Mohsen Bahmani-Oskooee, Muhammad Aftab, Huseyin Karamelikli
This study investigates the relationship between exchange rates and trade balance, specifically focusing on Russia's trade dynamics with the Group of Seven (G7) countries. Employing a multifaceted approach, we scrutinize the asymmetric responses evident in the trade balance concerning fluctuations in exchange rates. Our investigation, rooted in linear analysis, initially reveals that rubble depreciation predominantly impacts the Russian trade balance adversely in the short term, albeit demonstrating a positive influence on trade balance in select instances over the long run—an observation aligned with the established J-curve phenomenon. However, as we transition to nonlinear analysis, our findings yield stronger substantiation for the J-curve hypothesis. Notably, our research underscores the asymmetric nature of exchange rate changes' effects on trade balance. Moreover, through nonlinear modeling techniques, we observe a pronounced enhancement in the convergence toward establishing a long-term relationship between these variables. This emphasizes the significance of nonlinear approaches in comprehending the complexities inherent in exchange rate-trade balance dynamics of Russian trade with G7.
{"title":"Russia's Trade With G7 Countries and Asymmetric J-Curve Effect","authors":"Mohsen Bahmani-Oskooee, Muhammad Aftab, Huseyin Karamelikli","doi":"10.1111/1467-8454.12381","DOIUrl":"10.1111/1467-8454.12381","url":null,"abstract":"<div>\u0000 \u0000 <p>This study investigates the relationship between exchange rates and trade balance, specifically focusing on Russia's trade dynamics with the Group of Seven (G7) countries. Employing a multifaceted approach, we scrutinize the asymmetric responses evident in the trade balance concerning fluctuations in exchange rates. Our investigation, rooted in linear analysis, initially reveals that rubble depreciation predominantly impacts the Russian trade balance adversely in the short term, albeit demonstrating a positive influence on trade balance in select instances over the long run—an observation aligned with the established J-curve phenomenon. However, as we transition to nonlinear analysis, our findings yield stronger substantiation for the J-curve hypothesis. Notably, our research underscores the asymmetric nature of exchange rate changes' effects on trade balance. Moreover, through nonlinear modeling techniques, we observe a pronounced enhancement in the convergence toward establishing a long-term relationship between these variables. This emphasizes the significance of nonlinear approaches in comprehending the complexities inherent in exchange rate-trade balance dynamics of Russian trade with G7.</p>\u0000 </div>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 1","pages":"113-120"},"PeriodicalIF":1.2,"publicationDate":"2024-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142224646","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Productivity gains enable real wage growth and improved standards of living. But whose income actually benefits from productivity gains when highly productivity urban locations in Australia, and other advanced economies, also are associated with worsening housing affordability and inequality? This paper answers this question by empirically testing whether agglomeration effects vary across the wage distribution in Australia? And, how much of any agglomeration effect is retained by individuals across the wage distribution? Unconditional quantile regressions are employed to analyse changes in agglomeration effects across the before- and after-housing cost wage distribution. Information on individual earnings, housing costs and place of employment is sourced from the Household, Income and Labour Dynamics in Australia (HILDA). The paper utilises four pre-COVID waves of HILDA (2017–2020) as details on place of employment was first introduced in 2017. Agglomeration indices are constructed from Australian Bureau of Statistics census data using 17 industry (ANZSIC) classifications (2016, 2021). The results show that the before-housing cost wages of higher-wage earners typically benefit twice as much as those of lower-wage earners. However, after adjusting for housing expenditure (mortgage payments and rents) the after-housing costs wage benefit for the lowest two wage earning deciles disappear and is transferred to owners of real estate. Higher wage earners retain approximately 50%–60% of the agglomeration benefit. It is thus higher wage earner, and owners of land and property, who typically benefit from agglomeration related productivity—often at the expense of lower-wage earners.
