Credit Supply and Demand and the Australian Economy

The paper explores the lending behaviour of financial intermediaries over the business cycle in the light of new theories emphasising agency costs. During a “credit crunch” loans from financial intermediaries are unobtainable at any price, so that credit may have a “causal” role in influencing economic outcomes in the short run. Tests of this phenomenon show that it is not supported by the Australian data. However, while credit may not “cause” economic activity it may, nevertheless, have useful leading indicator properties. This is because the demand for credit is based on expectations about future demand as well as the current cost of credit. Indeed, monetary policy operates in part via intertemporal substitution in demand, which is reflected in, though not caused by, the behaviour of credit. These properties of credit are shown to be broadly consistent with Australian data.

Changes in the Characteristics of the Australian Business Cycle: Some Lessons for Monetary Policy from the 1980s and Early 1990s

This paper examines the causes of asset price inflation and deflation in the Australian economy, their links with borrowing and recent problems that have arisen for banks’ balance sheets. Implications for the business cycle and monetary policy are drawn out in some detail. The difficulties encountered are attributed partly to the once-for-all transition from regulated to deregulated financial markets, and it is argued that it would be wrong to extrapolate recent developments into the future . It is suggested that arguments to make asset price inflation an explicit objective of monetary policy are not helpful. The paper goes to point out some encouraging new trends in Australia’s linkages with the rest of the world. Export performance has been greatly enhanced by longer-term reforms and exchange rate depreciation during the 1980s.

Financial Liberalisation and Consumption Behaviour

The paper addresses the question of whether financial liberalisation and innovation have significantly altered consumption behaviour by reducing liquidity constraints as capital markets have become more flexible. A consumption model in which the permanent income hypothesis and extreme Keynesian consumption functions are nested as special cases is the starting point for this analysis. Estimated values for the sensitivity of consumption to current income for different time periods and for several OECD countries are assessed and compared in the light of various econometric properties, country-specific liberalisation measures and a variety of proxies reflecting changing liquidity constraints.

Continuous auditing technologies and models

Continuous auditing is not a totally new concept, but it has not been widely implemented, and has existed mostly as a point of debate amongst the auditing fraternity. This may soon change, as continuous auditing has become a topic of great interest, especially in the last decade. This may be due to a combination of reasons. In the last decade, much of the confidence in auditors’ reports was lost due to corporate governance scandals. This also brought about a greater desire for faster, more reliable reporting on which to base decisions. This desire has been transposed into regulations such as the Sarbanes-Oxley act in the United States, which encourages real-time auditing activities, which would benefit from continuous auditing. A second, possible contributing factor to the heightened interest in continuous auditing is that much of the requisite technology has matured to a point where it can be successfully used to implement continuous auditing. It is the technologies which form the focus of this research. It is therefore, the primary objective of this research to investigate and identify the essential technologies, and identify and define their roles within a continuous auditing solution. To explore this area, three models of continuous auditing are compared according to the roles of the technologies within them. The roots of some auditing technologies which can be adapted to the paradigm of continuous auditing are explored, as well as new technologies, such as XML-based reporting languages. In order to fully explore these technologies, the concepts of data integrity and data quality are first defined and discussed, and some security measures which contribute to integrity are identified. An obstacle to implementing a continuous model is that even with the newly available technologies, the multitudes of systems which are used in organisations, produce data in a plethora of data formats. In performing an audit the continuous auditing system needs to first gather this data and then needs to be able to compare “apples with apples”. Therefore, the technologies which can be used to acquire and standardise the data are identified

European undergraduate curriculum in geriatric medicine developed using an international modified Delphi technique

Introduction: the rise in the number of older, frail adults necessitates that future doctors are adequately trained in the skills of geriatric medicine. Few countries have dedicated curricula in geriatric medicine at the undergraduate level. The aim of this project was to develop a consensus among geriatricians on a curriculum with the minimal requirements that a medical student should achieve by the end of medical school. Methods: a modified Delphi process was used. First, educational experts and geriatricians proposed a set of learning objectives based on a literature review. Second, three Delphi rounds involving a panel with 49 experts representing 29 countries affiliated to the European Union of Medical Specialists (UEMS) was used to gain consensus for a final curriculum. Results: the number of disagreements following Delphi Rounds 1 and 2 were 81 and 53, respectively. Complete agreement was reached following the third round. The final curriculum consisted of detailed objectives grouped under 10 overarching learning outcomes. Discussion: a consensus on the minimum requirements of geriatric learning objectives for medical students has been agreed by European geriatricians. Major efforts will be needed to implement these requirements, given the large variation in the quality of geriatric teaching in medical schools. This curriculum is a first step to help improve teaching of geriatrics in medical schools, and will also serve as a basis for advancing postgraduate training in geriatrics across Europ

Geriatric medicine learning objectives and entrustable professional activities in undergraduate medical curricula: a scoping review.

