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Stock Markets and Competition: What Does A Concentrated Stock Market Tell Us About Competition In The Economy? 股票市场与竞争:一个集中的股票市场告诉我们经济中的竞争是什么?
IF 0.9
Economic Papers Pub Date : 2020-11-22 DOI: 10.1111/1759-3441.12307
Adam Triggs
{"title":"Stock Markets and Competition: What Does A Concentrated Stock Market Tell Us About Competition In The Economy?","authors":"Adam Triggs","doi":"10.1111/1759-3441.12307","DOIUrl":"10.1111/1759-3441.12307","url":null,"abstract":"<p>The paper presents analysis of market concentration in Australia’s stock market and explores what this might tell us about the state of competition in the real economy. It finds that, on most measures, Australia’s stock market is highly concentrated but is becoming less concentrated over time. Many studies, including leading books on competition policy, have used stock market concentration as a proxy for market concentration in the economy, usually due to data constraints. The paper warns against this. Using the stock market for competition analysis incorrectly defines markets and competition, excludes most competitors, ignores important market dynamics and leads to erroneous results. Declining stock market concentration should not be taken as a sign that competition in the economy is improving.</p>","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"40 3","pages":"194-208"},"PeriodicalIF":0.9,"publicationDate":"2020-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/1759-3441.12307","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115742084","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}
引用次数: 2
An In Medias Res Economic Cost-Benefit Analysis of ACT Container Deposit Scheme ACT集装箱堆存方案的经济成本效益分析
IF 0.9
Economic Papers Pub Date : 2020-11-12 DOI: 10.1111/1759-3441.12305
Sarah Yanyue Yu
{"title":"An In Medias Res Economic Cost-Benefit Analysis of ACT Container Deposit Scheme","authors":"Sarah Yanyue Yu","doi":"10.1111/1759-3441.12305","DOIUrl":"10.1111/1759-3441.12305","url":null,"abstract":"<p>The paper presents an in medias res economic cost-benefit analysis of a Container Deposit Scheme (CDS) for beverage containers in the Australian Capital Territory (ACT), Australia. The paper examines all cost elements of the scheme – scheme design and administration, scheme coordination, beverage industry compliance, household participation, business participation and container redemption infrastructure and operating costs. The paper also examines all potential benefits – avoided waste collection and transport costs; avoided material recovery facility processing cost; avoided landfill cost; avoided street sweeping cost; value of avoided litter; and value of recyclates. A wide variety of data sources is employed, and some of the critical issues are examined via several approaches. The main finding of the paper is that the ACT CDS is clearly economically worthwhile. The in medias res CBA of the ACT CDS shows the scheme to be highly efficient and thus recommends the continuation of the scheme.</p>","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"40 1","pages":"78-90"},"PeriodicalIF":0.9,"publicationDate":"2020-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/1759-3441.12305","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132347411","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Introduction to the Special Issue: Financial Capabilities and Well-being 特刊导言:财务能力与幸福
IF 0.9
Economic Papers Pub Date : 2020-10-04 DOI: 10.1111/1759-3441.12302
Roslyn Russell, Ashton de Silva
{"title":"Introduction to the Special Issue: Financial Capabilities and Well-being","authors":"Roslyn Russell,&nbsp;Ashton de Silva","doi":"10.1111/1759-3441.12302","DOIUrl":"10.1111/1759-3441.12302","url":null,"abstract":"","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"39 4","pages":"314-317"},"PeriodicalIF":0.9,"publicationDate":"2020-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/1759-3441.12302","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133583649","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}
引用次数: 0
New Approach to Financial and Economic Stability in the United States from a Banking Perspective 银行视角下美国金融和经济稳定的新途径
IF 0.9
Economic Papers Pub Date : 2020-09-12 DOI: 10.1111/1759-3441.12300
José Alejandro Fernández Fernández, Virginia Bejarano Vázquez, Juan Antonio Vicente Virseda
{"title":"New Approach to Financial and Economic Stability in the United States from a Banking Perspective","authors":"José Alejandro Fernández Fernández,&nbsp;Virginia Bejarano Vázquez,&nbsp;Juan Antonio Vicente Virseda","doi":"10.1111/1759-3441.12300","DOIUrl":"10.1111/1759-3441.12300","url":null,"abstract":"<p>This work analyses the relationships between the banking sector and the economy as a whole in the United States between 1990 and 2016. The data are obtained from the Federal Reserve System (FED) and the Federal Deposit Insurance Corporation (FDIC). The methodology applied is canonical analysis, and this analysis will allow us to obtain composite indicators on the real and financial state of the economy, among other composite indicators. This study’s main contribution and originality is centred on this new way of addressing financial and economic stability. Its contributions to macroprudential policy, as well as the financial and economic stability measures it creates, are valuable.</p>","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"40 1","pages":"54-72"},"PeriodicalIF":0.9,"publicationDate":"2020-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/1759-3441.12300","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116973086","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