{"title":"Earnings, Productivity and Housing Expenditure: Who Retains the Wage-Related Agglomeration Effect?","authors":"Christian A. Nygaard","doi":"10.1111/1467-8454.12380","DOIUrl":"10.1111/1467-8454.12380","url":null,"abstract":"<p>Productivity gains enable real wage growth and improved standards of living. But whose income actually benefits from productivity gains when highly productivity urban locations in Australia, and other advanced economies, also are associated with worsening housing affordability and inequality? This paper answers this question by empirically testing whether agglomeration effects vary across the wage distribution in Australia? And, how much of any agglomeration effect is retained by individuals across the wage distribution? Unconditional quantile regressions are employed to analyse changes in agglomeration effects across the before- and after-housing cost wage distribution. Information on individual earnings, housing costs and place of employment is sourced from the Household, Income and Labour Dynamics in Australia (HILDA). The paper utilises four pre-COVID waves of HILDA (2017–2020) as details on place of employment was first introduced in 2017. Agglomeration indices are constructed from Australian Bureau of Statistics census data using 17 industry (ANZSIC) classifications (2016, 2021). The results show that the before-housing cost wages of higher-wage earners typically benefit twice as much as those of lower-wage earners. However, after adjusting for housing expenditure (mortgage payments and rents) the after-housing costs wage benefit for the lowest two wage earning deciles disappear and is transferred to owners of real estate. Higher wage earners retain approximately 50%–60% of the agglomeration benefit. It is thus higher wage earner, and owners of land and property, who typically benefit from agglomeration related productivity—often at the expense of lower-wage earners.</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 1","pages":"20-30"},"PeriodicalIF":1.2,"publicationDate":"2024-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8454.12380","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142188006","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This editorial captures the history of immense contributions that Judy Yates AM has made to the discipline of housing economics. It traces her legacy and combines notes of personal appreciation by two international colleagues that Judy worked closely with during her lifetime.
{"title":"Judy Yates and Housing Economics","authors":"Geoffrey Meen, Christine Whitehead","doi":"10.1111/1467-8454.12378","DOIUrl":"https://doi.org/10.1111/1467-8454.12378","url":null,"abstract":"<p>This editorial captures the history of immense contributions that Judy Yates AM has made to the discipline of housing economics. It traces her legacy and combines notes of personal appreciation by two international colleagues that Judy worked closely with during her lifetime.</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"63 3","pages":"547-552"},"PeriodicalIF":1.2,"publicationDate":"2024-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8454.12378","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142170271","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
<p>Judith (Judy) Nancy Yates first lectured at the University of Sydney in 1967–1968 before rejoining the University in 1972 following her PhD. Judy remained a member of staff until her retirement in 2008, after which she was appointed an Honorary Associate. During her time in the School of Economics (and its predecessors), Judy left an indelible mark on students and colleagues at the University of Sydney and on the policy community in Australia through her work as an applied economist. While that work focussed largely on housing-related research throughout much of her career, Judy's PhD from the University of Amsterdam was in optimal control theory rather than economics, and her appointment at the University of Sydney was to a lectureship in mathematical economics. It was during the late 1970s and early 1980s that Judy immersed herself in the housing-related research following her work for the Campbell Report into the Australian Financial System. That report along with others initiated many of the microeconomic reforms, especially liberalisation of financial markets, that were a feature of the 1980s and 1990s. Those policy reforms were an important contributor to the economic developments that Judy immersed herself in throughout her academic career. Specifically, Judy's role in that Inquiry and her deep concerns around distributional issues initiated an ongoing interest in, analysis of and contribution to academic and public debates focussing on housing policy.</p><p>While Judy's academic and public policy contributions around housing are well documented, it is important to note that those contributions from the very beginning were to what at the time was the nascent field of housing economics. Judy's contributions beginning in the early to mid-1980s highlight the instrumental role Judy played not just in Australia but also internationally in raising the intellectual rigour of this field of study. In this respect as in many others, Judy was a pathbreaker. Judy had topped her Honours class at the ANU and upon finding that as a female she would be paid less than her male counterparts at the Commonwealth Bureau of Census and Statistics, took a tutorship at the Australian National University. In the 1980s, Judy was the first woman to be appointed to the boards of the Housing Loans Insurance Commission and the Commonwealth Bank. Judy held numerous appointments on Commonwealth and State Government statutory bodies (including the National Housing Supply Council between 2008 and 2013) and Ministerial Advisory Committees throughout her distinguished career.