Savings, investment and financial development in Fiji : an econometric analysis : a thesis presented in partial fulfilment of the requirements for the degree of Masters of Applied Economics at Massey University, Palmerston North, New Zealand

The vital role of savings, investment and financial sector development in the growth process has been at the heart of economic policy reforms in many developing countries. The key purpose of this study is to examine the determinants of savings (i.e. national and private), investment (i.e. private corporate and non-residential) and the relationship between finance and growth (i.e. causality, stock market development and McKinnon's complementarity hypothesis) for the case of Fiji. This study applies the Auto-regressive Distributed Lag procedure to cointegration and the modified WALD test for non-Granger causality to time series data for various models over the period 1961-2005. The study sets the economic growth literature in the historical perspectives for Fiji and undertakes a comprehensive empirical examination that will enhance the knowledge and future development of economic policies aimed at increasing economic growth. The importance of savings, investment, and the financial sector in contributing to economic growth in developing countries has been clearly highlighted in the literature. Fiji has been chosen as the case study in this analysis due to poor growth performance during the past 20 years. The military coups of 1987 led to political instability and policy failures that had a disastrous impact on the economy through low levels of economic activities. The economic uncertainty experienced by the nation led to various negative effects on capital accumulation, savings, investment and the financial sectors development. This not only diminished business activities, but also affected the household sector in terms of consumption, savings, investment, higher prices and social development. In the wake of the 1987 political and economic crisis, extensive macroeconomic, financial and trade sector reforms were undertaken which represented a revolutionary break from the past policies of import protection, high rates of inflation, agricultural dependence and financial repression. Given the devastating political, economic and social crises, and the poor performance of the economy, this study evaluates the key financial factors to enhance growth. In particular, savings, investment and financial sector development and the policy implications for long term economic growth are investigated. These considerations point to the need for undertaking in-depth investigations to bring together theoretical and empirical analysis in the context of Fiji's economic development. First, the savings-growth performance is examined using an empirical framework based on the lifecycle model. Second, the analysis examines investment and the role of capital formation in growth acceleration in the post independence period based on the theoretical considerations of the neo-classical investment theories. Third, financial sector development and economic growth relationships are examined. In particular, the direction of causality between the financial sector and economic growth, the impact of stock market and financial liberalisation, and the applicability of McKinnon's complementarity hypothesis are investigated for Fiji. The political and economic turmoil that Fiji has experienced suggest various actions required to improve the performance of the economy and also the key economic factors necessary to enhance growth. The findings initiate a number of policy implications that require attention in order to address Fiji's poor economic performance. This is particularly important to reduce the high incidence of poverty which still remains a challenge for policymakers

The Emergence and Transformation of Medieval Cumbria

This is the accepted manuscript. The final version's available from Edinburgh University Press at http://www.euppublishing.com/doi/abs/10.3366/shr.2014.0216. There has long been uncertainty about the relationship between the polities known as Strathclyde and Cumbria. Did medieval writers apply these terms to the same kingdom, or were Strathclyde and Cumbria separate entities? This debate has significant implications for our understanding of the politics of northern Britain during the period from the late ninth century to the twelfth. In this article I analyse the terminology in Latin, Old English, Old Norse, Welsh and Irish texts. I argue that Strathclyde developed into Cumbria: the expansion of the kingdom of Strathclyde beyond the limits of the Clyde valley necessitated the use of a new name. This process occurred during the early tenth century and created a Cumbrian kingdom that stretched from the Clyde to the south of the Solway Firth. The kingdom met its demise in the mid-eleventh century and Cumbrian terminology was subsequently appropriated for smaller ecclesiastical and administrative units. Yet these later usages should not be confused with the tenth-century kingdom, which encompassed a large area that straddled the modern Anglo-Scottish border. </jats:p

