2134813","DOIUrl":"https://doi.org/10.1080/00779954.2022.2134813","url":null,"abstract":"New Zealand’s (NZ) current policy setting excludes migrants on work or student temporary visas from joining KiwiSaver (KS). Migrants on temporary visas, therefore, cannot access a savings vehicle that makes saving for retirement convenient and provides financial incentives to save. This research note estimates the extent of this migrant KS ineligibility issue. We use linked administrative data to create a cohort of 70,000 NZ migrants on temporary work or student visas in 2009 and follow them for ten years. Results show that after five years, over half of the cohort live overseas and about 10,000 remain on temporary visas and hence are still ineligible for KS. Using KS enrolment of a comparison group of resident-class migrants over the same time period, we estimate that just over half of employed temporary migrants might have potentially joined KS if eligible. The lost individual KS contributions range between $36,000 and $51,000 by time the migrant reaches 65 years old. Our findings contribute to the policy debate of whether the eligibility criteria of NZ’s KS scheme should be revised to allow temporary visa holders to join.","PeriodicalId":38921,"journal":{"name":"New Zealand Economic Papers","volume":"57 1","pages":"9 - 17"},"PeriodicalIF":0.0,"publicationDate":"2022-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42731932","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-09-02DOI: 10.1080/00779954.2022.2105254
Chao-yun Li, J. Gibson, Geua Boe-Gibson
In the last two decades the foreign-born share of New Zealand’s population increased far faster than in other rich countries. We apply spatial econometric models to a three-wave panel of 1851 census area units to examine impacts of higher foreign-born population shares on home ownership rates, especially for native-born residents. A standard deviation higher foreign-born share is associated with a one-sixth of a standard deviation lower ownership rate for the native-born. Much of the impact is indirect, with higher foreign-born shares in one area spilling over into lower native-born ownership rates elsewhere.
{"title":"Rising immigration and falling native-born home ownership: a spatial econometric analysis for New Zealand","authors":"Chao-yun Li, J. Gibson, Geua Boe-Gibson","doi":"10.1080/00779954.2022.2105254","DOIUrl":"https://doi.org/10.1080/00779954.2022.2105254","url":null,"abstract":"In the last two decades the foreign-born share of New Zealand’s population increased far faster than in other rich countries. We apply spatial econometric models to a three-wave panel of 1851 census area units to examine impacts of higher foreign-born population shares on home ownership rates, especially for native-born residents. A standard deviation higher foreign-born share is associated with a one-sixth of a standard deviation lower ownership rate for the native-born. Much of the impact is indirect, with higher foreign-born shares in one area spilling over into lower native-born ownership rates elsewhere.","PeriodicalId":38921,"journal":{"name":"New Zealand Economic Papers","volume":"56 1","pages":"318 - 325"},"PeriodicalIF":0.0,"publicationDate":"2022-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46208600","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-09-02DOI: 10.1080/00779954.2022.2091470
J. Białkowski, Sanghyun Hong, M. Wagner
Using data on over 18 million trades from the New Zealand Stock Exchange (NZX), this paper examines how market segmentation affects overall market quality in a market that until recently had no restrictions on trading outside the central limit order book (LOB). We find that upstairs trading results in lower transaction costs, larger trade size and lower volatility. A newly implemented minimum size requirement for trades in the upstairs market has the desired outcome and further lowers transaction costs and volatility due to reduced market segmentation. The results suggest that a functional upstairs market can have a positive impact on market quality if well-designed.
{"title":"The impact of upstairs trading on market quality: evidence from a highly segmented market*","authors":"J. Białkowski, Sanghyun Hong, M. Wagner","doi":"10.1080/00779954.2022.2091470","DOIUrl":"https://doi.org/10.1080/00779954.2022.2091470","url":null,"abstract":"Using data on over 18 million trades from the New Zealand Stock Exchange (NZX), this paper examines how market segmentation affects overall market quality in a market that until recently had no restrictions on trading outside the central limit order book (LOB). We find that upstairs trading results in lower transaction costs, larger trade size and lower volatility. A newly implemented minimum size requirement for trades in the upstairs market has the desired outcome and further lowers transaction costs and volatility due to reduced market segmentation. The results suggest that a functional upstairs market can have a positive impact on market quality if well-designed.","PeriodicalId":38921,"journal":{"name":"New Zealand Economic Papers","volume":"56 1","pages":"326 - 332"},"PeriodicalIF":0.0,"publicationDate":"2022-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47188576","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-08-25DOI: 10.1080/00779954.2022.2109369
G. Scobie
has a tremendous capacity for independent work, and is thoroughly reliable. He is a boy of good appearance, well mannered and well spoken. He is of the soundest character and will develop exceptionally well.