</p><p>During her career at the University of Sydney, Judy was a dedicated educator, selfless in mentoring of junior colleagues and an example for all on how to actively engage in the policy-making process as an academic. Judy was director of the Australian Housing and Urban Research Institute (AHURI) Sydney Research Centre from 2001 to 2004 and contributed to numerous AHURI reports. My own introductio
{"title":"Judy Yates","authors":"Stephen Whelan","doi":"10.1111/1467-8454.12379","DOIUrl":"https://doi.org/10.1111/1467-8454.12379","url":null,"abstract":"<p>Judith (Judy) Nancy Yates first lectured at the University of Sydney in 1967–1968 before rejoining the University in 1972 following her PhD. Judy remained a member of staff until her retirement in 2008, after which she was appointed an Honorary Associate. During her time in the School of Economics (and its predecessors), Judy left an indelible mark on students and colleagues at the University of Sydney and on the policy community in Australia through her work as an applied economist. While that work focussed largely on housing-related research throughout much of her career, Judy's PhD from the University of Amsterdam was in optimal control theory rather than economics, and her appointment at the University of Sydney was to a lectureship in mathematical economics. It was during the late 1970s and early 1980s that Judy immersed herself in the housing-related research following her work for the Campbell Report into the Australian Financial System. That report along with others initiated many of the microeconomic reforms, especially liberalisation of financial markets, that were a feature of the 1980s and 1990s. Those policy reforms were an important contributor to the economic developments that Judy immersed herself in throughout her academic career. Specifically, Judy's role in that Inquiry and her deep concerns around distributional issues initiated an ongoing interest in, analysis of and contribution to academic and public debates focussing on housing policy.</p><p>While Judy's academic and public policy contributions around housing are well documented, it is important to note that those contributions from the very beginning were to what at the time was the nascent field of housing economics. Judy's contributions beginning in the early to mid-1980s highlight the instrumental role Judy played not just in Australia but also internationally in raising the intellectual rigour of this field of study. In this respect as in many others, Judy was a pathbreaker. Judy had topped her Honours class at the ANU and upon finding that as a female she would be paid less than her male counterparts at the Commonwealth Bureau of Census and Statistics, took a tutorship at the Australian National University. In the 1980s, Judy was the first woman to be appointed to the boards of the Housing Loans Insurance Commission and the Commonwealth Bank. Judy held numerous appointments on Commonwealth and State Government statutory bodies (including the National Housing Supply Council between 2008 and 2013) and Ministerial Advisory Committees throughout her distinguished career.</p><p>During her career at the University of Sydney, Judy was a dedicated educator, selfless in mentoring of junior colleagues and an example for all on how to actively engage in the policy-making process as an academic. Judy was director of the Australian Housing and Urban Research Institute (AHURI) Sydney Research Centre from 2001 to 2004 and contributed to numerous AHURI reports. My own introductio","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"63 3","pages":"403-405"},"PeriodicalIF":1.2,"publicationDate":"2024-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8454.12379","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142170236","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Australian Greens have recently proposed the establishment of a new federal government agency to build 360,000 extra homes over five years. These homes would be sold or rented at below-market rates. The appraisal of this plan has so far been confined to a fiscal balance perspective, where completed homes are sold, rental income is received, and government administration and borrowing costs are serviced. This ignores the flow-on effects on the broader economy from expanded residential building construction activity. This paper starts to fill this gap by using a simple Leontief input–output model to analyse a counterfactual in which the Greens' plan is partially implemented into the structure of the Australian economy in 2021–2022. In light of the $84.14 billion static change in the level of total national product that, other things equal, must have occurred to satisfy an augmented final use bill corresponding to the Greens' plan, the simulation finds that projected imposts on the federal budget are rendered relatively modest. Potential extensions and applications of the model for policymakers are considered.
