School of Economics and Finance · Arthur Grimes, Institute of Policy Studies, VUW Suzi Kerr, Motu...

Sch ool ofEconom ics andFinance

Annual R eport 20 0 1

2 Annual Report 2001

School of Economics and Finance

Annual Report2001

Contents Page

From the Head of School ........................................................................................... 3

Staff and Research InterestsStaff ................................................................................................................... 4Research Interests .............................................................................................. 6

Research ActivitiesPublications ..................................................................................................... 14External Seminar and Conference Presentations ............................................. 18VUW Economics and Finance Seminar Series ................................................ 20Visitors ............................................................................................................ 22

TeachingUndergraduate Teaching .................................................................................. 23Graduate Teaching ........................................................................................... 24Other Courses .................................................................................................. 25Theses ............................................................................................................. 26Outstanding Students ....................................................................................... 27

Other Professional Activities ................................................................................... 29

Master of Applied Finance .........................................................................................31

New Zealand Institute for the Study of Competition and Regulation........................32

Postal Address: School of Economics and Finance, PO Box 600, WellingtonTelephone: (04) 463 5354 Fax: (04) 463 5014

Website: http://www.sef.fca.vuw.ac.nz

Annual Report 2001 3

From the Head of School

The year of 2001 was a challenging one for the School of Economics and Finance. The American economicboom dramatically increased the demand for academic economists, providing opportunities for a number ofSchool staff that were simply too good to ignore. Following the departures, in 2000, of Young Sik Kim,Benoit Julien, Margaret Walls, Yue (Kevin) Yu, and Robert Buckle, the School then lost – in 2001 – ShuntianYao, John Haywood, Gordon Boyce, Leslie Hull, and Andrew Weiss. To lose so many talented people – toUniversities in Korea, Singapore, USA, Australia, as well as other Schools of Victoria, the New ZealandTreasury, and the Reserve Bank – was a significant shock to the School.

As might be expected, however, the surviving School members – with support from our friends - were morethan able to rise to the challenges created by the departures. With the exception of a few Honours papers,the School was able to deliver our full menu of courses.

Our one new appointment for the year was Chirok Han, who arrived in August, from Michigan StateUniversity. Chirok had just successfully completed his PhD in Econometrics (supervised by Peter Schmit).Chirok’s wife, Young-Mi, and young son Yoo-Jeong, have both settled comfortably into their new lives inNew Zealand. Further Robert Buckle, a longstanding member of School (and Head of School till hisresignation in December 2000, when he accepted a position at Treasury) was made an Adjunct Professor, afitting recognition of his continuing valuable association with the School.

During 2001, the School held three extremely successful events:

[1] Off the Map in the Global Economy Symposium, 20-21 November, organised by Jacques Poot.Fifteen papers were presented by speakers such as Peter Nijkamp (Free University, Amsterdam, arecipient of the Spinoza Prize), Laurie Schintler (George Mason University), Phillip McCann(University of Reading), Bob Gregory (Australia National University), Lee Huskey (University ofAlaska at Anchorage), and Upali Wickramasinghe (South Asian Association for Regional Countries).

[2] Sustainable and Excessive Current Account Deficits: What makes the difference in the world ofinternational capital flows? 22 November, organised by Leslie Hull. At this symposium, ten paperswere presented, including a talk by the Keynote Speaker, Catherine Mann (Institute for InternationalEconomics, Washington DC).

[3] Exchange Rate Workshop, 12 October, organised by Roger Bowden. Here eight papers werepresented, including two by Australian academics; Mark Crosby (University of Melbourne), andShawn Leu (University of Sydney).

All in all, what started out as a difficult year ended up being both productive and enjoyable.

Stephen J BurnellHeadSchool of Economics and Finance


Staff and Research Interests

This section of the report lists staff, identifies their researchinterests, and provides a short selection of their most highlyregarded published research. A wide range of theoreticaland applied research is undertaken, and published in refereedjournals, books, monographs and government reports.

Head of SchoolStephen J. Burnell, MCA VUW, MPhil PhD Camb

ProfessorsRoger J. Bowden, BA BSc MA Auck PhD ManchesterLewis T. Evans, MAgrSc (Hons) Linc, MA MS PhD Wisc, Chair of Economics (on leave as Director,

NZISCR)Viv B. Hall, MCom (Hons) PhD Auck, Macarthy Chair of EconomicsGary R. Hawke, BA (Hons) BCom VUW, DPhil Oxon, Chair of Economic HistoryNeil Quigley, BA MA(Hons) Cant, PhD TorontoAndrew A. Weiss, BEc (Hons) PhD Syd, Chair of Econometrics

Associate Professors/ReadersJacek B. Krawczyk, MSc PhD WarsawH. Jacques Poot, Drs Amst, PhD VUW

Senior LecturersI. Geoffrey Bertram, BA (Hons) VUW, MPhil, DPhil OxonGraeme Guthrie, BSc (Hons) MCom PhD CantColin E. Jeffcoat, BA MSc Auck, PhD N Carolina, BA (Hons) VUWStephen P. Keef, BSc (Hons) Leic, MBA PhD AstonMohammed Khaled, BA Dacca, MSc (Hons) Islam, MA (Econ) Essex, PhD Br ColKunhong Kim, MS (Econ) PhD Carnegie-MellonMartin T. Lally, BCA (Hons) PhD VUWJerry Mushin, BSc (Hons) LondLeigh Roberts, BSc (Hons) Melb, MSc Tas, MSc Lond , AIAA, PhD VUWJohn Singleton, BA PhD Lanc, BD Edin, MSc LondPaul Tompkinson, BA (Hons) Leic, Dip Economics and Econometrics MSc SouthamptonJie Zhang, BA Sichuan, MBA Nankai, MA PhD Western Ontario


LecturersPaul E. Calcott, MSS Dip Econ Waikato, MCom Cant, PhD UCLAJudy G. Kavanagh MA (Hons) Cant, DipTchg (Hons) Dip Health Econ (Hons) Tromso (Part-time)Leslie Hull, BA UCSD, MA Fullerton, PhD UCSB