{"title":"Citation for Alan E. Bollard to mark his Distinguished Fellow award","authors":"G. Scobie","doi":"10.1080/00779954.2022.2109369","DOIUrl":"https://doi.org/10.1080/00779954.2022.2109369","url":null,"abstract":"has a tremendous capacity for independent work, and is thoroughly reliable. He is a boy of good appearance, well mannered and well spoken. He is of the soundest character and will develop exceptionally well.","PeriodicalId":38921,"journal":{"name":"New Zealand Economic Papers","volume":"56 1","pages":"333 - 337"},"PeriodicalIF":0.0,"publicationDate":"2022-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48566658","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-08-16DOI: 10.1080/00779954.2022.2109370
Mary R. Hedges
{"title":"Citation for Suzanne Snively to mark her Distinguished Fellow award","authors":"Mary R. Hedges","doi":"10.1080/00779954.2022.2109370","DOIUrl":"https://doi.org/10.1080/00779954.2022.2109370","url":null,"abstract":"","PeriodicalId":38921,"journal":{"name":"New Zealand Economic Papers","volume":"56 1","pages":"338 - 341"},"PeriodicalIF":0.0,"publicationDate":"2022-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42275644","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-24DOI: 10.1080/00779954.2022.2091471
J. Creedy, S. Subramanian
This paper introduces a new mortality curve to illustrate and measure mortality and its relation to age. The curve is a form of ‘concentration curve’, and plots the proportion of total deaths against the corresponding proportion of people, where individuals are arranged from youngest to oldest. A mortality index is based on the normalised area measure of the distance of the concentration curve from a ‘best case’ scenario. Results analogous to Lorenz orderings (in the context of income distribution) are derived. The measure is illustrated using mortality data for several countries. The aim is to supplement the standard Crude Death Rate with a ‘mortality-inefficiency’ measure in a composite index of mortality which attends to both the mean and the dispersion of an age-distribution of deaths.
{"title":"Mortality comparisons and age: a new mortality curve","authors":"J. Creedy, S. Subramanian","doi":"10.1080/00779954.2022.2091471","DOIUrl":"https://doi.org/10.1080/00779954.2022.2091471","url":null,"abstract":"This paper introduces a new mortality curve to illustrate and measure mortality and its relation to age. The curve is a form of ‘concentration curve’, and plots the proportion of total deaths against the corresponding proportion of people, where individuals are arranged from youngest to oldest. A mortality index is based on the normalised area measure of the distance of the concentration curve from a ‘best case’ scenario. Results analogous to Lorenz orderings (in the context of income distribution) are derived. The measure is illustrated using mortality data for several countries. The aim is to supplement the standard Crude Death Rate with a ‘mortality-inefficiency’ measure in a composite index of mortality which attends to both the mean and the dispersion of an age-distribution of deaths.","PeriodicalId":38921,"journal":{"name":"New Zealand Economic Papers","volume":"57 1","pages":"18 - 30"},"PeriodicalIF":0.0,"publicationDate":"2022-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43988082","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-23DOI: 10.1080/00779954.2022.2091469
Omoniyi B. Alimi, David C. Maré, J. Poot
ABSTRACT New Zealand experienced strong growth in immigration since the 1990s, until the COVID-19 pandemic triggered a two-year phase of near-zero migration. Growing concern about the impact of immigration on various social and economic outcomes has led to a review of the evidence and related policies. One area of concern is the extent to which immigration impacts on the distribution of income - given that inequality increased notably since the 1980s. In this paper we take into account that immigration is spatially selective and compare the contribution of migrant groups (including New Zealand born persons returning from abroad) to income inequality in metropolitan areas with that contribution in non-metropolitan urban areas. We use two different decomposition methods and compare results. We find with both methods that migrant groups made inequality-increasing contributions to overall income inequality. These contributions are larger in metropolitan areas than in other urban. However, changes in the skill distribution, including those brought about by immigration, have more important implications for the distribution of income. High-skilled groups (whether New Zealand born or foreign born) have made inequality-increasing contributions to the distribution of income, particularly in metropolitan areas.