The expansion of the kingdom of Strathclyde

This is the accepted manuscript. The final version is available at http://dx.doi.org/10.1111/emed.12087The kingdom of Strathclyde was focused on the Clyde valley and ruled by a Brittonic-speaking dynasty. Historians have traditionally argued that the kingdom expanded southwards in the early tenth century, with the result that there was a revival of Brittonic language. Several scholars have recently challenged this interpretation, but in this article I defend the view that Strathclyde expanded southwards, and I propose a new model for the process. I argue that the kings of Strathclyde took submissions from the local nobility, who included Northumbrian and Gaelic-Scandinavian magnates. This accounts for the multicultural nature of the kingdom in its heyday

Really useful qualifications and learning? Exploring the policy effects of new sub-bachelors degree qualifications

The symposium paper addresses the conference theme of the relationship between policy, practice and research by critically examining policy discourse in lifelong learning and the role of research in understanding policy effects. Empirical and theoretical research on the rationale and practice of examples of short cycle HE including sub-bachelors degree level qualifications, such as Higher National Certificates and Diplomas and Foundation Degrees are the focus

Volatile‐rich magmas distributed through the upper crust in the Main Ethiopian Rift

Understanding magma storage and differentiation in the East African Rift underpins our understanding of volcanism in continental rift settings. Here we present the geochemistry of melt inclusions erupted in Main Ethiopian Rift transitional basalts, trachytes and peralkaline rhyolites, produced by fractional crystallisation. Basalts stored on‐ and off‐axis are saturated in an exsolved volatile phase at up to 18 km, in the upper crust. Much of the CO2 outgassed from the magmas is likely lost through diffuse degassing. Observed CO2 fluxes require the intrusion of up to 0.14 km3 of basalt beneath the rift each year. On‐axis peralkaline rhyolites are stored shallowly, at ~4‐8 km depth. In the Daly Gap, magmas saturate in sulfide and an exsolved volatile phase, which promotes magma rise to shallower levels in the crust. Here, magmas undergo further protracted fractional crystallisation and degassing, leading to the formation of a substantial exsolved volatile phase, which may accumulate in a gas‐rich cap. The exsolved volatile phase is rich in sulfur and halogens: their projected loadings into the atmosphere during explosive peralkaline eruptions in the MER are predicted to be substantially higher than their metaluminous counterparts in other settings. The high fraction of exsolved volatiles in the stored magmas enhances their compressibility and must be considered when interpreting ground displacements thought to be caused by magma intrusion at depth, otherwise intruding volumes will be underestimated. Pockets of exsolved volatiles may be present at the roof zones of magma reservoirs, which may be resolvable using geophysical techniques

Guideline for UK midwives/health visitors to use with parents of infants at risk of developing childhood overweight/obesity

A guideline for members of the health visiting team to use with parents of infants at risk of overweight/obesity has been developed. The guideline contains recommendations about identification of infants at risk as well as a number of strategies that could be used for prevention of overweight/obesity. The guideline needs to be applied alongside health visitors’ professional judgement. It is not intended to replace normal UK clinical practice which is guided by the Healthy Child Programme and complements existing guidance such as the Framework for Action for tackling obesity

Mixing and crystal scavenging in the Main Ethiopian Rift revealed by trace element systematics in feldspars and glasses

For many magmatic systems, crystal compositions preserve a complex and protracted history which may be largely decoupled from their carrier melts. The crystal cargo may hold clues to the physical distribution of melt and crystals in a magma reservoir and how magmas are assembled prior to eruptions. Here we present a geochemical study of a suite of samples from three peralkaline volcanoes in the Main Ethiopian Rift. Whilst whole-rock data shows strong fractional crystallisation signatures, the trace element systematics of feldspars, and their relationship to their host glasses, reveals complexity. Alkali feldspars, particularly those erupted during caldera forming episodes, have variable Ba concentrations, extending to high values that are not in equilibrium with the carrier liquids. Some of the feldspars are antecrysts, which we suggest are scavenged from a crystal-rich mush. The antecrysts crystallised from a Ba-enriched (more primitive) melt, before later entrainment into a Ba-depleted residual liquid. Crystal-melt segregation can occur on fast timescales in these magma reservoirs, owing to the low viscosity nature of peralkaline liquids. The separation of enough residual melt to feed a crystal-poor post caldera rhyolitic eruption may take as little as months to tens of years (much shorter than typical repose periods of 300-400 years). Our observations are consistent with these magmatic systems spending significant portions of their life cycle dominated by crystalline mushes containing ephemeral, small (< 1 km3) segregations of melt. This interpretation helps to reconcile observations of high crustal electrical resistivity beneath Aluto, despite seismicity and ground deformation consistent with a magma body.This project is funded by the Natural Environment Research Council grant NE/L013932/1 (RiftVolc)

