The economic effects of the UK government's proposed Brexit deal

The focus of our analysis is on how the UK government's proposed Brexit deal is likely to affect the economy. First, we assess how trade, migration, foreign direct investment, productivity and contributions to the EU budget might change by reviewing current proposals against historical evidence. Second, we use the National Institute Global Econometric Model (NiGEM) to analyse the macroeconomic effects. Our assessment is that trade with the EU, especially in services, would be more costly after Brexit. This would be likely to have adverse effects on living standards in the UK. Our central estimate is that if the government's proposed Brexit deal is implemented, then GDP in the longer term will be around 3% lower per head than it would have been had the UK stayed in the EU. If the UK were to stay in a customs union with the EU, or if the Irish backstop position was to be invoked, there would still be a hit to GDP per capita of 2%. These estimates represent our considered view of the economic impact of the government's proposed Brexit deal, but they are themselves uncertain as there is no historical precedent of a country leaving a major trading block such as the EU.     

Leisure Constraints,Leisure Satisfaction,Life Satisfaction,and Self-Rated Health in Six Cities in Taiwan

Extensive research shows that individuals in lower socioeconomic statuses experience higher levels of morbidity and mortality than those of higher social status. This disparity remains even after lifestyle changes such as reduced smoking, improved diet, more exercise, and better access to medical care are afforded to those of lower status. According to Fundamental Social Cause Theory (FSCT), access to valued resources, including environmental, social, and psychological factors, mediates the relationship. The purpose of this study is to determine if leisure constraints, leisure satisfaction, and life satisfaction are among the variables that mediate the relationship between socioeconomic status (SES) and self-rated health in six cities in Taiwan. Results indicated that leisure related variables, including leisure constraints and leisure satisfaction, mediate the relationship between SES and self-rated health. The results suggest the value of FSCT as a framework for examining the relationship of leisure related variables to health.     

Price Setting Practices in Australian Local Government

Revenues generated on a ‘fee‐for‐service’ or ‘user‐pays’ basis are a significant source of income for Australian local governments. However, how local governments set prices and charges remains under‐explicated. This article reports empirical evidence obtained on the pricing policies and practices of Australian local governments. The responses to a national survey reveal considerable diversity – and often an apparent lack of ‘rationality’– in setting specific prices. Instead, general ‘across the board’ adjustments to historical prices are typically made to assist in balancing budgets. The cost of service delivery is neither a prominent nor standardised input to pricing decisions.     

COMPANY PARTICIPATION IN THE AUSTRALIAN ACCOUNTING STANDARDS SETTING PROCESS

Public accessibility to the records of standard setting organisations has encouraged research into the processes involved and the final outcomes. There is also a need to examine the standard setting process by enquiries directed towards the activities of external groups with an interest in the processes. This paper details the results of enquiries into the activities of listed Australian companies towards standard setting and provides an explanation of why some firms participate in the standard setting process and others do not.     

Strategic planning for regulated companies

The need for strategic planning by firms to achieve an alignment with their environment is widely recognized. Various studies have analysed the structures and strategic processes utilized by firms in their attempts to establish domains and attain goals. Yet the problems faced by firms in regulated environments by and large have been ignored. This paper examines the critical differences found in regulated environments that affect strategic planning. Propositions which can serve as the basis of future empirical research are offered and a theoretical framework in which to view the regulated industry situation is developed.     

ALTERNATIVE BREEDING INVENTORY SPECIFICATIONS IN A LIVESTOCK MARKET MODEL

The procedures adopted for incorporating breeding decisions in a livestock market model have implications for the simulation of the model. Specifically, there is a need to consider the nature of the biological lags between livestock breeding decisions and outputs, and how these are incorporated in the breeding inventory used in such a model. In this paper, five alternative breeding inventory specifications are used in a structural econometric model of the Australian prime lamb market. The predictions of lamb slaughterings and of price responses of lamb producers are affected by the specification of the lamb breeding inventory used. The extent to which the modelling results approximated reality was substantially improved when disaggregated and seasonally allocated data were used to estimate lamb breeding inventories.     

Recursions for the two-stage least-squares estimators

This paper presents recursion formulae for the two-stage least-squares estimators of the structural coefficients in a simultaneous equation model and for the residual sum of squares used in estimating the asymptotic covariance matrix. Included are formulae for updating estimates when a new set of observations is obtained and for revising estimates when a set of observations is discarded. The recursion formulae should prove to be of both practical and theoretical interest to econometricians.     

Private firms in China: Building legitimacy in an emerging economy

Firms are legitimized by their environments if they survive and prosper. But firms can also proactively build legitimacy to enhance their long-term growth prospects. This is vital for private firms based on emerging economies given the weak protection for private property. This article examines ways in which private firms in China build legitimacy for themselves and their industries. Through field interviews with firm founders and top managers in China various legitimization strategies and the conditions under which they can be used are examined. The authors also conducted follow-up interviews in Taiwan to investigate legitimacy-building strategies there. Though more advanced, Taiwan's economy shares many cultural traditions with Mainland China, and it presents firms with similar legitimacy-related challenges. Interviews with managers of multinationals operating in China were also conducted to determine what they are learning from the legitimization strategies of the indigenous Chinese firms.     

Meditation as a kind of leisure: the similarities and differences in the United States

Meditation has been shown to be a cost-effective means to help individuals reduce stress, alleviate anxiety and depression. Similarly, leisure has been found to reduce stress, improve mood and contribute to overall health and well-being. The similarities and differences in outcomes between meditation and leisure suggest that a comparative analysis may determine if and how experiences and outcomes of meditation may be similar to and different from those of leisure and provide deeper insights into the ways in which both can contribute to improved quality of life. The purpose of this study is to examine the similarities and differences in meditation and leisure as perceived by a range of individuals engaging in meditation. Results indicate that meditators experience stress reduction, emotional balance and an enhanced quality of life during both their leisure and meditation. Many of the positive experiences and outcomes derived from meditation render it very similar to leisure. Nevertheless, meditation and leisure also differ in several important ways.