Globalization: An Analytical Framework

The paradigm example of globalization is the global integration of financial markets. Globalization has significant implications for New Zealand--a small island nation far from the centers of world capital--that flow from the particular characteristics of New Zealand\u27s economy. In order to sustain current levels of economic growth, the New Zealand government has adopted a liberal policy to attractf oreign capital. In the future, a major taskf or New Zealand is to align further the internal logic of the deregulatory process as expressed in domestic legislation with an international environment in which domestic economies are more globally integrated. This article argues that the concept of globalization provides a new analytical framework for accomplishing that task. The article commences by identifying different meanings of globalization and key drivers in the globalization of the financial markets. Because globalization is an ambiguous concept, the second half of the paper attempts to sharpen understanding of the concept by considering concrete instances in which globalization has affected New Zealand. Examples provided are: the crash of 1987; the improvement of New Zealand\u27s international investment position through a noticeable increase in foreign investment; capital shortage; capital flight; political debate in New Zealand; New Zealand\u27s tax treatment of foreign investors; and exemptions for foreign issuers. Here, it is argued that as far as domestic policymakers are concerned, globalization demands, first, a clear set ofpriorities in the particular area (a microscopic view), and, second, a global view of the subject matter (a macroscopic view).The article concludes by suggesting n analyticalf rameworkf or domestic policymakers and legislators addressing globalizationissues. Complex systems can be viewed as the subject of macroscopic knowledge; hence, globalization can be characterized as macroscopic knowledge since it is complex, conceptual, and fuzzy. By contrast, domestic legislation can be characterized as microscopic knowledge; i.e.,focused on one domain in which there is little or no contradiction.On this view, globalization can be used as a tool to examine the context of any given domestic legislation, thereby enriching our understanding of specific legislation by introducing dynamic and predictive criteria. The concept of globalization radiates the possibility of a new analytical framework for policymakers. Coupled with the macroscopic/microscopic viewpoint, it enables us to avoid the pitfall of domestic introspection by introducing criteria of internal and external coherence. Internal coherence asks whether a proposed domestic policy is congruent with policy in related areas. For example, is there regulatory symmetry between domestic legislation in taxation, securities, and foreign investment areas? External coherence asks the globalization question: How should domestic legislation reflect change in the international context

Globalization: An Analytical Framework

The paradigm example of globalization is the global integration of financial markets. Globalization has significant implications for New Zealand--a small island nation far from the centers of world capital--that flow from the particular characteristics of New Zealand\u27s economy. In order to sustain current levels of economic growth, the New Zealand government has adopted a liberal policy to attractf oreign capital. In the future, a major taskf or New Zealand is to align further the internal logic of the deregulatory process as expressed in domestic legislation with an international environment in which domestic economies are more globally integrated. This article argues that the concept of globalization provides a new analytical framework for accomplishing that task. The article commences by identifying different meanings of globalization and key drivers in the globalization of the financial markets. Because globalization is an ambiguous concept, the second half of the paper attempts to sharpen understanding of the concept by considering concrete instances in which globalization has affected New Zealand. Examples provided are: the crash of 1987; the improvement of New Zealand\u27s international investment position through a noticeable increase in foreign investment; capital shortage; capital flight; political debate in New Zealand; New Zealand\u27s tax treatment of foreign investors; and exemptions for foreign issuers. Here, it is argued that as far as domestic policymakers are concerned, globalization demands, first, a clear set ofpriorities in the particular area (a microscopic view), and, second, a global view of the subject matter (a macroscopic view).The article concludes by suggesting n analyticalf rameworkf or domestic policymakers and legislators addressing globalizationissues. Complex systems can be viewed as the subject of macroscopic knowledge; hence, globalization can be characterized as macroscopic knowledge since it is complex, conceptual, and fuzzy. By contrast, domestic legislation can be characterized as microscopic knowledge; i.e.,focused on one domain in which there is little or no contradiction.On this view, globalization can be used as a tool to examine the context of any given domestic legislation, thereby enriching our understanding of specific legislation by introducing dynamic and predictive criteria. The concept of globalization radiates the possibility of a new analytical framework for policymakers. Coupled with the macroscopic/microscopic viewpoint, it enables us to avoid the pitfall of domestic introspection by introducing criteria of internal and external coherence. Internal coherence asks whether a proposed domestic policy is congruent with policy in related areas. For example, is there regulatory symmetry between domestic legislation in taxation, securities, and foreign investment areas? External coherence asks the globalization question: How should domestic legislation reflect change in the international context