Director, Victoria International Applied Finance ProgrammeDawn Bowden

Director, 100-Level Programmes, SEFPenelope Proffitt, BSc Cant

Administration AssistantsAmanda DillonAlice FongSuzanne Freear

Adjunct ProfessorsRobert A. Buckle, BCom (Acc) MCom (Hons, Econ) AuckMichael Trebilcock, LLB Cant, LLM Adelaide, Professor of Law, University of Toronto (Adjunct

Professor of Law and Economics)Leslie Young, MSc (Hons) VUW, DPhil Oxon, Professor of Finance, Chinese University of Hong

Kong

Emeritus ProfessorsL. Fraser Jackson, MA NZ, FSS

External Contributing Lecturers to SEF ProgrammesPat Belgrave, VUWGordon Boyce, School of Marketing and International Business, VUWArthur Grimes, Institute of Policy Studies, VUWSuzi Kerr, MotuDave Maré, Motu, Economic and Public Research TrustVance Martin, University of MelbourneSimon McArley, KPMGPeter McKenzie, QCGanesh Nana, BERLJames Palmer, Law Faculty, VUWChris Plantier, Reserve Bank of New ZealandJohn Randal, School of Economics and Finance, VUWRobert Stephens, School of Business and Public Management, VUWPeter Thomson, Statistics Research Associates Ltd.Antong Victorio, School of Business and Public Management, VUW


Geoff Bertram

Energy and environmental economics,deregulation of natural monopoly,employment, economic growth anddevelopment. Current research is on energysector reform in New Zealand with particularreference to the electricity and gas industries;and the use of economic instruments topromote greenhouse gas abatement.

Dawn Bowden

Bank and corporate treasury and financialrisk management: Treasury and bankingeducation.

Roger Bowden

Macroeconomics and monetary economics -prices, business fluctuations and cycles,money and interest rates. Monetary policy -Central Banking and the supply of money andcredit. Macroeconomic aspects of publicfinance, macroeconomic policy andgeneral outlook. International economics.Financial economics. General Financialmarkets.

Stephen Burnell

Monetary and banking theory,microeconomics, dynamic generalequilibrium models. Currently, researchingbanking and monetary policy in NewZealand; the demand for cash andtransactions costs; optimal fiscal policy;and telecommunications andinterconnections agreements.

“Economy”, Chapter 28 in Rapaport, M (ed), The Pacific Islands:Environment and Society, Bess Press, Hawaii, 1999.

“Tradeable Emission Quotas, Technical Progress and Climate Change”,Environment and Development Economics, Vol 1, No. 4, 1996, 461-483.

“Non-linear Pricing Theory: The Case of Wholesale Electricity Pricingin New Zealand”, New Zealand Economic papers, Vol 30, No. 1, 1996,87-108.

“Peru 1930-1960”, Chapter 7 in The Cambridge History of LatinAmerica Vol. VIII: 1930 to the Present, ed. L Bethell, CambridgeUniversity Press, 1991.

Financial Maths for Managers, New Zealand: Dunmore Press, 1999.

SELECTION OF PUBLICATIONS

“Generalising interest rate duration with directional derivatives:Direction X and applications”, Management Science, 43, No. 5 (May1997).

Statistical Games and Human Affairs, New York: Cambridge UniversityPress, 1988.

“Repeated Sampling in the Presence of Publication Effects” Journal ofthe American Statistical Association, Vol 82 (June 1987), lead articlewith commentaries by P C Ordeshook and L S Cahoon; 476-84/91.

“On the Existence and Secular Stability of u-v Loci” Economica, VolXL VII, No.1 (February 1980), 35-50.

“The Ultimatum Game: Optimal strategies without fairness”, (with LewisEvans and Shuntian Yao), Games and Economic Behaviour, 26, 1999,221-252.

“New Zealand’s Monetary Conditions Index: A critical analysis”,Agenda, 5, 1998, 477-486.

“The Value of Money in an Overlapping Generations Model; A Note”,Journal of Economic Theory, 59, 1993, 214-221.


Paul Calcott

Public economics, health economics,economics and philosophy. Currentresearch includes information asymmetriesand health care, and on the separabilitybetween efficiency and equity underoptimal taxation.

Lewis Evans

Microeconomics; regulation, organisationand performance of markets and firms,financial econometrics. Current researchincludes the performance of contracts,firms and markets under differentcompetition and regulatory structures.

Graeme Guthrie

Modelling the term structure of interestrates. The implementation of monetarypolicy and its effect on asset pricedynamics. Implications of real options forcapital budgeting and network regulation.

Viv Hall

Macroeconomic theory, modelling andpolicy. Current research involves NewZealand’s current account deficit; NewZealand’s monetary conditions; and NewZealand and Pacific Rim business cycleanalysis.

“Health Care Evaluation, Utilitarianism and distortionary taxes”, Journalof Health Economics, 19, 2000, 719-730.

“New on Paternalism”, Economics and Philosophy, 16, October 2000,315-321.

“Can downstream waste disposal policies encourage upstream” ‘Designfor Environment’?”, (with Margaret Walls), American Economic Review:Papers and Proceedings, May 2000, 233-237.

“Demand inducement as cheap talk”, Health Economics, 8, 1999, 721-733.

“Governance in the New Zealand Electricity Market: A Law andEconomics Perspective on Enforcing Obligations in a Market based ona Multi-Lateral Contract” (with Terence Arnold), The Antitrust Bulletin,3, 2001, 611-643.

“Contracts in Continuous Time Asymmetric Information Models: TheImportance of Large Information Flows”, (with William A Brock),Journal of Economic Behaviour and Organisation, 29 (3), May 1996,523-535.

“The Economic Efficiency of Telecommunications in a DeregulatedMarket: the case of New Zealand”, (with David Boles de Boer), TheEconomic Record, 72, 1996, 24-35.

“Shareholder Liability Regimes, Principal-Agent Relationships andBanking Industry Performance”, (with Neil Quigley), The Journal ofLaw and Economics, Vol XXXVIII, No. 2, October 1995, 497-520.

“Open Mouth Operations” (with Julian Wright), Journal of MonetaryEconomics, 46 (2), September 2000, 489-516.

“Testing the Expectations Theory of the Term Structure for NewZealand” (with Julian Wright and Jun Yu), New Zealand EconomicPapers 33 (1), 1999, 93-114.