{"title":"The Australian Greens' Public Property Developer: An Input–Output Analysis","authors":"Chad Satterlee","doi":"10.1111/1467-8454.12376","DOIUrl":"10.1111/1467-8454.12376","url":null,"abstract":"<p>The Australian Greens have recently proposed the establishment of a new federal government agency to build 360,000 extra homes over five years. These homes would be sold or rented at below-market rates. The appraisal of this plan has so far been confined to a fiscal balance perspective, where completed homes are sold, rental income is received, and government administration and borrowing costs are serviced. This ignores the flow-on effects on the broader economy from expanded residential building construction activity. This paper starts to fill this gap by using a simple Leontief input–output model to analyse a counterfactual in which the Greens' plan is partially implemented into the structure of the Australian economy in 2021–2022. In light of the $84.14 billion static change in the level of total national product that, other things equal, must have occurred to satisfy an augmented final use bill corresponding to the Greens' plan, the simulation finds that projected imposts on the federal budget are rendered relatively modest. Potential extensions and applications of the model for policymakers are considered.</p><p>\u0000 <b>\u0000 JEL Classification:</b> D5, E1, P5</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 1","pages":"31-43"},"PeriodicalIF":1.2,"publicationDate":"2024-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8454.12376","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142188007","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Michael A. Kortt, Michael B. Charles, Luan Vinicius Bernardelli, Brian Dollery
Studies using large-scale survey data from Australia, Germany, and the United States have found evidence that religious affiliation influences earnings, with Catholic men benefitting from a wage premium. This paper examines religious affiliation and human capital formation for males aged 25 and 54 using six waves of data from the Household Income Labour Dynamics Australia (HILDA) survey. This study examines the impact of religious affiliation on male earnings through three main approaches: (i) estimating male earnings functions using various religious groupings, (ii) stratifying the analysis by wave to detect potential changes over time, and (iii) evaluating differences in the return to human capital investment among Anglicans, Catholics, and men with other religious affiliations. Contrary to existing studies, we find no evidence of a Catholic wage premium.
{"title":"Is There Still a Catholic Earnings Premium for Men? Evidence From Australia","authors":"Michael A. Kortt, Michael B. Charles, Luan Vinicius Bernardelli, Brian Dollery","doi":"10.1111/1467-8454.12377","DOIUrl":"10.1111/1467-8454.12377","url":null,"abstract":"<p>Studies using large-scale survey data from Australia, Germany, and the United States have found evidence that religious affiliation influences earnings, with Catholic men benefitting from a wage premium. This paper examines religious affiliation and human capital formation for males aged 25 and 54 using six waves of data from the Household Income Labour Dynamics Australia (HILDA) survey. This study examines the impact of religious affiliation on male earnings through three main approaches: (i) estimating male earnings functions using various religious groupings, (ii) stratifying the analysis by wave to detect potential changes over time, and (iii) evaluating differences in the return to human capital investment among Anglicans, Catholics, and men with other religious affiliations. Contrary to existing studies, we find no evidence of a Catholic wage premium.</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 1","pages":"44-54"},"PeriodicalIF":1.2,"publicationDate":"2024-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8454.12377","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142188010","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper employs the connectedness approach based on a time-varying parameter vector autoregressive model (TVP-VAR) to examine the overall spillover effects, directional spillover effects and pairwise spillover effects of climate transition risk (CTR) and financial sectors of China in both the time domain and frequency domain. The main findings are as follows: Firstly, spillover effects from CTR are significant, impacting not only individual sectors but also amplifying across the entire system. Secondly, while the influence of CTR on financial sectors is lower compared to interconnections among financial sectors, it remains considerable. Thirdly, in the short-term, risks transmit from CTR to financial sectors, while in the long-term, the direction reverses. Fourthly, there were significant fluctuations in spillover effects among CTR and financial sectors from 2003 to 2008, indicating increased risk under extreme conditions. The findings of this study contribute to the understanding of potential risks in the financial system by regulatory authorities, facilitating the adoption of appropriate regulatory measures to maintain market stability. Moreover, it provides valuable insights for investors to better accurately assess risks and returns.