The Role of Financial Capability and Culture in Financial Satisfaction 财务能力和文化在财务满意度中的作用
IF 0.9
Economic Papers Pub Date : 2020-09-09 DOI: 10.1111/1759-3441.12299
Gentjan Çera, Khurram Ajaz Khan, Jaroslav Belas, Humberto Nuno Rito Ribeiro
{"title":"The Role of Financial Capability and Culture in Financial Satisfaction","authors":"Gentjan Çera,&nbsp;Khurram Ajaz Khan,&nbsp;Jaroslav Belas,&nbsp;Humberto Nuno Rito Ribeiro","doi":"10.1111/1759-3441.12299","DOIUrl":"10.1111/1759-3441.12299","url":null,"abstract":"<p>This paper presents an integrated framework for understanding the determinants of financial satisfaction in the context of two European nations with different cultural environments. The direct, indirect and interactive effects were tested through the path analysis method. It was found that to be financially capable is imperative because it governs the impacts of financial attitude and financial knowledge on financial satisfaction. Moreover, findings show that culture matters in explaining differences between countries. Hence, individualistic societies, compared to collectivistic ones, reflect a stronger relationship between financial attitude and financial satisfaction. Additionally, countries showing a high propensity in avoiding uncertainty reflect a negative association between risk tolerance and financial satisfaction, while those lacking such preference manifest a positive relationship.</p>","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"39 4","pages":"389-406"},"PeriodicalIF":0.9,"publicationDate":"2020-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/1759-3441.12299","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121430253","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}
引用次数: 16
Inflation and Financial Stability Trade-off: Role of Monetary Policy Credibility and Fiscal Cyclicality 通货膨胀与金融稳定的权衡:货币政策可信度与财政周期性的作用
IF 0.9
Economic Papers Pub Date : 2020-09-07 DOI: 10.1111/1759-3441.12297
Akhmad Syakir Kurnia, Syahid Izzulhaq, Johan Beni Maharda, Agung Kunaedi
{"title":"Inflation and Financial Stability Trade-off: Role of Monetary Policy Credibility and Fiscal Cyclicality","authors":"Akhmad Syakir Kurnia,&nbsp;Syahid Izzulhaq,&nbsp;Johan Beni Maharda,&nbsp;Agung Kunaedi","doi":"10.1111/1759-3441.12297","DOIUrl":"10.1111/1759-3441.12297","url":null,"abstract":"<p>This paper examines the role of monetary credibility and fiscal cyclicality in generating the trade-off between inflation rates and financial stability. We systematically develop simple theoretical models to shape the rationalisation framework, which demonstrates the role of fiscal cyclicality behaviour in arousing a trade-off for the monetary policy to target low inflation rates and a stable financial system at the same time. By utilising the generalised method of moment (GMM), we find that a credible monetary policy generates a trade-off between inflation and financial stability as long as the fiscal policy is procyclical.</p>","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"40 1","pages":"31-53"},"PeriodicalIF":0.9,"publicationDate":"2020-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/1759-3441.12297","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123529855","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
From me to us: Strengthening our Financial Capabilities 我对我们说:加强我们的财务能力
IF 0.9
Economic Papers Pub Date : 2020-08-28 DOI: 10.1111/1759-3441.12295
Jeremiah Thomas Brown, Marcus Banks, Dina Bowman
{"title":"From me to us: Strengthening our Financial Capabilities","authors":"Jeremiah Thomas Brown,&nbsp;Marcus Banks,&nbsp;Dina Bowman","doi":"10.1111/1759-3441.12295","DOIUrl":"10.1111/1759-3441.12295","url":null,"abstract":"<p>For low-income or precariously employed households in Australia, the re-allocation of risk over the past forty years has four crucial economic dimensions: the fraying of the social security net; changes in labour market dynamics; heightened uncertainty arising from income volatilities; and new hazards generated by the financialisation of daily life. Household financial capabilities are negatively influenced by the compounding impacts of each of these risks. Case examples from a BSL study illustrate each impact and their interactions. The dominant idea that individual capabilities are malleable (and thus can be optimised) whilst circumstances and norms are fixed is countered by an expanded view of Sen’s/Nussbaum’s capability approach (CA) that includes collective capabilities. Collective capabilities can change norms, and so, the concept provides a needed link between the political and macroeconomic movement of risk re-allocation and individual or household financial capabilities. The Australian Unemployed Workers’ Union is used as an example to show how collective action can challenge structural conditions, and expand or protect the capabilities of individuals.</p>","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"39 4","pages":"407-417"},"PeriodicalIF":0.9,"publicationDate":"2020-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/1759-3441.12295","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131729825","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}