“User Charges for Internet: The New Zealand Experience” (withMichael Carter), Telecommunications Systems 6, 1996, 301-313.

“Fiscal Expansion, Monetary Policy, Interest Rate Risk Premia, and WageReactions”, (with David Rae), Economic Modelling, Vol 15, 1998, 621-640.

“Pacific Rim Business Cycle Analysis: Synchronisation and Volatility”,(with K H Kim and R A Buckle), New Zealand Economic Papers, 32 (2),December 1998, 129-159.

“Economic Growth”, Chapter 2 in A Study of Economic Reform: TheCase of New Zealand, Brian Silverstone, Alan Bollard and Ralph Lattimore(eds), North-Holland: Amsterdam, 1996, 31-71.

“Key Features of New Zealand Business Cycles”, (with K H Kim and RA Buckle), The Economic Record, 70 (208), March 1994, 56-72.



Chirok Han

Econometrics, Regression, InstrumentalVariable Estimation, Panel Data Models,Asymptotics, Time Series.

Gary Hawke

Economic History, especially New Zealand;application of economics to policy issues.

Leslie HullOpen economy macroeconomics,international capital flows, and internationaltaxation issues.

Colin Jeffcoat

Teaching of mathematical and statisticalconcepts to students of economics andbusiness.

“The Properties of Lp-GMM Estimators”, (with Robert de Jong),Econometric Theory (forthcoming).

“The Asymptotic Distribution of the Instrumental Variable EstimatorsWhen the Instruments are not Correlated with the Regressors”, (withPeter Schmidt), Economics Letters (forthcoming).

The Thoroughbred Among Banks in New Zealand: Vol 1 1872-1947The Early Years, National Bank of New Zealand Ltd, 1997.

Improving Policy Advice, Institute of Policy Studies, 1993.

The Making of New Zealand: An Economic History , CambridgeUniversity Press, 1985.

Railways and Economic Growth in England and Wales, 1840-1870,Clarendon Press, 1970.

“The Structure of International Capital Flow”, (with Linda L Tesar),TheWorld’s New Financial Landscape: Challenges of Economic Policy,Springer-Verlag Press, 2001, 87-109.

You Can Probably do Business Statistics (Co-authors: C Jeffcoat and PBelgrave), Sydney, McGraw-Hill, 1997.

You Can Do Maths (with P Belgrave), Palmerston North, Dunmore Press,1995.

“Choice Under Uncertainty”, Journal of Economic Surveys, Vol 3, No.1, 1989, 97-105.



Judy Kavanagh

Health Economics.Law and Economics.

Stephen Keef

Accounting ethics and education, employeeshare ownership, futures.

Mohammed Khaled

Consumer demand models, prices indiciesand equivalence scales, productivityanalysis and factor demands, economics ofscale and scope. Current researchinvestigates economics of scale and scopein the New Zealand life insurance industry,and adult equivalence scales for NewZealand.

Kunhong Kim

Business cycle theory, macroeconomicpolicy and international finance, time serieseconometrics and its application tostochastic dynamic models.

“Health Care Reform in New Zealand: A Constitutional Issue” (with BHowell & C Cangialose), www.iscr.org.nz.

“The Ultimatum Game and Non-Selfish Utility Functions” (with PTompkinson), Journal of Economic Psychology, Vol 17, 2, 1996, 259-271.

“The Ultimatum Game: Raising the Stakes” (with P Tompkinson),Journal of Economic Behaviour and Organisation, Vol 27, 1995, 439-451.

“An Economic Evaluation of Vaccination Strategies Against Hepatitis BVirus: Health Care Workers and Homosexual Men”, (with P Bethwaite),New Zealand Economic Papers, Vol 25, 1991, 19-38.

“Residual Income: A review essay”, (with M L Roush), AustralianAccounting Review, Vol 11, No. 1, 2001, 8-14.

“Changes in settlement regime and the modulation of day-of-the-weekeffects in stock returns”, (with P B McGuinness), Applied FinancialEconomics, Vol 11, No. 4, 2001, 361-372.

“Throughput Accounting: Exploding an urban myth”, in the FMACArticle of Merit Award Program for Distinguished Contribution toManagement Accounting, International Federation Accountants: NY,December 2000, 72-82.

“The causal association between employee share ownership andattitudes: A study based on the Long Framework”, British Journal ofIndustrial Relations, Vol 36, No. 1, 1998, 73-82.

“Estimates of Scale and Scope Economies in the New Zealand LifeInsurance Industry”, (with M B Adams and M Pickford), TheManchester School, Vol 69, No. 3, June 2001, 327-349.

“Effects of Transport Costs on Exports from New Zealand to the USA”,(with J Guria), International Journal of Transport Economics, Vol 17,No.1, February 1990, 77-94.

“The Incidence and Exportability and Hotel Occupancy and OtherTourist Taxes”, (with E Fujii and J Mak), National Tax Journal, Vol38, No. 2, June 1985, 169-177.

“Parametric Productivity Measurement and Choice Among FlexibleFunctional Forms”, (with E Berndt), Journal of Political Economy,Vol 87, No. 6, December 1979, 1220-1245.

“The Econometric Analysis of Calibrated Macroeconomic Models”, (withA R Pagan), in M Hashem Pesaran and M Wickens (eds), The Handbookof Applied Econometrics: Macroeconomics, Oxford, Blackwell, 1995,356-390.

“Dating New Zealand Business Cycles”, (with R A Buckle and V BHall), New Zealand Economic Papers, Vol 29, No. 2, 1995, 143-171.

“Key features of New Zealand Business Cycles”, (with R A Buckle andV B Hall), The Economic Record, Vol 70, March 1994, 56-72.

“Real Business Cycles in a Small Open Economy”, in L Evans, J Pootand N Quigley (eds), Long-run Perspectives on the New ZealandEconomy, Vol 2 of the Proceedings of the Sesquicentennial Conferenceof the New Zealand Association of Economists, June 1991, 325-337.



Jacek Krawczyk

Computational economics, dynamic gamesand optimal control theory. Applications ofthe above to environmental management,macroeconomics and financial engineering.