{"title":"Spillover effects of climate transition risk and financial sectors: New evidence from China","authors":"Shiyuan Li, Xin Li","doi":"10.1111/1467-8454.12374","DOIUrl":"10.1111/1467-8454.12374","url":null,"abstract":"<p>This paper employs the connectedness approach based on a time-varying parameter vector autoregressive model (TVP-VAR) to examine the overall spillover effects, directional spillover effects and pairwise spillover effects of climate transition risk (CTR) and financial sectors of China in both the time domain and frequency domain. The main findings are as follows: Firstly, spillover effects from CTR are significant, impacting not only individual sectors but also amplifying across the entire system. Secondly, while the influence of CTR on financial sectors is lower compared to interconnections among financial sectors, it remains considerable. Thirdly, in the short-term, risks transmit from CTR to financial sectors, while in the long-term, the direction reverses. Fourthly, there were significant fluctuations in spillover effects among CTR and financial sectors from 2003 to 2008, indicating increased risk under extreme conditions. The findings of this study contribute to the understanding of potential risks in the financial system by regulatory authorities, facilitating the adoption of appropriate regulatory measures to maintain market stability. Moreover, it provides valuable insights for investors to better accurately assess risks and returns.</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 1","pages":"71-90"},"PeriodicalIF":1.2,"publicationDate":"2024-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141812610","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In the course of its steady development, China's financial landscape confronts an array of risks and challenges. Against the backdrop of China's sustained commitment to regional coordinated development strategies, the imperative of achieving coordinated financial stability across regions becomes paramount for fostering macro-financial stability. This study addresses this imperative by formulating a regional financial stability index grounded in the provincial financial stability index. The ensuing analyses encompass the delineation of regional financial stability status, the quantification of disparities, and the scrutiny of temporal and spatial dynamics. Our findings reveal a relatively high level of regional financial stability in China, with a modest overall variance between national and regional financial stability. Notably, the financial stability of the eastern region assumes a pivotal role in influencing the nationwide financial stability landscape. The regional financial stability index demonstrates dynamic evolutionary features characterised by temporal fluctuations and discernible spatial differentiation patterns. Drawing upon these insights, the article proffers a set of targeted policy recommendations, with practical implications for fortifying macro-financial stability not only in China but also in other nations.
{"title":"Construction and analysis of regional financial stability index in China: Regional system status, difference measure and spatio-temporal variation","authors":"Jinsong Wang, Wenhui Wu","doi":"10.1111/1467-8454.12375","DOIUrl":"10.1111/1467-8454.12375","url":null,"abstract":"<p>In the course of its steady development, China's financial landscape confronts an array of risks and challenges. Against the backdrop of China's sustained commitment to regional coordinated development strategies, the imperative of achieving coordinated financial stability across regions becomes paramount for fostering macro-financial stability. This study addresses this imperative by formulating a regional financial stability index grounded in the provincial financial stability index. The ensuing analyses encompass the delineation of regional financial stability status, the quantification of disparities, and the scrutiny of temporal and spatial dynamics. Our findings reveal a relatively high level of regional financial stability in China, with a modest overall variance between national and regional financial stability. Notably, the financial stability of the eastern region assumes a pivotal role in influencing the nationwide financial stability landscape. The regional financial stability index demonstrates dynamic evolutionary features characterised by temporal fluctuations and discernible spatial differentiation patterns. Drawing upon these insights, the article proffers a set of targeted policy recommendations, with practical implications for fortifying macro-financial stability not only in China but also in other nations.</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 1","pages":"91-112"},"PeriodicalIF":1.2,"publicationDate":"2024-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141823317","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Beaches are iconic in Australian culture. However, coastal areas are intrinsically hazardous, given the nature of recreational beach activities. The need for beach regulation and safety services has spawned a vast network of voluntary life-saving clubs across Australia that operate collaboratively with local government and volunteers. In this paper, we examine the operation of Surf Life Saving New South Wales (SLSNSW) through the analytical lens of local co-production. We argue that the effectiveness of SLSNSW can be mainly ascribed to the efficacious manner in which SLSNSW, local councils and volunteers have been combined to generate beach safety services.
