Now showing 1 - 10 of 51
  • Publication
    Oil and Iron Ore Price Shocks: What are the Different Economic Effects in Australia?
    (Wiley-Blackwell Publishing Asia, 2018) ;
    Nguyen, Bao H
    This paper compares the macroeconomic effects of global oil and iron ore price shocks on the Australian economy. Using a Bayesian structural vector autoregression model with sign restrictions, we identify three types of shock: supply, demand and specific demand. The main results suggest that, over the period from 1990Q1 to 2014Q4, the oil shock had a relative larger impact than the iron ore shock on output and in flation, while the iron ore shock was the dominant source of interest and exchange rate movements. The effects crucially depend on the underlying sources of oil or iron ore price shifts. As Australia is a small open economy, oil and iron ore prices should be treated as exogenous factors. Real GDP responds negatively to a rise in oil prices driven by supply disruptions, but positively to a similar shock on the iron ore market. Higher global demand for these commodities has a positive impact on the economy, but the iron ore demand shock is about twice larger. However, a positive oil and iron ore price shock driven by specific demand lead to a temporary decline in real GDP.
  • Publication
    The Value of Information and Information Sharing in the Australian Beef and Sheep Meat Supply Chains
    (University of New England, 2020-04-02) ; ; ; ;

    This thesis provides empirical evidence on the benefits and value of sharing information about product quality vertically between upstream supply chain actors in the Australian beef and sheep meat industry. The central research objective is illustrated by five separate but interrelated papers: three aimed at revealing the linkages between information quality, information quantity, and firm performance" and two aimed at estimating the value placed on information about product quality by two actors in the red meat supply chain at two levels of information quality and quantity" and at identifying the determinants of producers' willingness to provide and willingness to pay for information about product quality in these supply chains.

    A rigorous literature review is presented on the impacts of information quality and quantity on firm and supply chain performance, and past empirical work is further synthesised in a metaanalysis. From this work, a conceptual framework for provision and utilisation of meat quality information in the supply chain is developed and tested using Australian survey data contributed by stud breeders and livestock producers. Analysis of the survey data employs several techniques including structural equation modelling, binomial logit regression, and descriptive and summary statistics.

    Each of papers in this thesis use a subset of data extracted from two surveys of Australian sheep and cattle breeders and commercial producers, with a total of 139 respondents. These two surveys were conducted on-line, from November 2017 to October 2018.

    The samples drawn from these two surveys reflect the characteristics of Australian farmers as a whole, in terms of farmers' age and gender proportion. Although the limited sample size restricts the extent to which more sophisticated techniques can be used to examine the current issues in these industries, the data is presented as sufficient to address research problems and to test the conceptual framework at an initial stage.

    Results generally validated the conceptual framework. They showed that the effects at firm and supply chain levels of information quantity and quantity, and the value placed on information, varied across information types in ways projected by the conceptual framework. They identified systematic differences between beef and sheep meat supply chains, and according to expectations of farmer and farm characteristics. Information quality influences firm performance more for some types of product information than for others, and is more influential overall than is information quantity. Results also reveal upstream producers' strong interest in improving the quality and quantity of this information. A comparison between two stages of the supply chain shows that stud breeders value this information more than do cattle producers. The identified asymmetric perception of value is considered as a potential cause of chain failure, constraining the maximization of supply chain surplus through use of information in management decisions, and in the longer term through reduced incentives to adopt information technology.

    To the authors' knowledge, this is the first study to assign value to different types of product quality information at separate points in the beef and sheep meat supply chains. It is also the first to assess quantitatively the role played by information quality and quantity in generating value for this industry and the first to detect empirically potential causes of chain failure in a vertically co-ordinated industry. Our results offer guidance to industry and government on improving red meat supply chain performance. Recommendations are made for future research.

  • Publication
    Horizontal Price Premium Transmission in Agri-Food Chains: The Case of MSA Cattle Premiums in Australia
    (Australian Agricultural and Resource Economics Society (AARES), 2015-02) ; ;

    Variations in agricultural prices and premiums within countries have attracted attention on price transmission due to its effects on competitiveness of agri-food chains. Prices of agricultural products and price premiums for high quality products, including quality guaranteed cattle graded using Meat Standards Australia (MSA), are expected to be affected by horizontal price transmission between different states in Australia. An analysis of cattle price and price premium transmission between New South Wales (NSW) and Queensland (QLD) states, using weekly observations for the period July 2011 to August 2014, identified contemporaneous impacts among cattle prices and MSA premiums between both states. Structural vector autoregressive (SVAR) with unrestricted signs allows data speaks about the effects of shocks in prices in one state on prices in both states over the time. Impulse responses detected that positive shocks in NSW cattle prices and MSA premiums are associated with positive changes on NSW and QLD prices and premiums, while positive shocks in QLD cattle prices and MSA premiums are associated with positive variations on QLD prices and premiums, and negative changes on NSW prices and premiums. The latest result can be explained by cattle movements within the country, affecting cattle supply and prices in both states.