Martin Lally

Cost of capital and valuation. Currentresearch is on the implications of dividendimputation for valuation, and the effect oftime-variation in firm and market leverageon both betas and the market risk premium.

Jerry Mushin

Macroeconomics, monetary policy andexchange rates.

Jacques Poot

Globalisation: The “New EconomicGeography” and implications for NewZealand; International migration; Regionaldevelopment; Monopsony in local labourmarkets; Meta-analysis; Empirical evidencefor endogenous growth.

“Relaxation Algorithms to Find Nash Equilibria With EconomicApplications”, (with S Uryasev), Environmental Modeling andAssessment, Vol 5, 2000, 63-73.

“Optimal Charges on River Effluent from Lumped and DistributedSources”, (with A Haurie), Environmental Modeling and Assessment,Vol 2, 1997, 177-189.

“Controlling a Dam to Environmental Acceptable Standards Throughthe Use of a Decision Support Tool”, Environmental and ResourceEconomics, Vol 5, 1995, 287-304.

“Monitoring Cooperative Equilibria in a Stochastic Differential Game”,(with A Haurie and M Roche), Journal of Optimization Theory andApplications, Vol 81, No. 1, 1994, 73-95.

“Valuation of Companies and Projects under Differential PersonalTaxation”, Pacific-Basin Finance Journal, Vol 8, No. 1, March 2000,115-133.

“The Cost of Equity Capital and its Estimation”, McGraw-Hill Series inAdvanced Finance, Vol 3, Sydney: McGraw-Hill, Australia, 1999.

“An Examination of Blume and Vasicek Betas”, The Financial Review,Vol 33, No. 3, 1998, 183-198.

“The CAPM Under Dividend Imputation”, Pacific Accounting Review,Vol 4, 1992, 31-44.

Income, Interest Rates and Prices [Third Edition], The Dunmore PressLtd, Palmerston North, 1999.

“Exchange-Rate Policy in the South Pacific”, Journal of IndustrialAffairs, Vol 4, No. 2, December 1995.

“A Multi-Currency Adjustment System for the South Pacific”, SingaporeEconomic Review, Vol 36, No. 1, May 1993.

“Exchange-Rate Adjustment in a Multi-Currency Monetary System”,Simulation, Vol 36, No. 5, 1981.

“The Macroeconomics of Fertility in Small Open Economies: A Test ofthe Becker-Barro Model for the Netherlands and New Zealand”, (with JSiegers), Journal of Population Economics, Vol 14, No. 1, 2001, 73-100.

Regional Cohesion and Competition in the Age of Globalization, (co-editors H Kohno and P Nijkamp), Edward Elgar, Cheltenham UK, 2000.

“Dynamics of Generalised Spatial Interaction Models”, (with P Nijkamp),Reprinted in: Modern Classics in Regional Science, Vol 4.2, Chpt 29,Edward Elgar, Cheltenham, 1996.

“A System Approach to Modelling the Inter-Urban Exchange of Workersin New Zealand”, Scottish Journal of Political Economy, Vol 33, No. 3,1986, 249-274.



Neil Quigley

Applied microeconomics relating tocompetition policy, regulation and thefinancial services industry

.

Leigh Roberts

Financial mathematics, risk managementand insurance.

John Singleton

History of the Reserve Bank of NewZealand. History of Economic Relations inBritish Empire and Commonwealth.Economic History of First World War.

Paul Tompkinson

Economic methodology, international tradetheory and policy. Current research is ontrade and welfare with occupationalpreferences, argumentation in economicsand the methodology of economicmodelling.

“Contracting, Incentives for Breach and the Impact of Competition Law”,(with L T Evans), Journal of World Competition, 23(2) June 2000, 79-94.

Ensuring Competition: Bank Entry to the Insurance Industry,(with I JHorstmann and G F Mathewson), C D Howe Institute, Toronto, May 1996,110 pp.

“Stability Without Deposit Insurance: Canadian Banking 1890 - 1966”(with J L Carr and G F Mathewson), Journal of Money Credit and Banking,27 (4) November 1995, 1137-1158.

“Shareholder Liability Regimes, Principal - Agent Relationships andBanking Industry Performance” (with L T Evans), Journal of Law andEconomics, 38(2), October 1995, 497-520.

“On the Existence of Moments of Ratios of Quadratic Forms”,Econometric Theory, 11, 1995, 750-774.

“Risk Management of Catastrophes in New Zealand”, Australian Instituteof Actuaries’ Quarterly Journal, 1995, 23-46.

“Weighted Mortality Rates as Early Warning Signals for InsuranceCompanies”, Astin Bulletin, Vol 23, No. 2, 1993, 273-286.

“On Ratios of Random Variables and Generalised Mortality Rates”,Journal of Applied Probability, 29, 1992, 268-279.

“The Commonwealth as a Network”, (co-author with P Robertson),Australian Economic History Review, Vol 41, No. 3, 2001, 241-266.

The World Textile Industry, Routledge, 1997.

The Political Economy of Nationalisation in Britain, 1920-50, (jointeditor R M Millward), Cambridge University Press, 1995, 256.

Lancashire on the Scrapheap: The Cotton Industry, 1945-70, OxfordUniversity Press, 1991.

“The Ultimation Game: and Non-Selfish Utility Functions”, (with JBethwaite), Journal of Economic Psychology, 17, 1996, 48-71.

“The Ultimation Game: Raising the Stakes”, (with J Bethwaite), Journalof Economic Behaviour and Organisation, 27, 1995, 439-451.

“The Strategic Use of Economic Models in a Macro Game”, New ZealandEconomic Papers, 25, 1991, 39-50.

“The Effect of Information on Fiscal Preferences”, (with J Bethwaite),Journal of Economic Psychology, 12, 1991, 287-298.



Andrew Weiss

Theoretical and applied econometrics, timeseries analysis and forecasting. Currentresearch is on simultaneity and sampleselection in poisson regression models andBayesian analysis of calibrated models.

Jie Zhang

Economic growth and development,macroeconomic, monetary economics,public economics. Current researchinvestigates the impacts of public policyand institutional changes on growth,fertility and welfare.