{"title":"Local co-production in safety service provision: The case of Surf Life Saving in New South Wales","authors":"Owen Hogan, Brian Dollery, Michael A. Kortt","doi":"10.1111/1467-8454.12373","DOIUrl":"10.1111/1467-8454.12373","url":null,"abstract":"<p>Beaches are iconic in Australian culture. However, coastal areas are intrinsically hazardous, given the nature of recreational beach activities. The need for beach regulation and safety services has spawned a vast network of voluntary life-saving clubs across Australia that operate collaboratively with local government and volunteers. In this paper, we examine the operation of Surf Life Saving New South Wales (SLSNSW) through the analytical lens of local co-production. We argue that the effectiveness of SLSNSW can be mainly ascribed to the efficacious manner in which SLSNSW, local councils and volunteers have been combined to generate beach safety services.</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 1","pages":"55-70"},"PeriodicalIF":1.2,"publicationDate":"2024-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8454.12373","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141608999","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this study, we use a supply and demand model to estimate housing supply elasticity in New South Wales Australia based on yearly data for the 126 local government areas from 1991 to 2019, and investigate effects of supply elasticity on responses of housing prices and new constructions to housing price bubbles from 2002 to 2004. In particular, when conducting supply elasticity estimation, we use multi-factor error structures to address cross-sectional dependence issues, which is ignored by previous studies. We find that the supply elasticity estimates are statistically significant at the state level (0.36), in the regional coastal area (0.97) and in the regional inland area (0.41 but can be inconsistent and inefficient due to cross-sectional dependence), while perfectly inelastic in the metropolitan area. Effects of supply elasticity on the market responses to bubbles are largely affected by market heterogeneity such as overall supply elasticity levels and demand degrees. The findings may compensate for the limitations of the theory in Glaeser et al. (2008, J Urban Econ, 64:198–217) and offer potential avenues for future development of the theory. Our results implies that bubbles promote development in elastic areas of the metropolitan market and inelastic areas of the regional coastal market, and that balancing urban and regional development is important for dealing with bubble-related affordability issues.
{"title":"The supply elasticity and housing price bubbles in New South Wales, Australia","authors":"Yi Ding, Xiangling Liu","doi":"10.1111/1467-8454.12372","DOIUrl":"10.1111/1467-8454.12372","url":null,"abstract":"<p>In this study, we use a supply and demand model to estimate housing supply elasticity in New South Wales Australia based on yearly data for the 126 local government areas from 1991 to 2019, and investigate effects of supply elasticity on responses of housing prices and new constructions to housing price bubbles from 2002 to 2004. In particular, when conducting supply elasticity estimation, we use multi-factor error structures to address cross-sectional dependence issues, which is ignored by previous studies. We find that the supply elasticity estimates are statistically significant at the state level (0.36), in the regional coastal area (0.97) and in the regional inland area (0.41 but can be inconsistent and inefficient due to cross-sectional dependence), while perfectly inelastic in the metropolitan area. Effects of supply elasticity on the market responses to bubbles are largely affected by market heterogeneity such as overall supply elasticity levels and demand degrees. The findings may compensate for the limitations of the theory in Glaeser et al. (2008, J Urban Econ, 64:198–217) and offer potential avenues for future development of the theory. Our results implies that bubbles promote development in elastic areas of the metropolitan market and inelastic areas of the regional coastal market, and that balancing urban and regional development is important for dealing with bubble-related affordability issues.</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 1","pages":"1-19"},"PeriodicalIF":1.2,"publicationDate":"2024-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141570047","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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