BACKGROUND entrustable professional activities (EPAs) have become an important component of competency-based medical education. The aim of this study is to evaluate how geriatric medicine learning objectives are addressed by undergraduate medical curricula including EPAs. METHODS we performed a scoping review following Preferred Reporting Items for Systematic Reviews and Meta-Analyses extension for Scoping Reviews guidelines to identify undergraduate medical curricula that include EPAs. A content analysis was conducted to examine how these curricula address the care of older individuals. In addition, we mapped the curricula to 19 geriatric medicine learning objectives identified from the European curriculum of undergraduate medical education. RESULTS we found nine curricula, each containing between 4 and 16 core EPAs. In the sections describing the EPAs, three of the nine curricula specify that all core EPAs apply to all age groups including older patients, whereas the remaining six curricula either only refer to older patients in selected EPAs or not at all. Mapping revealed that some geriatric medicine learning objectives are covered by most curricula (e.g. medication use, multidisciplinary team work), whereas others are lacking in the majority (e.g. normal ageing, geriatric assessment, cognitive assessment, nutrition assessment, decision-making capacity assessment, long-term care). Three curricula cover most geriatric learning objectives by using a matrix aligning EPAs with geriatric competencies. CONCLUSIONS geriatric learning objectives continue to be missing from undergraduate medical curricula, also from those adopting the novel approach of EPAs. However, this review also identified some curricula that might serve as models for how geriatric learning objectives can be successfully covered within future EPA frameworks

The development and evaluation of mini-GEMs: a short, focused, online e-learning videos in geriatric medicine

Mini Geriatric E-Learning Modules (Mini-GEMs) are short, focused, e-learning videos on geriatric medicine topics, hosted on YouTube, which are targeted at junior doctors working with older people. This study aimed to explore how these resources are accessed and used. The authors analyzed the viewing data from 22 videos published over the first 18 months of the Mini-GEM project. We conducted a focus group of U.K. junior doctors considering their experiences with Mini-GEMS. The Mini-GEMs were viewed 10,291 times over 18 months, equating to 38,435 minutes of total viewing time. The average viewing time for each video was 3.85 minutes. Learners valued the brevity and focused nature of the Mini-GEMs and reported that they watched them in a variety of settings to supplement clinical experiences and consolidate learning. Watching the videos led to an increase in self-reported confidence in managing older patients. Mini-GEMs can effectively disseminate clinical teaching material to a wide audience. The videos are valued by junior doctors due to their accessibility and ease of use

Development of a Malaysian Undergraduate Geriatric Medicine Curriculum

Objective: Malaysia is only beginning to age in 2020, but is expected to do this at an unprecedented rate in the next two decades. We aim to develop a national curriculum for undergraduate geriatric medicine in Malaysia to ensure future doctors are adequately equipped to address the healthcare needs of our older population. Method: The draft curriculum was developed by the Malaysian Society of Geriatric Medicine through literature review and mapping to the Malaysian Accreditation Guidelines for Undergraduate Medical Programme 2015. The curriculum was then refined through a modified Delphi process which involved 15 expert panel members each from Malaysia, Australia and the United Kingdom. Results: A total of three Delphi rounds were conducted. Five out of seven invited panellists agreed to participate in the first Delphi round. A larger group was invited via e-mail and fifteen panellists agreed to participate in Delphi rounds two and three, which resulted in 75 and 15 comments respectively. The final document with 34 learning outcomes was accepted with 80% agreement and consisted of detailed objectives grouped under 10 overarching core topics. Conclusion: Following consensus agreement determined through a Delphi process, a Malaysian undergraduate curriculum for geriatric medicine, aligned with the Malaysian Accreditation Guidelines, has been developed and will be shared with the 32 medical colleges in Malaysia to determine the current level of, and barriers to delivery

Coordinated oncogenic transformation and inhibition of host immune responses by the PAX3-FKHR fusion oncoprotein

Tumors have evolved elaborate mechanisms for evading immune detection, such as production of immunoinhibitory cytokines and down-regulation of major histocompatibility complex (MHC) expression. We have studied PAX3-FKHR as an example of an oncogenic fusion protein associated with an aggressive metastatic cancer. We show that PAX3-FKHR alters expression of genes that are normally regulated by Janus kinase/signal transducer and activator of transcription (STAT) signaling pathways. This occurs as a result of a specific interaction between PAX3-FKHR and the STAT3 transcription factor, which results in a dramatic reduction in tumor MHC expression, and an alteration in local cytokine concentrations to inhibit surrounding inflammatory cells and immune detection. Collectively, these data show that an oncogenic transcription factor can promote tumor growth and tissue invasion while inhibiting local inflammatory and immune responses. This is the first time that an immunomodulatory role has been described for an oncogenic fusion protein