“The Effects of Vertical Integration Between Cable Television Systemsand Pay Cable Networks”, (with D Waterman), Journal of Econometrics,Vol 72 (1-2), 1996, 357-395.

“Estimating Time Series Models using the Relevant Cost Function”,Journal of Applied Econometrics, Vol 11, 1996, 539-560.

“Estimating Nonlinear Dynamic Models using Least Absolute ErrorEstimation”, Econometric Theory, Vol 7, 1991, 46-68.

“Asymptotic Theory for ARCH Models: Estimation and Testing”,Econometric Theory, Vol 2, 1986, 107-131.

“Gender Bias and Economic Development in an Endogenous GrowthModel”, (with Junsen Zhang and Tianyou Li), Journal of DevelopmentEconomics, Vol 59, 1999, 497-525.

“The Transition to Market Economies in an Endogenous Growth Modelwith Altruistic Agents”, Scandinavian Journal of Economics, Vol 101,No. 1, 1999, 11-31.

“Optimal Public Investment in Education and Endogenous Growth”,Scandinavian Journal of Economics, Vol 98, No. 3, 1996, 387-404.

“Social Security and Endogenous Growth”, Journal of Public Economics,Vol 58, No. 2, 1995, 185-213.



Research Activities

Research in the School of Economics and Finance has a highpriority. The quality and range of research by members ofthe School is demonstrated in this section of the AnnualReport. These publications represent the outcome of researchthat may have been undertaken in 2001 or in earlier years.Research is funded from the normal University budgetallocation to Faculties and Schools, and by specific researchgrants from external organisations.

The dissemination of research by members of the School atconferences and seminars both here and overseas is alsorecognised in this section of the Report. The School hostsvisiting overseas academics. It runs a seminar series whichis held every Wednesday during the academic year, and aworkshop series held on Fridays. Through conferencepresentations, the seminar series and visiting academics whomay spend several months at Victoria University, the Schoolenjoys a valuable interchange of ideas with economists fromaround the world.


PUBLICATIONS

Refereed Journal Publications

Bertram, Geoffrey, “Energy”, in Willis, R.D. (ed) New Zealand in the 1990s, Special Issue of Asia PacificViewpoint 42 (1) April 2001,115-131.

Keef, Stephen (with M.L. Roush), “Residual Income: A review essay”, Australian Accounting Review,Vol 11, No 1, 2001, 8-14.

Keef, Stephen (with P.B. McGuiness), “Changes in settlement regime and the modulation of day-of-the-week effects in stock returns”, Applied Financial Economics, Vol 11, No 4, 2001, 361-372.

Keef, Stephen (M.L. Roush), “Discounted cash flow methods and the fallacious reinvestment assumption: Areview of recent texts”, Accounting Education, Vol 10, No 1, 2001, 105-116.

Keef, Stephen (with M.L. Roush), “CobbleTM House Loan Case Study”, Journal of Financial Education, Vol27, No 1, 2001, 122-125.

Keef, Stephen (with M. Harcourt), “The pluralism of commitment: The New Zealand Fire Service”,Research & Practice in Human Resource Management, Vol 9, No 2, 2001, 93-106.

Khaled, Mohammed (with M. Adams and M. Pickford), “Estimates of Scale and Scope Economies in the NewZealand Life Insurance Industry”, The Manchester School, Vol 69, No 3, June 2001, 327-349.

Kim, Kunhong (with S.W. Moon), “Foreign Reserve Crisis and the Korean Industrial Structure - A CGEApproach”, Mathematical and Computer Modelling, 33, 2001, 577-596.

Krawczyk, Jacek, “A Markovian Approximated Solution to a Portfolio Management Problem”, InformationTechnology for Economics and Management, 1, 2001, 31-66.

Lally, Martin, “The Rental Rate on Land, Revision Frequency and Inflation”, Pacific Accounting Review, Vol13, No 2, December 2001, 17-34.

Lally, Martin, “Estimating the Market Risk Premium by Forward-Looking Methods”, The New ZealandInvestment Analyst, Vol 22, 2001, 28-30.

Mushin, Jerry, “A Taxonomy of Fixed Exchange Rates”, Australian Stock Exchange Perspective, Vol 7, No 2,January 2001, 28-33.

Mushin, Jerry, “Stability and Instability of International Payments Deficits”, The Business Economist, Vol 32,No 2, July 2001, 29-39.

Poot, Jacques (with J. Seigers), “The Macroeconomics of Fertility in Small Open Economies: A Test of theBecker-Barro Model for the Netherlands and New Zealand”, Journal of Population Economics, Vol 14, No 1,2001, 73-100.


Poot, Jacques (with K. Kleinveld and P. Nijkamp), “Heeft het Kiwimodel Haar Aantrekkelijkheid Verloren?(Has the Kiwi Model Lost its Attractiveness?)”, Tijdschrift voor Weternschap, Technologie & Samenleving, Vol9, No 2, 2001, 69-71 (in Dutch).

Poot, Jacques (with Ö. Karagedikli and D. Maré), “Disparities and Despair: Changes in Regional IncomeDistributions in New Zealand 1981-1996”, Australasian Journal of Regional Studies, Vol 6, No 3, 2000, 323-347.

Roberts, Leigh, “A unified view of determinantal expansions for Jack polynomials”, Electronic Journal ofCombinatorics, Vol 8, No 1, #3, 2001, http://www.combinatorics.org.

Singleton, John, “Introduction to Special Issue on Australia and New Zealand in a Changing World: CommercialPolicies in the 1960s”, Australian Economic History Review, Vol 41, No 3, 2001, 233-240.

Singleton, John (co-author with P. Robertson), “The Commonwealth as a Network”, Australian EconomicHistory Review, Vol. 41, No 3, 2001, 241-266

Singleton, John, “After the Veto: Australasian Commercial Policy in the Mid-Sixties”, Australian EconomicHistory Review, Vol 41, No 3, 2001, 287-307.

Zhang, Jie, “Long-Run Implications of Social Security Taxation for Growth and Fertility”, Southern EconomicJournal, Vol 67, No 3, 2001, 713-724.

Zhang, Jie (with Junsen Zhang and Ronald Lee), “Mortality Decline and Long-Run EconomicGrowth”, Journalof Public Economics, Vol 80, No 3, 2001, 485-507.