  • Publication
    The Determinants of the Japanese Real Imports from Australian Exports
    (Taiwan Institute of Business Administration, Taiwan Sheng Gongshang Guanli Xuehui, 2016) ; ; ;
    The bilateral trade between Australia and Japan has played very important roles in Australian and Japanese economies over a long period of time. In this study, we apply the bounds testing approach within an Autoregressive Distributed Lag framework (ARDL) to evaluate the major determinants of Japanese demand for Australian exports. The modelling results show that real Gross Domestic Product (GDP) is the most important factor positively affecting the Japanese real imports from Australia. The real exchange rate and foreign reserves assets affect negatively but are inelastic in both the long run and the short run. With a value of -0.74, the error correction coefficient is very significant. This indicates that only a short period of time (4 months) is needed to achieve long run equilibrium.
  • Publication
    Demographics and Asset Markets: A Survey of the Literature
    (Scientific Research Publishing, Inc, 2017) ; ;
    This paper surveys the theoretical and empirical literature examining the effects of population age structure on financial asset prices, including critical reviews of the methodologies used and an evaluation of contradictory results. The survey focuses on the effects of the Baby Boom generation on asset prices, and in particular, the question of the asset meltdown hypothesis(AMH). The existing literature reveals that an asset meltdown may never eventuate nevertheless it remains plausible that ageing of the Baby Boomers will have a significant negative impact on asset prices. The previous studies were based on where the proportion of the old age population is relatively low. With the first Baby Boomers reaching 65 years of age in 2011 this proportion is projected to increase substantially and hence the effect is reinforced. Thus new research is needed to address the unresolved issues given that population ageing has serious policy issues in the developed economies.
  • Publication
    Malnutrition and Fertility: Evidence from Vietnam
    (2011)
    Stuen, Eric T
    ;
    ;
    Economic theory regarding household fertility decisions has long recognized precautionary demand for children, such that households in a high-mortality environment respond to the risk of children not surviving to adulthood by increasing their family size. We test whether such an effect exists in response to nutrient deficiencies. Using survey data on a sample of 5,966 households in Vietnam, we find that a 10% increase in calorie availability decreases the likelihood that they had a child by 0.8%. Protein, potassium and thiamin also have significant effects. These findings provide initial evidence of an economic link between nutrition and fertility.
  • Publication
    Unlocking the monetary value: investigating the importance of quality information in Australian red meat chains

    Context. This study assesses the monetary value of product quality information, specifically feedback from slaughter and production methods, within the Australian beef and sheep meat supply chains. Aims. The primary objective was to investigate the value assigned by supply chain actors to product quality information, measured as willingness to pay for receiving it or willingness to accept payment for providing it. The study also aimed to explore how the value of thisinformation varies based on information quality and quantity. Methods. A contingent valuation approach was employed, utilising survey data from 104 producers. Logit models were used to identify the factors influencing meat producers' willingness to accept payment and willingness to pay. Key results,. Over one-third of cattle and sheep producers expressed interest in receiving feedback from slaughter information and providing production methods information. Production methods information had the highest mean value at the premium information quality and quantity level, with values of AU$20.49/head in the beef industry and AU$10.13/head in the sheep industry. Conversely, feedback from slaughter information had the lowest mean value at the low information quality and quantity level, with values of AU$0.83/carcass in beef and AU$0.14/carcass in sheep. Farmers' experience and education level significantly influenced their willingness to accept payment and willingnessto pay for product quality information. Conclusions. A significant proportion of producers within the Australian beef and sheep meat supply chains express a desire to provide or pay for product quality information. The value assigned to this information demonstrates a positive relationship with higher information quality and quantity. However, variations in expressed value of different information types, and the influence of farmer and farm characteristics, suggest the presence of chain failures that disrupt information valuation. Implications. These findings have important implications for improving the performance of the red meat supply chains. Understanding the factors that influence the valuation of product quality information allows stakeholders to develop targeted strategies to enhance the efficiency and effectiveness of information exchange. This may involve addressing chain failures, and implementing measures to ensure consistent and accurate valuation of information. Ultimately, these improvements can contribute to enhanced decision making processes and overall supply chain performance in the Australian beef and sheep meat industry.

  • Publication
    New Tests for Cointegration in Heterogeneous Panels
    (Economic Society of Australia Inc, 2010)
    This paper makes the following contributions to the existing literature on panel cointegration. First, two new tests based on the principle of weighted symmetric estimation are proposed for panel cointegration testing. Second, the asymptotic distributions of these new tests are examined, and these are shown to be well defined Weiner processes that are free of nuisance parameters. Third, the size and power properties of the proposed tests are studied with a Monte Carlo simulation, and their properties are found to be superior to those of the existing tests across a range of environments.
  • Publication
    Interactive effects of executive compensation, firm performance and corporate governance: Evidence from an Asian market
    (Springer New York LLC, 2019-12) ;
    Buachoom, Wonlop
    ;
    Much of the management compensation literature focuses either on the level and structure of executives’ pay or the pay-for-performance sensitivity in a set of corporate governance structure in the Western economies. In this study, we examine the interactive effect of executive compensation, firm performance and corporate governance in different institutional and governance settings of an emerging market economy. Capturing monitoring and incentive alignment aspects as suggested in agency theory, we argue that in a markedly different executive compensation system in Thailand, the interrelationships between executive compensation, firm performance and corporate governance would exhibit some similarities to those found in developed economies. While there remains sparse research on how these relationships operate in Thailand, using data for 432 publicly listed Thai firms between 2000 and 2011, we find evidence of a reciprocal positive significant relationship between compensation and performance, as well as between corporate governance and performance. However, a reciprocal relationship is not found between corporate governance and compensation, which shows a mono-directional positive significant relationship running from corporate governance to compensation. These findings show similarities with those of developed economies and provide support for the need for an effective governance system to determine optimal executive compensation that will enhance firm performance and value. Our findings thus add some potentially noteworthy dimensions to the compensation literature that are especially important to policy makers and other stakeholders, and aiming to shape an optimal governance system in the emerging markets around the world.