Mixing and crystal scavenging in the Main Ethiopian Rift revealed by trace element systematics in feldspars and glasses

For many magmatic systems, crystal compositions preserve a complex and protracted history which may be largely decoupled from their carrier melts. The crystal cargo may hold clues to the physical distribution of melt and crystals in a magma reservoir and how magmas are assembled prior to eruptions. Here we present a geochemical study of a suite of samples from three peralkaline volcanoes in the Main Ethiopian Rift. Whilst whole‐rock data shows strong fractional crystallisation signatures, the trace element systematics of feldspars, and their relationship to their host glasses, reveals complexity. Alkali feldspars, particularly those erupted during caldera‐forming episodes, have variable Ba concentrations, extending to high values that are not in equilibrium with the carrier liquids. Some of the feldspars are antecrysts, which we suggest are scavenged from a crystal‐rich mush. The antecrysts crystallised from a Ba‐enriched (more primitive) melt, before later entrainment into a Ba‐depleted residual liquid. Crystal‐melt segregation can occur on fast timescales in these magma reservoirs, owing to the low viscosity nature of peralkaline liquids. The separation of enough residual melt to feed a crystal‐poor post‐caldera rhyolitic eruption may take as little as months to tens of years (much shorter than typical repose periods of 300‐400 years). Our observations are consistent with these magmatic systems spending significant portions of their life cycle dominated by crystalline mushes containing ephemeral, small (< 1 km3) segregations of melt. This interpretation helps to reconcile observations of high crustal electrical resistivity beneath Aluto, despite seismicity and ground deformation consistent with a magma body

A National Survey of Hereditary Angioedema and Acquired C1 Inhibitor Deficiency in the United Kingdom

Background: Detailed demographic data on people with hereditary angioedema (HAE) and acquired C1 inhibitor deficiency in the United Kingdom are relatively limited. Better demographic data would be beneficial in planning service provision, identifying areas of improvement, and improving care./ Objective: To obtain more accurate data on the demographics of HAE and acquired C1 inhibitor deficiency in the United Kingdom, including treatment modalities and services available to patients./ Methods: A survey was distributed to all centers in the United Kingdom that look after patients with HAE and acquired C1 inhibitor deficiency to collect these data./ Results: The survey identified 1152 patients with HAE-1/2 (58% female and 92% type 1), 22 patients with HAE with normal C1 inhibitor, and 91 patients with acquired C1 inhibitor deficiency. Data were provided by 37 centers across the United Kingdom. This gives a minimum prevalence of 1:59,000 for HAE-1/2 and 1:734,000 for acquired C1 inhibitor deficiency in the United Kingdom. A total of 45% of patients with HAE were on long-term prophylaxis (LTP) with the most used medication being danazol (55% of all patients on LTP). Eighty-two percent of patients with HAE had a home supply of acute treatment with C1 inhibitor or icatibant. A total of 45% of patients had a supply of icatibant and 56% had a supply of C1 inhibitor at home./ Conclusions: Data obtained from the survey provide useful information about the demographics and treatment modalities used in HAE and acquired C1 inhibitor deficiency in the United Kingdom. These data are useful for planning service provision and improving services for these patients