Zhang, Jie (with Junsen Zhang), “Longevity and Economic Growth in a Dynastic Family Model with anAnnuity Market”, Economics Letters, Vol 72, 2001, 269-277.

Books

Bertram, Geoffrey, Who Bears the Risk? Genetic Modification and Liability, with Mark Hickford, GeoffreyPalmer and Simon Terry, September 2001, Chen Palmer & Partners and Simon Terry Associates,Wellington, 114 pages.

Mushin, Jerry, (with R. Brewer), Macroeconomics, Studymates Ltd, Taunton, UK, 2001, 176.

Chapters in Books

Hawke, Gary, “Economic Relations: The Varied Uses of Overlapping Circles”, in Bruce Brown (ed.),New Zealand and Australia: Where are we going? (Wellington: New Zealand Institute of InternationalAffairs, 2001), 64-72.

Hull, Leslie (with Linda L. Tesar), “The Structure of International Capital Flows”, in Horst-Siebert, TheWorld’s New Financial Landscape: Challenges for Economic Policy, Springer-Verlag Press, Berlin, 2001,87-109.


Poot, Jacques, “Spatial Dynamics and Government Policy: An Artificial Intelligence Approach toComparing Complex Systems”, in: M.M. Fischer and J. Fröhlich (eds), Complexity, Knowledge andInnovation Systems, Springer Verlag, Berlin, 2001, 369-401.

Singleton, John (jointly P. Robertson), “Britain, the Dominions and the EEC, 1961-1963”, in A. Deightonand A.S. Milward, (eds), Widening, Deepening and Acceleration: The European Economic Community,1957-1963, Baden-Baden, Nomos Press and Brussels, Bruylalnt, 1999, 107-22.

Review Articles

Bertram, Geoffrey, review of “Frontiers of Environmental Economics” by H. Folmer et al, EdwardElgar 2001, forthcoming in Papers in Regional Science 81, 2002.

Bowden, Roger, “National performance worms over the 90’s: Too far downunder?”, ASX Perspectives,Journal of the Australian Stock Exchange, 1Q, 2001, 23-27.

Hawke, Gary, “Russia’s Workers in Transition: Labor, Management and the State under Gorbachev andYeltsin”, by Paul T. Christensen, in New Zealand Slavonic Journal, 2000, 299-301.

Krawczyk, Jacek, review of “Stochastic and Differential Games” by M. Bardi, TES Raghavan, T.Parthasarathy, for Control and Cybernetics, 30, 1, 2001, 135-139.

Singleton, John, “From Cobden to APEC: A Review of Some Recent Books on International EconomicPolicy”, in Australian Economic History Review, Vol 41, No 1, 2001, 77-84.

Singleton, John, review of “Well Suited: A History of the Leeds Clothing Industry, 1850-1990”, by K.Honeyman, in Business History, Vol 43, No 3, 2001, 145-146.

Singleton, John, review of “The Rural Entrepreneurs: A History of the Stock and Station Agent Indsutryin Australia and New Zealand”, by S. Ville, in Business History, Vol 43, No 4, 2001, 152-153.

Monographs and other Research Papers

Bertram, Geoffrey, “Economic Implications of a Mandatory New-Renewables Quota in New Zealand”,with Reinhard Pauls, report for New Zealand Wind Energy Association, November 2000.

Bertram, Geoffrey, “Greenhouse Emissions Policy Timing: A Review of Reports by NZIER and theCentre for International Economics”, November 2000, on Ministry of Economic Development websitewww.med.govt.nz/ers/environment/ghgpolicy.

Bertram, Geoffrey, “Pipeline Profits: Gas Pipeline Rates of Return”, with Ian Dempster and SimonTerry, Simon Terry Associates, July 2001, 49 pages.

Bertram, Geoffrey, Climate Change Policy and Forestry: Review of an NZIER report entitled: “Effectsof New Zealand’s Climate Change Policies on the Forestry Sector - Stage I: Preliminary Assessment”report to Ministry of Agriculture and Forestry, November 2001, 24.


Bertram, Geoffrey, Climate Change Policy and Forestry II: Review of an NZIER report entitle:“Effects of New Zealand’s Climate Change Policies on the Forestry Sector - Stage II: Initial Quanti-fication” report to Ministry of Agriculture and Forestry, November 2001, 26.

Bertram, Geoffrey, Review of an NZIER report entitled: The Economic Effects of Greenhouse GasEmission Policies, report to Department of Prime Minister and Cabinet, December 2001, 17.

Hall, Viv, “New Zealand’s Current Account Deficit: Analysis based on the Intertemporal OptimisationApproach”, (with Kunhong Kim and Robert A Buckle), New Zealand Treasury Working Paper 01/02,March 2001, available from www.treasury.govt.nz; also available from www.sef.fca.vuw.ac.nz.

Hall, Viv, “Would adopting the Australian dollar provide superior monetary policy in New Zealand?”,(with Aaron Drew, John McDermott and Robert St Clair), Reserve Bank of New Zealand DiscussionPaper DP2001/03, August 2001, available from http://www.rbnz.govt.nz/research/discusspapers/dp01_3.pdf

Kavanagh, Judy (with B. Howell and C. Cangialose), “Health Reform in New Zealand: A ConstitutionalIssue”, New Zealand Institute for the Study of Competition and Regulations, December 2000, on website:www.iscr.org.nz.

Kim, Kunhong (with V.B. Hall and R.A. Buckle), “New Zealand’s Current Account Deficit: Analysisbased on the Intertemporal Optimisation Approach”, Treasury Working Paper, 01/02, 2001, 26.

Kim, Kunhong (with R.A. Buckle and J. Tam), “A Structural VAR Approach to Estimating Budget BalanceTargets”, Treasury Working Paper, 01/11, 2001, 30.

Singleton, John, “The Erosion of the Commonwealth Economic Network and Britain’s Growing Interestin Joining the EEC, 1950-70”, University of Manchester Working Papers in Economic and Social History,No 48, May 2001, 30.


