Structural Reform in New Zealand: A Review

This paper discusses the reasons for the change in economic policy direction adopted in New Zealand in 1984. The paper briefly outlines the economic history of New Zealand in the period from the early 1970's to 1996. The ultimate test of the success of the economic reforms is whether they have increased the growth rate of potential per capita output in the economy. I discuss the evidence on this hypothesis and conclude that the evidence does support the hypothesis of a structural change in this measure. Five of the major areas of reform are discussed, these areas are goods, capital and labour market liberalisation and the fiscal and monetary policy framework adopted in New Zealand.economic policy reform; New Zealand

After the Bubble: The Survival and Ownership of Internet Marketplaces for Farmers and Agribusiness

This paper presents a theory of how industry structure and beliefs about Internet marketplace use have driven choice and ownership of marketplaces. The theory's predictions suggest that surviving Internet marketplaces will be those with strong historical linkages in an industry and those owned by or affiliated with major commodity buyers. Comparisons of these predictions with actual outcomes provide validation of the theory. Where predictions differ from results, observations are made as to the nature of the deviations.agricultural markets, electronic commerce, Internet markets, network externalities, technology adoption, Agribusiness,

The Kyoto Protocol: A Review and Perspectives

International concern about climate change has led to the Kyoto Protocol, negotiated in 1997, which contains legally binding emission targets for industrialized countries to be achieved during the commitment period 2008-2012. While proponents of the Protocol celebrate it as a breakthrough in international climate policy, opponents criticize that its approach, namely setting targets and timetables for emission reductions, is seriously flawed. This paper provides a critical assessment of the Protocol?s potential performance and discusses amendments to foster its effectiveness and efficiency. It concludes that, even without any effective emission reductions in the initial commitment period, the ratification of Kyoto is important for the further policy process of climate protection. The Kyoto Protocol has established a flexible broad-based international mechanism that provides a valuable starting point for shaping efficient climate policies in the future. --climate policy,cost-benefit analysis,Kyoto Protocol

CHALLENGES IN QUANTITATIVE ECONOMIC ANALYSIS IN SUPPORT OF MULTILATERAL TRADE NEGOTIATIONS

International Relations/Trade,

The Financial Crisis and Money Markets in Emerging Asia

Asian money markets entered the financial crisis in better shape than markets in other regions due to a substantial build-up of savings and liquidity in their banking systems, as well as a greater domestic focus in most of the region’s markets. However, despite the higher liquidity and lower levels of global integration, the effects of the crisis in Asia were severe and followed a similar path observed in international markets. The further development of money markets, particularly in less developed economies, will require policies and initiatives that add liquidity and depth to attract broader participation from both domestic and international investors—including regional cooperation, a robust regulatory architecture, and foreign competition to expedite the development of less developed money markets. Risk management and liquidity assumptions also need to be enhanced to establish buffers that will withstand more severe and prolonged external shocks and disruptions to external financing.Money market; money market participants; components of money markets; financial crisis

Postponement and the wealth of nations

In this paper, Fair Value Chain Creation (FVC2;), as an approach that applies and extends principles of Fair Trade to exports from developed countries to the less developed countries, is being introduced. It awards a Fair Value label to goods which undergo further value adding in the host market. FVC2; attempts to utilize a label pointing at made for rather than made in by emblematizing the degree of Fair Value involved. Building on logistics and manufacturing postponement allows FVC2; to balance value chains in such a way that both stakes (North - South; developed countries - developing countries; country of origin - host market) are going to profit. Developing countries can increase their share in value chains originating from Northern countries. In turn, this enables those developed countries and corresponding manufacturers to level their resources. While postponing none-core activities to the developing countries and the respective host markets, manufacturers can focus even more on core processes. In fact, FVC2; mostly employs humans instead of machines. It makes labor a promoted option. Based on free-market mechanisms, like opportunity costs and the production possibilities frontier, the authors prove FVC2; being an attempt in the market and on the structure of global value chains. Fair Value Chain Creation is driven by enhanced global logistics performance. Thus, and in contrast to Fair Trade, FVC2; requires no price premium being paid by the consumer and therefore no stringent inspection of its application. Nonetheless, every labeling initiative requires an authority to prevent malpractice. The authors show, before such an initiative can be put into practice, that it is particularly evident to define the developing gap enabling to specify the potential and spectrum of FVC2;. This gap arises from globalization and enhanced logistics performance (foremost postponement). --Fair Trade,Fair Value Chain,Fair Value Creation,Postponement,Wealth of Nations

Green policies and public finance in a small open economy (Revised version)

Environment;Taxation;Consumption

Towards a sustainable development of the chinese economy: Accomplishments and challenges in limiting greenhouse gas emissions

This is an invited discussion on the Ye, Jin and Liu’s paper “Analysis of Advantages and Disadvantages of Implementation of AIJ for China”. It focuses on five issues or questions: the subject of the paper, China’s concerns about clean development mechanism, what China has done so far in limiting its carbon emissions, what can be expected from China at the international climate change negotiations subsequent to Buenos Aires, and whether combating global climate change is in China’s interest.Activities imple¬mented jointly; Energy conservation; Clean development mechanism; International climate change negotiations; China's negotiation positions