引用次数: 2
Agricultural Households: An Exploratory Analysis Revisiting Financial Position and Well-being in Australia* 农业家庭:重新审视澳大利亚财务状况和幸福的探索性分析*
IF 0.9
Economic Papers Pub Date : 2020-08-19 DOI: 10.1111/1759-3441.12293
Will Chancellor, Shiji Zhao
{"title":"Agricultural Households: An Exploratory Analysis Revisiting Financial Position and Well-being in Australia*","authors":"Will Chancellor,&nbsp;Shiji Zhao","doi":"10.1111/1759-3441.12293","DOIUrl":"10.1111/1759-3441.12293","url":null,"abstract":"<p>As the issue of agricultural household economic well-being begins to resurface, we use custom data sets to compare the financial position of agricultural households to the general Australian population. We find that agricultural households tend to have higher levels of wealth compared to households in the average Australian population, yet experience more income volatility on average. Our study brings attention to the important well-being issue while also highlighting the need to collect robust farm household data in order to better understand the complex dynamics of household well-being in the Australian agricultural sector.</p>","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"40 1","pages":"14-30"},"PeriodicalIF":0.9,"publicationDate":"2020-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/1759-3441.12293","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132480811","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Financial Advice Seeking: A Review of the Barriers and Benefits 财务咨询:障碍和利益的回顾
IF 0.9
Economic Papers Pub Date : 2020-08-17 DOI: 10.1111/1759-3441.12294
Steffen Westermann, Scott J. Niblock, Jennifer L. Harrison, Michael A. Kortt
{"title":"Financial Advice Seeking: A Review of the Barriers and Benefits","authors":"Steffen Westermann,&nbsp;Scott J. Niblock,&nbsp;Jennifer L. Harrison,&nbsp;Michael A. Kortt","doi":"10.1111/1759-3441.12294","DOIUrl":"10.1111/1759-3441.12294","url":null,"abstract":"<p>This paper reviews the literature on the perceived individual-level demand-side barriers to and benefits from seeking and following financial advice. Our review reveals that poor financial literacy, lack of trust and financial adviser anxiety have all been found to dissuade individuals from pursuing professional financial advice. The limited literature on the effectiveness of financial advice in terms of financial well-being suggests a positive link. However, no study has collectively examined the influence of financial literacy, trust and financial adviser anxiety on financial advice seeking and well-being in Australia. We conclude by discussing further gaps, policy recommendations, the recently introduced amendments to the Australian Corporations Act and several directions for future research, which may provide theoretical and practical benefits to policy-makers, industry professionals, academics and individuals.</p>","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"39 4","pages":"367-388"},"PeriodicalIF":0.9,"publicationDate":"2020-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/1759-3441.12294","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122106506","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}
引用次数: 7
Persistence of Cost Inefficiency Among Schools: A Myth or Reality? 学校成本低效率的持续存在:神话还是现实?
IF 0.9
Economic Papers Pub Date : 2020-07-27 DOI: 10.1111/1759-3441.12291
Antony Andrews
{"title":"Persistence of Cost Inefficiency Among Schools: A Myth or Reality?","authors":"Antony Andrews","doi":"10.1111/1759-3441.12291","DOIUrl":"10.1111/1759-3441.12291","url":null,"abstract":"<p>Inefficiency persistence is often ignored in empirical studies that assess school efficiency levels. Using longitudinal data on state and state-dependent private schools from 62 New Zealand territories, a dynamic random-effect stochastic frontier model is employed to obtain the magnitude of inefficiency persistence along with the measure of cost efficiency estimates. The results show that a naive non-dynamic model incorrectly shows New Zealand schools to be highly cost-efficient in short run. However, the dynamic model exposes the fact that New Zealand state schools face high persistence in cost inefficiency, which is limiting their ability to provide cost-efficient schooling in long run. Furthermore, an estimated 9% of the annual state school funding is lost due to the persistence in cost inefficiency. The findings of this study indicate that cost inefficiency among New Zealand schools appears to be long run, requiring significant policy change from the national government.</p>","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"40 1","pages":"73-77"},"PeriodicalIF":0.9,"publicationDate":"2020-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/1759-3441.12291","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114790664","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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