Bertram, Geoffrey, Economic Implications of a Mandatory Renewables Quota in New Zealand,presented to seminar on the New Zealand Sustainable Energy Strategy, Wellington, April 2001

Bertram, Geoffrey, Valuation and Depreciation of Fixed Assets, paper presented to Fourth AnnualEffective Local Government Asset Management Conference, Auckland, April 2001.

Bertram, Geoffrey, Are Pacific Economies Converging or Diverging?, presented to internationalsymposium Off the Map in the Global Economy? Implications of Economic Geography for Smalland Medium-Size Economies at Peripheral Locations, Victoria University of Wellington, November2001.

Bertram, Geoff, The Current Account Deficit: Might New Zealand Face a Transfer Problem?, presentedto Symposium on Sustainable and Excessive Current Account Deficits, Victoria University ofWellington, November 2001.

Bowden, Roger, Ordered mean difference benchmarking, utility generators and capital marketequilibrium, NZ Finance Conference, University of Otago, January 2001

Bowden, Roger, Asset prices as disequilibrium indicators for the real exchange rate, The WellingtonForeign Exchange Research Workshop, Victoria University of Wellington, October 2001.

Hall, Viv, Impact of Australian Monetary Conditions on New Zealand Output and Inflation, (with RobertSt Clair), Reserve Bank of New Zealand, February 2001.

Hawke, Gary, Economic Relations: The Varied Uses of Overlapping Circles, New Zealand and Australia:Where are we going”, New Zealand Institute of International Relations, July 2001.

Hawke, Gary, Education Reform: The New Zealand Experience, First International Forum on EducationReform: Experiences of Selected Countries, Office of the National Education System, Bangkok, July 2001.

Hull, Leslie, Risk, Specialisation, and the Composition of International Capital Flows, Fourth AnnualConference Macroeconomics Workshop, University of Adelaide, Adelaide, April 2001.

Khaled, Mohammed, On the Choice of Functional Form in Measuring Economies of Scale and Scope,Economics Department Microeconomics/Econometrics Seminar Series, University of Hawaii at Manoa,Honolulu, November 2001.

Kim, Kunhong, New Zealand’s Current Account Deficit: Analysis based on the Intertemporal OptimizationApproach, Sustainable and Excessive Current Account Deficits, International Symposium hosted by VictoriaUniversity of Wellington, November 2001.

Krawczyk, Jacek, A Markovian Approximated Solution to a Portfolio Management Problem, seminar in theCentre National de la Recherche Scientifique (CNRS-LAAS), Toulouse, France, March 2001.

Krawczyk, Jacek, Applications of Nash Coupled Equilibria in Environmental Economics, 4-hr mini courseat the University of Marseilles and Laboratoire Montpellierain d’Economie Theorique et Appliquee(LAMETA), Marseilles, France, March 2001.

EXTERNAL SEMINAR AND CONFERENCEPRESENTATIONS


Krawczyk, Jacek, An Open-Loop Nash Equilibrium in an Environmental Game with Coupled Constraints,seminar in Centre D’etudes Prospectives D’economie Mathematique Appliquees A La Planification(Cepremap), Paris, France, April 2001.

Krawczyk, Jacek, Coupled Constraint Nash Equilibria in Environmental Games, Seminar in the Centre forModelling, Maelardalen University, Vaesteraas, Sweden, May 2001.

Krawczyk, Jacek, On Solutions to Stochastic Optimal Control Problems in Financial Engineering, Seminarin the Centre of Analytical Finance, University of Odnese, Denmark, June 2001.

Lally, Martin, The Rental Rate on Land, Revision Frequency and Inflation, presented at the New ZealandFinance Colloquium, Dunedin, February 2001.

Lally, Martin, The Rental Rate on Land, Revision Frequency and Inflation, presented at the AAANZConference, Auckland, July 2001.

Lally, Martin, The Fama-French Model, Leverage and the MM Propositions, presented at the SouthernFinance Association, Florida, November 2001.

Lally, Martin, The Fama-French Model, Leverage and the MM Propositions, presented at the AustralasianFinance and Banking Conference, Sydney, December 2001.

Poot, Jacques, Wages and Unemployment in Local Labour Markets: a Meta-Analysis of Empirical EvidenceRegarding the Wage Curve, 40th Meeting of Western Regional Science Association, California, USA, February2001.

Poot, Jacques, The Last Word on the Wage Curve? A Meta-Analysis, 17th Pacific Conference of the RegionalScience Association International, Oregon, USA, 30 June-4 July 2001.

Singleton, John, The Erosion of the Commonwealth Economic Network, Canada and the End of Empire Conference,University of London, April 2001.

Singleton, John, Australia, New Zealand and Britain’s First Application to Join the EEC, seminar at the Departmentof History, University of Manchester, May 2001.

Singleton, John, The Post-war British Engineering Industry and the New Zealand Market, Engineering Post-warIndustry Conference, Hagley Library, Wilmington, Delaware, July 2001.


VUW ECONOMICS AND FINANCE SEMINAR SERIESConvenor: John Singleton

February 9, 2001Dr Stephen Burnell, Victoria University of Wellington, NZ andDr Young-Sik Kim, Kyung Hee University, Seoul, KoreaPaper: “Co-existence of Fiat Money and Government Bonds”

March 2, 2001David Mayes, Bank of FinlandPaper: “Using EDGE - A Dynamic General Equilibrium Model of the Euro Area”

7 March, 2001Dr Jane V. Hall, California State University, Fullerton, USAPaper: “Contingent Valuation of Southern California Rocky Interidal Ecosystems”co-authored with Darwin C. Hall and Steven N. Murray.

