Wallum on the Nabiac Pleistocene barriers, lower North Coast of New South Wales

Wallum is widespread on coastal dunefields, beach ridge plains and associated sandy flats in northern NSW and southern Queensland. These sand masses contain large aquifers, and the wallum ecosystem is considered to be generally groundwater-dependent. This study describes the floristic composition and environmental relations of wallum on a Pleistocene barrier system at Nabiac (32˚ 09’S 152˚ 26’E), on the lower North Coast of NSW. Despite their minimal elevation and degraded relief, the Nabiac barriers maintain floristic patterns related to topography and hence groundwater relations. Comparative analyses identified the Nabiac wallum as representative of the ecosystem throughout large parts of its range in eastern Australia. The Nabiac wallum and nearby estuarine and alluvial vegetation supports species and communities of conservation significance. A borefield is proposed for development on the Nabiac barriers, thereby providing a valuable opportunity for research into mechanisms of groundwater utilisation by the wallum ecosystem

Wetland biodiversity in coastal New South Wales: the Wallis Lake catchment as a case study

The floristic composition and environmental relations of wetland vegetation in the Wallis Lake catchment (32˚ 09’S; 152˚ 20’E), area 1292 km2, on the lower North Coast of NSW are described. The catchment supports wetlands listed as Endangered Ecological Communities (NSW Threatened Species Conservation Act 1995) and plant species of high conservation value. A methodology of air photo interpretation, site-based sampling (114 quadrats) and landscape differentiation was developed. A total of 393 vascular plant taxa were recorded (including 10% exotics). Wetland vegetation formations and subformations including mangrove forest, swamp sclerophyll forest, wet heathland, chenopod shrubland, tussock grassland, sedgeland and rushland are described using numerical classification. 31 plant species of national or regional conservation significance are identified. Four Endangered Ecological Communities are discussed – Coastal Saltmarsh, Swamp Oak Floodplain Forest, Swamp Sclerophyll Forest on Coastal Floodplains, and Freshwater Wetlands on Coastal Floodplains. A key recommendation is the completion of reliable wetland vegetation and soil landscape mapping for all land tenures in the catchment – to assess wetland condition and conservation significance, and representation in formal conservation reserves, thereby directing future priorities for the protection of wetland biodiversity on both public and private lands. The methodology developed can be applied to the survey and conservation of wetland biodiversity in other parts of coastal NSW

The New Basle Capital Accord and Developing Countries: Issues, Implications and Policy Proposals

Risk-management, Internal-ratings, Pro-cyclicality, Net impact

Foreign ownership and productivity: new evidence from the service sector and the R&D lab

This paper examines the relationship between foreign ownership and productivity, paying particular attention to two issues neglected in the existing literature Ö the role of multinationals in service sectors and the importance of R&D activity conducted by foreign multinationals. We review existing theoretical and empirical work, which largely focuses on manufacturing, before presenting new evidence using establishmentlevel data on production, service and R&D activity for the United Kingdom. We find that multinationals play an important role in service sectors and that entry of foreign multinationals by takeover is more prevalent than greenfield investment. We find that British multinationals have lower levels of labour productivity than foreign multinationals, but the difference is less stark in the service sector than in the production sector, and that British multinationals have lower levels of investment and intermediate use per employee. We also find that foreign-owned multinationals conduct a substantial amount of UK R&D. We discuss the implications of these and other findings for the policy debate on incentives to influence multinational firms' location choices.Foreign Investment, Productivity, Knowledge Spillovers

Foreign Ownership and Productivity: New Evidence from the Service Sector and the R&D Lab

This paper examines the relationship between foreign ownership and productivity, paying particular attention totwo issues neglected in the existing literature - the role of multinationals in service sectors and the importanceof R&D activity conducted by foreign multinationals. We review existing theoretical and empirical work, whichlargely focuses on manufacturing, before presenting new evidence using establishment-level data on production,service and R&D activity for the United Kingdom. We find that multinationals play an important role in servicesectors and that entry of foreign multinationals by takeover is more prevalent than greenfield investment. Wefind that British multinationals have lower levels of labour productivity than foreign multinationals, but thedifference is less stark in the service sector than in the production sector, and that British multinationals havelower levels of investment and intermediate use per employee. We also find that foreign-owned multinationalsconduct a substantial amount of UK R&D. We discuss the implications of these and other findings for the policydebate on incentives to influence multinational firms' location choices.Foreign Investment, Productivity, Knowledge Spillovers

Mapping the two faces of R&D: productivity growth in a panel of OECD industries

Many writers have claimed that R&D has two 'faces'. In addition to the conventional role of stimulating innovation, R&D enhances technology transfer by improving the ability of firms to learn about advances in the leading edge ('absorptive capacity'). In this paper we document that there has been convergence of TFP within a panel of industries across thirteen OECD countries since 1970. Furthermore, we find evidence that both R&D and human capital appear statistically and economically important in this catch up process as well as stimulating innovation directly. Trade, by contrast, plays a more modest role in productivity growth.R&D; human capital; Total Factor Productivity; convergence

R&D and absorptive capacity: from theory to data

This paper presents a unified model that integrates the theoretical literatue on Schumpeterian endogenous growth, the microeconometric literature on R&D and productivity, and the empirical literature on productivity convergence. Starting from a structural model of endogenous growth following Aghion and Howitt (1992, 1998), we provide microeconomic foundations for a reduced-form equation for Total Factor Productivity (TFP) growth that is commonly used in the empirical literature. We allow a role for R&D in innovation and technology transfer (absorptive capacity). The analysis suggests that many existing studies underestimate R&D's social rate of return and provides an explanation for long-run productivity levels at the industry level.Absorptive capacity, endogenous growth, R&D, Total Factor

R&D and absorptive capacity : theory and empirical evidence.

This paper presents a single unified framework that integrates the theoretical literature on Schumpeterian endogenous growth and major strands of the empirical literatures on R&D, productivity growth, and productivity convergence. Starting from a structural model of endogenous growth following Aghion and Howitt (1992), (1998), we provide microeconomic foundations for the reduced-form equations for Total Factor Productivity (TFP) growth frequently estimated empirically using industry-level data. R&D affects both innovation and the assimilation of others’ discoveries (‘absorptive capacity’). Long-run cross-country differences in productivity emerge endogenously, and the analysis implies that many existing studies underestimate R&D’s social rate of return by neglecting absorptive capacity.

Measuring the cost-effectiveness of an R&D tax credit for the UK

This paper investigates the economic impact of the government’s proposed new UK R&D tax credit. We measure the benefit of the credit by the effect on value added in the short and long runs. This is simulated from existing econometric estimates of the tax-price elasticity of research and development (R&D) and the effect of R&D on productivity. For the latter, we allow R&D to have an effect on technology transfer (catching up with the technological frontier) as well as innovation (pushing the frontier forward). We then compare the increase in value added to the likely exchequer costs of the programme under a number of scenarios. In the long run, the increase in GDP far outweighs the costs of the tax credit. The short-run effect is far smaller, with value added only exceeding cost if R&D grows at or below the rate of inflation.