Economic Record (ECON REC )

Publisher: Economic Society of Australia; Economic Society of Australia and New Zealand, Blackwell Publishing

Description

Published on behalf of the Economic Society of Australia The Economic Record is intended to act as a vehicle for the communication of advances in our knowledge and understanding in economics. It publishes papers in the theoretical applied and policy areas of economics and provides a forum for research on the Australian economy. It also publishes surveys in economics and book reviews to facilitate the dissemination of knowledge.

  • Impact factor
    0.38
  • 5-year impact
    0.88
  • Cited half-life
    8.90
  • Immediacy index
    0.08
  • Eigenfactor
    0.00
  • Article influence
    0.51
  • Website
    Economic Record, The website
  • Other titles
    The Economic record, ER
  • ISSN
    0013-0249
  • OCLC
    1567410
  • Material type
    Periodical, Internet resource
  • Document type
    Journal / Magazine / Newspaper, Internet Resource

Publisher details

Blackwell Publishing

  • Pre-print
    • Author can archive a pre-print version
  • Post-print
    • Author cannot archive a post-print version
  • Restrictions
    • Some journals impose embargoes typically of 6 or 12 months, occasionally of 24 months
    • no listing of affected journals available as yet
  • Conditions
    • See Wiley-Blackwell entry for articles after February 2007
    • Publisher version cannot be used
    • On author or institutional or subject-based server
    • Server must be non-commercial
    • Publisher copyright and source must be acknowledged with set statement ("The definitive version is available at www.blackwell-synergy.com ")
    • Articles in some journals can be made Open Access on payment of additional charge
    • 'Blackwell Publishing' is an imprint of 'Wiley-Blackwell'
  • Classification
    ​ yellow

Publications in this journal

  • [Show abstract] [Hide abstract]
    ABSTRACT: This article compares the output composition of the monetary policy transmission mechanism in Australia to that for the Euro area and the USA. Four vector autoregressive (VAR) models are used to estimate the contributions of private consumption and investment to output reactions resulting from nominal interest rate shocks for the period 1982Q3–2007Q4. The results suggest that the investment channel plays a more important role than the consumption channel in Australia, while the contributions of the two channels are indistinguishable in the Euro area and the USA. The difference between Australia and the Euro area comes from differences in housing investment responses, whereas Australia is different to the USA mainly because it has a lower share of household consumption in total demand.
    Economic Record 06/2014;
  • [Show abstract] [Hide abstract]
    ABSTRACT: This article examines the role played by primary and secondary equity markets in economic growth. It departs from standard literature to integrate both markets and to explicitly acknowledge the primary equity market. By employing a variety of dynamic panel estimators for 54 countries over the period 1995‐2010, we show that the primary equity market is not an important determinant of economic growth, although it facilitates the development of the secondary market. This study also confirms the importance of liquidity provided by the secondary market. The evidence here calls for further investigation into the capital‐raising function of equity markets.
    Economic Record 01/2014; 90.
  • [Show abstract] [Hide abstract]
    ABSTRACT: This paper investigates the key drivers of fixed firm investment of listed non‐financial companies in Australia over the period from 1987 to 2009. A Tobin's q model of investment is augmented to account for the effect of economic uncertainty on the investment decision. The effects of Tobin's q, sales and cash flows on firm investment rate are also analysed and discussed. Consistent with existing literature, this research finds clear evidence of negative effects of both macroeconomic and firm idiosyncratic uncertainty on Australian firm investment. However, evidence also shows that firm‐specific uncertainty is more important in explaining firm investment than macroeconomic uncertainty.
    Economic Record 01/2014; 90.
  • [Show abstract] [Hide abstract]
    ABSTRACT: This study implements a procedure to evaluate time-varying bank-interest rate adjustments over a sample period which includes changes in industry structure, market and credit conditions and varying episodes of monetary policy. The model draws attention to the pivotal role of official rates and provides estimates of a bank equilibrium policy rate. The changing sensitivity of official rates to banking conditions is identified. Results are also provided for the variation in intermediation margins and pass-throughs as well as the interactions between lending and borrowing behaviour over the years, including behaviour before, during and after the global financial crisis. The empirical methodology is applied to the US and the Australian banking systems.
    Economic Record 06/2013;
  • [Show abstract] [Hide abstract]
    ABSTRACT: Immigrants to Australia are selected on observable characteristics. They may also differ from natives on unobservable characteristics such as ambition or motivation. If we account for unobservable differences, we find a wage gap for immigrant men from English‐speaking backgrounds, in contrast with previous research which has found no wage gap. Controlling for unobserved heterogeneity also seems important for finding cohort effects. Immigrants that arrived before 1985 faced a larger wage gap compared to native‐born Australians than subsequent cohorts. Confirming other research, we find wage gaps for immigrant men and women from non‐English‐speaking backgrounds (NESBs). Wage assimilation occurs slowly for all groups, but is slowest for those from NESBs.
    Economic Record 01/2013; 89(287).
  • [Show abstract] [Hide abstract]
    ABSTRACT: We estimate the impacts of remittances on poverty in Tonga, a poor Pacific island country highly dependent on migrants’ remittances. Using household survey data, we apply Propensity Score Matching (PSM) to estimate without‐remittances incomes of migrant households from which counterfactual poverty rates are derived. We compare these with poverty rates from observed income including remittances to gauge their effects on poverty. We find that remittances reduce the incidence of poverty by 31 per cent and depth of poverty by 49 per cent. The results are robust both to alternative specifications of the PSM model and to use of an alternative counterfactual income estimation method.
    Economic Record 09/2012;
  • [Show abstract] [Hide abstract]
    ABSTRACT: We analyze the consumption–wealth relationship using a framework that accounts for transitory variation in wealth, and in a setting where transitory variation in household net worth is not dominated by boom and bust cycles in stock markets. We find that a transitory asset wealth increase coincides with a substantial transitory increase in consumption. In addition, we find that gross asset wealth and household debt are positively related. Both findings constitute departures from standard Permanent Income Hypothesis (PIH) theory with complete financial markets.
    Economic Record 09/2012; 88(282).
  • [Show abstract] [Hide abstract]
    ABSTRACT: There is an ongoing controversy over whether banks’ mortgage rates rise more rapidly than they fall due to their asymmetric responses to changes in the cash rate. This paper examines the dynamic interplay between the cash rate and the standard‐variable mortgage rate using monthly data in the post‐1989 era. Unlike previous Australian studies, our proposed threshold and asymmetric error‐correction models account for both the amount and adjustment asymmetries. We found that the Reserve Bank of Australia’s rate rises have a much larger and more instantaneous impact on the mortgage rate than rate cuts.
    Economic Record 09/2012; 88(282).
  • [Show abstract] [Hide abstract]
    ABSTRACT: Environmental policy in Australia, and internationally, has been characterised by taxes, subsidies, regulations and direct state provision. These Pigouvian‐inspired measures have paid little attention to the institutional drivers (Coasian rules) that underpin environmental issues. A re‐orientation towards environmental protection initiatives driven by institutions that are endogenous to society offers the potential to lower transaction costs and release exchange efficiency improvements of the type demonstrated by Ostrom in the context of common property resources and Williamson in the case of firm organisation. Australian examples of private sector nature protection initiatives are used to demonstrate this potential.
    Economic Record 01/2012;
  • Economic Record 01/2012; 88(282).
  • Economic Record 01/2012; 88(280).
  • Economic Record 01/2012; 88(282).
  • Economic Record 01/2012; 88(281).

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