THE IMPACT OF TRADE AND INVESTMENT AGREEMENTS ON AUSTRALIA'S INWARD FDI FLOWS

International trade and investment agreements are one of the primary instruments of global financial liberalisation. They are enacted to enhance the flows of foreign direct investment (FDI) between signatories by reducing regulatory barriers to investment; promoting stable host investment environments; and guaranteeing investors against non‐commercial risk. As a net capital importer, Australia has sought to attract FDI through participation in such accords since the early 1980s. This paper examines the determinants of Australia's inward FDI flows—focussing specifically on the effects of trade and investment agreements. Using panel data, we find that both bilateral trade and bilateral and multilateral investment agreements attract FDI flows into Australia, thereby indicating that the policy of enticing FDI through participation in these accords is quite possibly effective.     

UK Academic Accountants» Perceptions of Research and Publication Practices

Published research output is widely used as a measure of performance in UK universities. This paper investigates the acceptability of the research practices which underpin publication in accounting journals. Eighty-eight UK accounting academics reported their perceptions of the acceptability of ten research practices and their views of five research publication statements. Three research practices were found to be particularly unacceptable, but were perceived to be frequently used. The paper concludes by listing nine guidelines which have implications for authors, editors and reviewers.     

KEYNES ON WAGE FLEXIBILITY AND THE AUSTRALIAN WAGES SYSTEM*

Keynes' General Theory briefly discusses the Australian wages system, as an example of a system in which an attempt was made to fix real wages by law. Keynes argues that such a system, strictly enforced, generates an unstable unemployment equilibrium or highly volatile money wages and prices. This paper clarifies Keynes' views on the Australian system, with a view to their wider relevance for the significance of real and money wage flexibility and inflexibility in Keynes' economics. The most striking finding is that money wage stickiness is a conclusion, not an assumption, of Keynes' theory of employment.     

The EPAC ‘Growth Papers’: An Assessment*

During 1986 the Economic Planning Advisory Council published a series of six papers examining the role of economic policy in fostering long-term growth. This article provides a review and critical assessment of the EPAC analysis. The fundamental issue at stake is whether long-term growth is a supply-driven or a demand-driven process. In particular, the crucial issue neglected by EPAC is the relationship between aggregate demand, the inducement to invest and the growth of productive capacity. The conclusion is that in order to promote sustained growth, policy must provide the structural and macroeconomic requirements for a sustainable growth of aggregate demand.     

Due Process and the Adoption of IFRS IN New Zealand

This paper reviews the decision to adopt IFRS in New Zealand and the subsequent decisions made on implementation of adoption. The emphasis of the review is on due process. The paper outlines the current regulatory structure for financial reporting in New Zealand, describes how the decision to adopt IFRS was made, and evaluates the due process followed in making the decision to adopt IFRS and in implementation of the decision. We conclude that the limited due process followed in making the decision to move to IFRS and in developing each New Zealand standard was adequate. However, the method adopted for converting international standards to New Zealand standards did not go through sufficient due process.