{"title":"International migration and income distribution in New Zealand metropolitan and non-metropolitan areas","authors":"Omoniyi B. Alimi, David C. Maré, J. Poot","doi":"10.1080/00779954.2022.2091469","DOIUrl":"https://doi.org/10.1080/00779954.2022.2091469","url":null,"abstract":"ABSTRACT New Zealand experienced strong growth in immigration since the 1990s, until the COVID-19 pandemic triggered a two-year phase of near-zero migration. Growing concern about the impact of immigration on various social and economic outcomes has led to a review of the evidence and related policies. One area of concern is the extent to which immigration impacts on the distribution of income - given that inequality increased notably since the 1980s. In this paper we take into account that immigration is spatially selective and compare the contribution of migrant groups (including New Zealand born persons returning from abroad) to income inequality in metropolitan areas with that contribution in non-metropolitan urban areas. We use two different decomposition methods and compare results. We find with both methods that migrant groups made inequality-increasing contributions to overall income inequality. These contributions are larger in metropolitan areas than in other urban. However, changes in the skill distribution, including those brought about by immigration, have more important implications for the distribution of income. High-skilled groups (whether New Zealand born or foreign born) have made inequality-increasing contributions to the distribution of income, particularly in metropolitan areas.","PeriodicalId":38921,"journal":{"name":"New Zealand Economic Papers","volume":"56 1","pages":"272 - 295"},"PeriodicalIF":0.0,"publicationDate":"2022-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47154996","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-10DOI: 10.1080/00779954.2022.2081591
P. Walker
The 1500–1970 literature on the theory of production/the firm can be usefully divided into four approaches to the positive analysis of production or the firm: aggregate production, market structure, the representative firm and micro-production. Each approach will be examined to establish the nature and development of the approach and the relationships between them.
{"title":"(Almost) everything you wanted to know about the history of the theory of production/the firm: but were afraid (too bored) to ask","authors":"P. Walker","doi":"10.1080/00779954.2022.2081591","DOIUrl":"https://doi.org/10.1080/00779954.2022.2081591","url":null,"abstract":"The 1500–1970 literature on the theory of production/the firm can be usefully divided into four approaches to the positive analysis of production or the firm: aggregate production, market structure, the representative firm and micro-production. Each approach will be examined to establish the nature and development of the approach and the relationships between them.","PeriodicalId":38921,"journal":{"name":"New Zealand Economic Papers","volume":"57 1","pages":"41 - 60"},"PeriodicalIF":0.0,"publicationDate":"2022-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48670531","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-05-23DOI: 10.1080/00779954.2022.2077812
J. Gibson
New Zealand adopted a policy of mandatory COVID-19 vaccination for workers in many sectors. Existing analysis suggests expected costs of this mandate policy far outweigh benefits. This paper discusses an issue potentially contributing to adoption of this costly vaccine mandate policy. There is a widespread public misunderstanding about the testing the vaccines underwent in the pivotal trials underpinning their approval, with over 95% of New Zealand’s voting-age public believing that the vaccines were tested against more demanding criteria than was actually the case. Consequently, public expectations about performance of these vaccines were likely inflated, and expected benefits of vaccine mandates may have been overstated. The ambiguous evidence on effects of COVID-19 vaccination on mortality risk also highlights the importance of these informational problems. If the public misunderstanding described here persists, a continuation of inefficient vaccine mandates whose costs exceed benefits is likely.
{"title":"Public misunderstanding of pivotal COVID-19 vaccine trials may contribute to New Zealand’s adoption of a costly and economically inefficient vaccine mandate","authors":"J. Gibson","doi":"10.1080/00779954.2022.2077812","DOIUrl":"https://doi.org/10.1080/00779954.2022.2077812","url":null,"abstract":"New Zealand adopted a policy of mandatory COVID-19 vaccination for workers in many sectors. Existing analysis suggests expected costs of this mandate policy far outweigh benefits. This paper discusses an issue potentially contributing to adoption of this costly vaccine mandate policy. There is a widespread public misunderstanding about the testing the vaccines underwent in the pivotal trials underpinning their approval, with over 95% of New Zealand’s voting-age public believing that the vaccines were tested against more demanding criteria than was actually the case. Consequently, public expectations about performance of these vaccines were likely inflated, and expected benefits of vaccine mandates may have been overstated. The ambiguous evidence on effects of COVID-19 vaccination on mortality risk also highlights the importance of these informational problems. If the public misunderstanding described here persists, a continuation of inefficient vaccine mandates whose costs exceed benefits is likely.","PeriodicalId":38921,"journal":{"name":"New Zealand Economic Papers","volume":"57 1","pages":"31 - 40"},"PeriodicalIF":0.0,"publicationDate":"2022-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42114316","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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