Corporate Governance Research on New Zealand Listed Companies

"The purpose of this article is to review and add to approximately fifty years of research on New Zealand listed companies from various disciplines. The main findings are not controversial, as corporate governance standards are high by international standards. To be sure, there has been a rolling set of corporate failures in the finance company sector since the global financial crisis--principally involving nonlisted finance companies issuing debt securities to the public--but these failures have been comprehensively addressed by recent legislative reforms. In this regard, the article will be of interest to corporate governance researchers seeking a topical review of corporate governance in a small, common law jurisdiction. A key commercial context, however, is supplied by the regional free trade agreement between New Zealand and Australia, the recent free trade agreement between Australia and the United States, and the (largely moot) free-trade agreement between New Zealand and the United States....As stated, this article comprehensively reviews and adds to extant research on corporate governance of New Zealand listed companies. It is crossdisciplinary in nature and considers legal, managerial, and accounting perspectives, as well as literature on corporate governance....We conclude that while corporate governance of listed companies was good, the same cannot be said for nonlisted issuers of debt securities. Here, poor corporate governance and supervisory failures were causal in the failure of nonlisted finance companies.

Contamination in complex healthcare trials:the falls in care homes (FinCH) study experience

BACKGROUND: Trials are at risk of contamination bias which can occur when participants in the control group are inadvertently exposed to the intervention. This is a particular risk in rehabilitation studies where it is easy for trial interventions to be either intentionally or inadvertently adopted in control settings. The Falls in Care Homes (FinCH) trial is used in this paper as an example of a large randomised controlled trial of a complex intervention to explore the potential risks of contamination bias. We outline the FinCH trial design, present the potential risks from contamination bias, and the strategies used in the design of the trial to minimise or mitigate against this. The FinCH trial was a multi-centre randomised controlled trial, with embedded process evaluation, which evaluated whether systematic training in the use of the Guide to Action Tool for Care Homes reduced falls in care home residents. Data were collected from a number of sources to explore contamination in the FinCH trial. Where specific procedures were adopted to reduce risk of, or mitigate against, contamination, this was recorded. Data were collected from study e-mails, meetings with clinicians, research assistant and clinician network communications, and an embedded process evaluation in six intervention care homes. During the FinCH trial, there were six new falls prevention initiatives implemented outside the study which could have contaminated our intervention and findings. Methods used to minimise contamination were: cluster randomisation at the level of care home; engagement with the clinical community to highlight the risks of early adoption; establishing local collaborators in each site familiar with the local context; signing agreements with NHS falls specialists that they would maintain confidentiality regarding details of the intervention; opening additional research sites; and by raising awareness about the importance of contamination in research among participants. CONCLUSION: Complex rehabilitation trials are at risk of contamination bias. The potential for contamination bias in studies can be minimized by strengthening collaboration and dialogue with the clinical community. Researchers should recognise that clinicians may contaminate a study through lack of research expertise

Resonant magneto-optic Kerr effect in the magnetic topological insulator Cr:(Sbx_x,Bi1−x_{1-x})2_2Te3_3

We report measurements of the polar Kerr effect, proportional to the out-of-plane component of the magnetization, in thin films of the magnetically doped topological insulator $(\text{Cr}_{0.12}\text{Bi}_{0.26}\text{Sb}_{0.62})_2\text{Te}_3$. Measurements of the complex Kerr angle, $\Theta_K$, were performed as a function of photon energy in the range $0.8\text{ eV}<\hbar\omega<3.0\text{ eV}$. We observed a peak in the real part of $\Theta_K(\omega)$ and zero crossing in the imaginary part that we attribute to resonant interaction with a spin-orbit avoided crossing located $\approx$ 1.6 eV above the Fermi energy. The resonant enhancement allows measurement of the temperature and magnetic field dependence of $\Theta_K$ in the ultrathin film limit, $d\geq2$ quintuple layers. We find a sharp transition to zero remanent magnetization at 6 K for $d<8$~QL, consistent with theories of the dependence of impurity spin interactions on film thickness and their location relative to topological insulator surfaces.Comment: 6 pages, 5 figure

Interplay of chiral and helical states in a Quantum Spin Hall Insulator lateral junction

We study the electronic transport across an electrostatically-gated lateral junction in a HgTe quantum well, a canonical 2D topological insulator, with and without applied magnetic field. We control carrier density inside and outside a junction region independently and hence tune the number and nature of 1D edge modes propagating in each of those regions. Outside the 2D gap, magnetic field drives the system to the quantum Hall regime, and chiral states propagate at the edge. In this regime, we observe fractional plateaus which reflect the equilibration between 1D chiral modes across the junction. As carrier density approaches zero in the central region and at moderate fields, we observe oscillations in resistance that we attribute to Fabry-Perot interference in the helical states, enabled by the broken time reversal symmetry. At higher fields, those oscillations disappear, in agreement with the expected absence of helical states when band inversion is lifted.Comment: 5 pages, 4 figures, supp. ma