A History of Australian Corporate Bonds

We compile a new unit‐record data set of Australian corporate bond issuance, which sheds light on developments in the bond market since the early twentieth century. Reflecting the evolution of the economy, privatisations, and changes in the regulatory landscape the following trends are noteworthy: (i) issuance today is largely by private entities whereas government‐owned corporations dominated historically; (ii) the issuer base has shifted away from non‐financial corporations towards banks, with corporations now raising a large share of funds offshore; and (iii) the investor base has shifted away from direct holdings by households towards holdings through superannuation/managed funds and holdings by non‐residents.     

Australian Manufacturing Business: entrepreneurship or missed opportunities?

In the light of criticism of the performance of Australian business, this article surveys the mounting array of firm and industry evidence to assess the performance of Australian mass production manufacturers. The focus is on lower technology sectors of food and drink, packaging, rural and consumer chemicals, and building materials because these are sectors where Australian firms faced fewer constraints. The article evaluates whether the large firms that emerged in these industries demonstrated entrepreneurship by responding to opportunities, developing their technical capabilities and learning how to manage their growing businesses effectively.     

Bank Lending and Business Cycles: South African Evidence

Abstract: The paper provides empirical analysis on the linkage between the behavior of bank lending and business cycles in South Africa. Consistent with theory, overall evidence suggesting pro‐cyclicality of bank lending is uncovered both at macro and micro levels. At macro level, bank lending and lending rates have moved in tandem with business cycles. Real borrowing by government was counter‐cyclical to business cycles as would be expected if the role of government was to fine‐tune the economy during booms and recessions. At micro level, bank lending to households and firms was generally pro‐cyclical. Even the growth of provisioning by banks has been largely pro‐cyclical to business cycles, though exceptions were recorded. First, new mortgage lending exhibited counter‐cyclical behavior before 1993. We attributed this behavior to the political and economic climate prevailing then which created uncertainties that made ownership of property a good hedge against economic and political risks. Secondly, the growth of real credit for investment and of foreign trade finance does not appear to have been related to business cycles.     

The Industrial Finance Department: An Australian Experiement in Small Business Finance

Small business has an uneasy relationship with the banking sector. In some countries, governments have stepped in to create specialist institutions for small business finance. One such institution was created in Australia after World War II. An Industrial Finance Department was created within a restructured Commonwealth Bank to provide specialist financial assistance to small business. This institution, neglected by historians, grew and survived in an evolving political and often hostile environment. The Industrial Finance Department provides further insight into the politics of financial provision and regulation in Australia.     

韩国城市化历史演变的文化内涵

自1960年来,韩国用不到40年的时间,在经济领域就创造了“汉江奇迹”,与此同时,国家也快速地实现了高度的城市化.回顾韩国城市化历史演变进程会发现,在城市土地规划、公共住宅建设、地铁交通建设、城市垃圾环境治理等公共服务领域,制定相关法律并依法实施宏观调控和管理,积极发展大都市圈、坚持就业结构为导向,是其成功地走出一条高速城市化之路的主要经验.     

The Current State of Business History in Latin America

Business history in Latin America has seen significant growth in the past 25 years, most notably since the beginning of this century. Although the sub‐discipline benefitted from seminal studies by British and U.S. scholars, most works of note are currently produced by local scholars. Latin American business history holds great comparative potential for business historians in other parts of the world undertaking studies in the areas of emerging economies, business‐state relationships, the role of entrepreneurship, business groups, entrepreneurial families, and foreign investment and imperialism.