Factor income taxation and growth with increasing integration of world capital markets

In a closed economy, the infinite-horizon and the overlapping generations (OG) model prescribe diametrically opposite policies on factor taxation: the former argues that the growth-maximizing capital income tax rate should be set to zero, whereas the latter argues that it should be set as high as possible. This note investigates the issue by taking into account global capital market integration. We show that the long-run growth-maximizing capital income tax rate in a small open OG economy is decreasing as the economy's capital market is increasingly integrated with the rest of the world, and will be equal to zero as prescribed in the infinite-horizon model once the degree of integration becomes sufficiently high.Capital mobility, Endogenous growth, Factor income taxation, Overlapping generations, Small open economy

Regional Labour Market Adjustment and the Movements of People: A Review

This review paper examines the link between internal migration and regional labour market adjustment. It outlines the motivation and scope of our enquiry, discusses the three key questions that we plan to pursue, reviews relevant international and New Zealand literature, and outlines proposals for future research. The first key question examines whether migration helps regional labour market adjustment. The second question investigates how important migration is as a regional labour market adjustment mechanism. The final question looks at who is moving and whether it matters for regional labour market adjustment.regional labour market; internal migration; regional labour market adjustment

Viscous vortical flow calculations over delta wings

Two approaches to calculate turbulent vortical flows over delta wing configurations are illustrated. The first is for a simple delta wing at low speeds using the boundary layer approximation to treat the effects of the secondary separation. The second is for the supersonic case of a generic fighter using the NASA Ames parabolized Navier/Stokes method. Test/theory comparisons are given in both cases

Modelling Regional Labour Market Adjustment in New Zealand

This paper adopts a vector autoregressive (VAR) approach to analyse the labour market adjustment mechanisms for 12 New Zealand regions over the period 1985 to 2001. It examines the effects of a region-specific shock to employment on itself, the unemployment rate, the participation rate, and the wage rate. The role of migration as a channel of regional labour market adjustment is also inferred. We find that adjustment occurs predominantly through inter-regional migration although the unemployment and participation rates also play a role. Wages, on the other hand, account for very little adjustment. The importance of inter-regional migration in New Zealand matches the results found in Sweden, but stands in contrast to the picture in many European countries. Migration appears to be a more dominant adjustment channel compared to the US and Australian cases. However, this has to be placed into context – New Zealand regions are much smaller in terms of population size.Regional labour market adjustment; Internal migration

Analytical method for designing grating compensated dispersion-managed soliton systems

This paper was published in Journal of Optical Society of America B and is made available as an electronic reprint with the permission of OSA. The paper can be found at the following URL on the OSA website: http://www.opticsinfobase.org/abstract.cfm?URI=JOSAB-21-4-706. Systematic or multiple reproduction or distribution to multiple locations via electronic or other means is prohibited and is subject to penalties under law. © 2004 The Optical Society.Peer reviewedPublisher PD

Malmquist Indices of Pre and Post-Deregulation Productivity, Efficiency and Technological Change in the Singaporean Banking Sector

By the end of the 1990s, the Singaporean government had recognised the need to open up its banking sector so as to remain competitive in the global economy. The Monetary Authority of Singapore thus began deregulation of the banking sector in 1999 to strengthening the competitiveness of local banks relative to their foreign competition through mergers. This paper employs a nonparametric Malmquist productivity index to provide measure of productivity, technological change and efficiency gains over the period 1995-2005. The findings reveal some total factor productivity growth associated with deregulation and scale efficiency improvement largely from mergers amongst the local banks.Efficiency, productivity; deregulation; Malmquist indices; banking