Regional Monitoring of Capital Flows and Coordination of Financial Regulation: Stakes and Options for Asia

The ongoing global economic crisis has punished Asian economies severely, despite the fact that its origins derive from outside the region. The global economic crisis was transmitted through real and financial channels, underscoring how vulnerable the region is to external shocks. This paper explores the microeconomic origins of the financial crisis and endeavors to ascertain how crises might be mitigated in the future through better regulation, supervision, and institution-building. Moreover, it makes the case for closer economic cooperation in order to internalize key externalities associated with modern global finance. This cooperation, in turn, should take place at the appropriate level, with incentives for cooperation at the global, regional, and subregional levels. It explores the potential for the creation of an Asian Financial Stability Board and deepening other initiatives in Association of Southeast Asian Nations (ASEAN)+3 and ASEAN forums. However, it stresses that the most important financial reforms in Asia will need to take place at the national level

Reconceptualising product life-cycle theory as stakeholder engagement with non-profit organisation

The paper critically re-examines product life-cycle (PLC) theory, developed over fifty years ago. Despite prevalence in marketing pedagogy and continued popularity within empirical research, PLC is seldom challenged. The paper identifies the organisation-centric construct underpinning the theory and highlights a disconnection between PLC theory and the recent academic insight around customer engagement. It reconceptualises the life-cycle concept based on engagement between stakeholder and non-profit organisation (NPO), structured upon both the market orientation and social exchange constructs. The revised framework maps stakeholder engagement with the NPO through the five stages of incubation, interaction, involvement, immersion, and incapacitation. The paper concludes with identifying a roadmap for future empirical research to develop and validate the re-envisaged conceptual model. The methodology used is narrative literature review supported by secondary research from specialist practitioner reports

Modelling differences in angler choice behaviour with advanced discrete choice models

New Zealand is internationally renowned for having some of the finest and most challenging trout fishing in the world. However, due to continuing development and angling pressure many fishing sites are showing signs of environmental degradation and over fishing. This trend is almost certain to continue into the future given continued population and economic growth. Understanding the determinants of site choice, preference heterogeneity and anglers’ substitution patterns is fundamentally important to fishery managers who have the difficult task of maintaining quality angling experiences on a number of fishing sites, managing angling pressure and maintaining license sales. Recent advances in simulation techniques and computational power have improved the capability of discrete choice models to reveal preference heterogeneity and complex substitution patterns among individuals. This thesis applies and evaluates a number of state-of-the-art discrete choice models to study angler site choice in New Zealand. Recreation specialisation theory is integrated into the analysis to enhance the behavioural representation of the statistical models. A suite of models is presented throughout the empirical portion of this thesis. These models demonstrate different ways and degrees of explaining preference heterogeneity as well as identifying anglers’ substitution patterns. The results show that North Canterbury anglers’ preferences vary considerably. Resource disturbances such as riparian margin erosion, reduced water visibility and declines in catch rates can cause significant declines in angler use of affected sites, and at the same time non-proportional increases in the use of unaffected sites. Recreation specialisation is found to be closely related to the types of fishing site conditions, experiences and regulations preferred by anglers. Anglers’ preference intensities for fishing site attributes, such as catch rates, vary across different types of fishing sites. This location specific preference heterogeneity is found to be related to specialisation. Overall, the empirical findings indicate that conventional approaches to modelling angler site choice which do not incorporate a strong understanding of angler preference heterogeneity can lead to poorly representative models and suboptimal management and policy outcomes

Valuing impacts of the invasive alga Didymosphenia geminata on recreational angling

Recent global spread of the freshwater alga Didymosphenia geminata (Didymo) has caused major biosecurity and freshwater management concerns. Didymo degrades river esthetics, alters ecosystems, negatively impacts recre- ation experiences and may require strict containment measures. This paper assesses the impact of Didymo on nonmarket values for recreational angling using a case study from New Zealand, where Didymo is extraordinarily prolific. Choice experiment data are used to fit a latent class model, identifying five distinct angler preference profiles. For the largest class of anglers the presence of Didymo had no significant effect on angling benefits. How- ever, other classes were negatively affected. Overall, Didymo reduced fishing values by about NZ$44 per visit. An- glers were sensitive to the scale of Didymo infestation, suffering significantly higher costs when more water bodies are affected. Closure of Didymo-infected mainstem-rivers to prevent spread of Didymo resulted in a sig- nificant reduction in angler net benefits, even if the policy were 100% effective. The latent class model identified distributional implications. While three angler classes would not have significantly different benefits if mainstem-rivers were closed to prevent the spread of Didymo, two classes of anglers would be highly impacted by such a policy, particularly those who regularly fish mainstem-rivers for salmon