Southeast Asian Macroeconomic Management: Pragmatic Orthodoxy?

This article provides an introductory analytical survey of macroeconomic policies andoutcomes in seven Southeast Asian economies, Cambodia, Indonesia, Malaysia, ThePhilippines, Singapore, Thailand and Vietnam. It draws on the framework proposed byCorden (1996) to explain the generally good macroeconomic outcomes in the earlierWorld Bank study of the East Asian ‘miracle economies'. The main conclusion is that,notwithstanding the institutional and economic diversity of the seven, macroeconomicoutcomes have generally been good. However, there are some notable exceptions tothis generalization, and the unfinished reform agenda is substantial in some countrie

Taxation of Asset Income in the Presence of a World Securites Market

This paper shows, using a standard CAPM model of security prices in a world market, that even small countries can affect the price of domestically issued risky securities, while large countries can affect the prices of all securities. As a result, countries have the incentive to set tax rates such that in equilibrium investors specialize in domestic securities, and net capital flows between countries are restricted. Each country does this to increase the utility of domestic residents, taking as given the tax policies of other governments, but the net outcome is a reduction in world efficiency and likely a reduction in the utility of all individuals.

Workmen\u27s Compensation in Michigan

The Michigan Commission appointed by Governor Osborn to report upon Employers\u27 Liability and Workmen\u27s Compensation, and to present a law that would embody its conclusions, has formulated its report and laid the same before the Governor. The report deals with the subject from an economic standpoint in so far as it was found possible to divorce it from the legal problems that are so important to a practical and constitutional solution. Though the Commission has in its report made no particular reference to its views upon the legal questions involved, it is evident, that it must have arrived at a clearly defined conclusion thereon before it could undertake the task of making a draft of a proposed law. This article is not an attempt to discuss these legal problems from the standpoint of one who holds a brief in the controversy that is now being waged over the question of the practicability of the workmen\u27s compensation and the constitutionality of the various forms of compensation acts that have been proposed. Nor is it an attempt to give more than a cursory review of the law upon the subject as the courts have interpreted, it. But the record of the development of the compensation principle in the United States, and of the action of the courts thereon to the present date, should be of some value in the further discussion of the subject, especially to those who either as legislators or as employers and employees may be called upon to sit in judgment over the feasibility and the legality of the bill proposed by the Commission

Development and selection of operational management strategies to achieve policy objectives

Since the reform of the EU Common Fisheries Policy in 2002, effort has been devoted to addressing the governance, scientific, social and economic issues required to introduce an ecosystem approach to fisheries management (EAFM) in Europe. Fisheries management needs to support the three pillars of sustainability (ecological, social and economic) and Fisheries Ecosystem Plans (FEPs) have been developed as a tool to assist managers considering the ecological, social and economic implications of their decision. Building upon previous studies (e.g. the FP5-funded European Fisheries Ecosystem Plan project), the core concept of the Making the European Fisheries Ecosystem Plan Operational (MEFEPO) project is to deliver operational frameworks (FEPs) for three regional seas. The project focus is on how best to make current institutional frameworks responsive to an EAFM at regional and pan-European levels in accordance with the principles of good governance. The regional seas selected for the project are the North Sea (NS), North Western Waters (NWW) and South Western Waters (SWW) RAC regions. The aim of this work package (WP5) was to develop operational objectives to achieve the ecological objectives identified for the 3 regional seas in WP2. This report describes the development and implementation of a transparent and formal process that should lead to identification of the “best” operational management strategies for an EAFM, based on sound scientific information and stakeholder involvement (e.g. regional industry groups, citizen groups, managers and other interest groups)