Australian Economic Papers最新文献

{"title":"Judy Yates and Housing Economics","authors":"Geoffrey Meen,&nbsp;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":null,"pages":null},"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}

{"title":"Judy Yates","authors":"Stephen Whelan","doi":"10.1111/1467-8454.12379","DOIUrl":"https://doi.org/10.1111/1467-8454.12379","url":null,"abstract":"&lt;p&gt;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.&lt;/p&gt;&lt;p&gt;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.&lt;/p&gt;&lt;p&gt;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":null,"pages":null},"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}

{"title":"Spillover effects of climate transition risk and financial sectors: New evidence from China","authors":"Shi-yi Li, Xin Li","doi":"10.1111/1467-8454.12374","DOIUrl":"https://doi.org/10.1111/1467-8454.12374","url":null,"abstract":"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.","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":null,"pages":null},"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}

{"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":"https://doi.org/10.1111/1467-8454.12375","url":null,"abstract":"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.","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":null,"pages":null},"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}

{"title":"International financial integration and financial depth: New evidence from an asymmetry analysis","authors":"Massomeh Hajilee, F. Niroomand, Linda A. Hayes","doi":"10.1111/1467-8454.12368","DOIUrl":"https://doi.org/10.1111/1467-8454.12368","url":null,"abstract":"In the field of international finance, there is a large role for international financial market integration and financial depth by contributing to the global financial system and enhancing financial system power through easier access to sufficient funds of government and private sectors. This research aims to determine the short‐run and long‐run impact of financial depth on international financial market integration in eight selected countries over the period of 1980–2021 in both a linear and nonlinear model, while providing the opportunity to assess the asymmetric impact of financial depth on international financial market integration. After estimating the models, we show that financial depth has significant short‐run and long‐run effects in most of our sample countries in the linear mode. We also show that the long‐run impact of financial depth on financial market integration is asymmetric in all eight countries, concluding that financial depth and risks associated with it play an important role in international financial market integration, and it is important for countries to select and implement adequate financial market policies to take advantage of this relationship.","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141378835","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}

{"title":"Global economic contraction, climate change and the gold market volatility: A GARCH‐MIDAS approach","authors":"Afees A. Salisu, D. J. Penzin, X. Vo","doi":"10.1111/1467-8454.12369","DOIUrl":"https://doi.org/10.1111/1467-8454.12369","url":null,"abstract":"Our paper has two main objectives. First, we aim to investigate the relationship between global economic contraction (GECON) and the return volatility of gold. Second, we examine the role of climate change as a mediator in this connection. To achieve this, we use the GARCH‐MIDAS model, which accommodates data in different frequencies in the same model. This prevents the loss of important information when aggregating high‐frequency data to lower‐frequency data. We also use alternative measures of GECON from Kilian and Zhou (Journal of International Money and Finance, 2018; 88, 54–78) and Baumeister et al. (Review of Economics and Statistics, 2020;104(4), 828–844) to ensure the robustness of our findings. Our results show that global economic contraction positively impacts the return volatility of gold. Additionally, our findings confirm that the increased uncertainty caused by climate change makes gold a safe haven for investors. This means that gold's return volatility is not negatively impacted by the rising level of uncertainty caused by climate‐induced contraction. Moreover, we note that the index of GECON that accommodates more dynamics can produce more accurate predictability for gold market volatility. Our analysis of stock market volatility further confirms that gold has a safe haven potential relative to the stock market.","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141385333","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}

{"title":"The impact of US housing demand and supply shocks on the Australian economy: Analysis implementing a SVAR model","authors":"Patrick Manning","doi":"10.1111/1467-8454.12348","DOIUrl":"https://doi.org/10.1111/1467-8454.12348","url":null,"abstract":"<p>This thesis develops an open economy structural vector autoregression model to determine how the Australian economy is affected by both a US housing demand shock and a US housing supply shock. Previous literature has either grouped Australia with other economies or has excluded Australia altogether. This leaves a significant literature gap in explaining how the Australian economy is solely impacted. The results of the model indicate both a US housing demand and a US housing supply shock significantly impact the Australian economy, with the most significant being the impact of a US house price shock upon Australian GDP which is large and persistent over time. The results contribute to the understanding of how Australian policymakers should incorporate the US housing market into policy decisions and central bank modelling.</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8454.12348","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141091498","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}

{"title":"Evaluating Australia's financial conditions: A comparative analysis and extension of a dynamic factor model index","authors":"Alexander Khreish","doi":"10.1111/1467-8454.12358","DOIUrl":"https://doi.org/10.1111/1467-8454.12358","url":null,"abstract":"<p>This article investigates the unique financial conditions in Australia in the wake of COVID-19, a subject of critical importance given the recent unprecedented economic events such as the fastest rate rises since the 1990s and the presence of persistently high inflation. This study aims to contribute to the literature by examining the speed of interest rate changes and its implications on financial conditions, particularly in an environment characterised by negative real interest rates. The research aims to extend and refine the financial conditions index (FCI) developed by the Reserve Bank of Australia by incorporating a momentum variable to capture the speed of interest rate changes. A dynamic factor model is utilised to investigate 73 data series across nine main categories, constructing the FCI on a quarterly basis. The results indicate that rapid interest rate changes significantly impact financial conditions, holding significant weights within the model, thus requiring careful policy considerations.</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8454.12358","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141091506","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}

{"title":"Retaining Australian Nurses: An Analysis of Nurses' Wages and Exit Rates","authors":"Geena Sharma","doi":"10.1111/1467-8454.12351","DOIUrl":"https://doi.org/10.1111/1467-8454.12351","url":null,"abstract":"<p>This study examines factors influencing Australian nurses' decisions to quit their jobs, the pathways they take after quitting, and estimates the average wage change associated with a nurse changing professions. Using data from the Household, Income, and Labour Dynamics in Australia Survey and panel data estimation methods, we find that a nurse's pre-exit hourly wage is significantly associated with their exit decision when controlling for relevant exogenous factors. We also find that most nurses who change professions stay in the healthcare sector, which is characterised by significant increases in hourly wages and occupational prestige and suggests that these nurses change jobs for better opportunities. We conclude that while nurses' exit decisions are not associated with a loss of human capital in healthcare, higher wages would have to be paid if the policy objective is to increase nurse retention.</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8454.12351","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141091507","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}

{"title":"Labour market outcomes of the China shock in Australia","authors":"Ying Ying Ida Xiao","doi":"10.1111/1467-8454.12352","DOIUrl":"https://doi.org/10.1111/1467-8454.12352","url":null,"abstract":"<p>This paper examines the effect of the rise in Chinese import competition on the Australian labour market from 1991 to 2007. Using the data from the Australian Bureau of Statistics Labour Force Survey, I find three main results. First, the Chinese import competition generates net job gains for the economy at both aggregate and sectoral levels. The manufacturing and service sectors both experience a growth in employment due to the movements of workers between and within industries. Second, the job losses in manufacturing industries are accompanied by expansions in services industries. The Chinese import exposure reorganises the job allocations from manufacturing to services. Third, the industrial shifts and skill-biased technical change caused by the Chinese imports bring about job polarisation. Estimates show evidence of job concentration on low-skilled and high-skilled workers while also a weakening focus on middle-skilled occupations.</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8454.12352","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141091645","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}