18 April, 2001Prof Douglas Steigerwald, University of California, Santa Barbara, USAPaper: “Option Market Microstructure and Stochastic Volatility”co-authored with Richard J. Vagnoni

May 11, 2001Dr Leslie Hull, Victoria University of Wellington, NZPaper: “The Optimal Taxation of Foreign Source Investment Income”

Wed, 23 May, 2001Dr Jie Zhang, VUW School of Economics & FinancePaper: “Effects of Longevity and Dependency Rates on Saving and Growth: Evidence from a Panelof Cross Countries”

30 May, 2001Professor Robert W McKelvey, University of Montana, USAPaper: “The North American Pacific Salmon Dispute: A Game-Theoretic Analysis”

Friday June 8, 2001 - WorkshopAngus Young, Masters Student, SEF, Victoria University of Wellington, NZPaper: “Towards Greater Economic Integration: The Debate on New Zealand’s Currency Unionwith Australia and Beyond”

10 July, 2001Professor John Rust, Yale University, USAPaper: “Middle Men vs. Market Makers: A Theory of Competitive Exchange”

13 July, 2001Deborah F Minehart, Boston University, USAPaper: “Specific Investments and Vertical Foreclosure”


18 July, 2001Professor Julia Lane of The Urban Institute & American UniversityPaper: “The Dynamics of Worker Reallocation: A Markov Approach”

20 July, 2001Moshe Haviv, Reader, University of Sydney, BSc Tel Aviv, MA PhD Yale.Paper: “On Herd Behaviour in Queues”

13 August, 2001Dr Max King, Monash University, AustraliaPaper: “A New Approach to Optimal Testing of Composite Hypotheses”

29 August, 2001Professor John McCombie, Cambridge UniversityPaper: “A Problem with Some Estimations and Interpretations of the Mark-up in Manufacturing”

31 October, 2001Associate-Professor Jacques Poot, VUWPaper: “The last word on the wage curve? A meta-analytic assessment”

5th November, 2001Speaker: Iris Claus, The Treasury, WellingtonPaper: “A benchmark model for evaluating the importance of the credit channel in New Zealand”

19 November, 2001Professor Martin Richardson, Otago UniversityPaper: “Cultural quotas in broadcasting: local content requirements, advertising limits and publicradio”

28 November, 2001Özer Karagedilki, Masters Student, VUW (D Marë and H J Poot)Paper: “A description and Regression analysis of changes in New Zealand regional incomedistributions 1981-1996”

30 November, 2001Prof Viv Hall, Economics and Finance, VUWPaper: “Would adopting the Australian dollar provide superior monetary policy in New Zealand?”

5 December, 2001 - WorkshopShaohong Xie, Masters Student, VUWPaper: “Accounting for New Zealand Exchange Rate Movements: A Vector AutoregressionApproach”

12 December, 2001Professor Brendan Walsh, University College, DublinPaper: “The Irish Economic Boom”


VISITORS

Dr Young-Sik KimKyung Hee University, Seoul, South Korea.

Professor David MayesBank of Finland, Finland.

Dr Jane V. HallCalifornia State University, Fullerton, USA.

Professor Douglas SteigerwaldUniversity of California, Sant Barbara, USA..

Professor Robert W. McKelveyUniversity of Montana, USA.

Professor John RustYale University, USA.

Deborah F. MinehartBoston University, USA.

Professor Julia LaneThe Urban Institute & American University, USA.

Moshe HavivReader, University of Sydney, Australia

Dr Max KingMonash University, Australia

Professor John McCombieCambridge University, UK

Professor Martin RichardsonOtago University, Dunedin, New Zealand

Professor Brendan WalshUniversity College, Dublin, Ireland


Teaching

The School of Economics and Finance is responsible for thedelivery of core undergraduate and graduate (Honours andMasters) programmes. The papers taught and numbersenrolled in 2001 are listed in this section. They include papersin Economics (primarily ECON labelled courses),Econometrics (QUAN labels), Economic History (ECHIlabels), Money and Finance (MOFI labels), FinancialMathematics (FINM labels), the Victoria InternationalApplied Finance (MMAF), and the Diploma and Masters inFinancial Mathematics. SEF Staff also taught in a wide rangeof other papers as part of programmes run elsewhere at VUW,including the MBA, MPP, MPM and MDS programmes andvarious Diploma programmes.

The Graduate Economics programme (which incorporatespapers in Economics, Econometrics, Economic History, andMoney and Finance) has an international reputation for thequality of the graduates it turns out. The outstandingacademic achievements of some of our students are alsodocumented in this section of the Annual Report.

Undergraduate TeachingCourse co-ordinators are denoted by an asterisk and enrolments for these courses appear in brackets

Economics CoursesECON 130: Economics Principles and Issues (974) G Hawke*, L Hull, J Kavanagh, J Mushin, P Proffitt,

J ZhangECON 113: Economics for Tourism (23) As for ECON 130, plus M Sahli (SBPM)ECON 140: Economics and Strategic Behaviour (524) P Calcott*, J Mushin, C Plantier (RBNZ)ECON 201: Microeconomics (142) L Hull*ECON 202: Macroeconomics (141) Viv Hall*ECON 204/ASIA 206: Introduction to Asian Economic History (15) J Singleton*ECON 205/IBUS 202: The Development of the Modern Internationl Economy (67) Gary Hawke*ECON 224/PUBL 203: Introduction to Public Economics (40) A Victorio* (SBPM)ECON 305: Macroeconomics: Growth, Business Cycles and Sustainability (46) G Bertram*, K H Kim


ECON 307/PUBL 303: Public Sector Economics (14) R Stephens* (SBPM)ECON 309: International Economics (40) P Tompkinson*ECON 310: History of Economic Thought (14) G Hawke*ECON 314: Microeconomics: Information and Markets (31) P Calcott*ECON 328: Industry Structure and Business Strategy (24) G Bertram*ECON 330: Law and Economics (24) J Kavanagh*ECON 333: Economics of Work and Pay (22) J Poot*

Economic History CoursesECHI 303: Modern British Economic History (8) J Singleton*ECHI 305: The Rise of Modern Business (15) G Boyce* (SMIB)

Money and Finance CoursesMOFI 201: Finance (286) S Keef*, M LallyMOFI 202: Money and Finance (113) J Mushin*, Arthur Grimes (IPS)MOFI 301: Corporate Finance (68) M Lally, G Guthrie*MOFI 302: Financial Policy and Management (33) S Keef*MOFI 303: Monetary Economics (39) S Burnell*MOFI 305: Investments (65) M Lally*

Econometrics CoursesQUAN 102: Statistics for Business (540) Pat Belgrave, M Khaled*, C JeffcoatQUAN 103: Introductory Maths for Business (43) P Proffitt*QUAN 111: Mathematics for Economics and Finance (406) M Khaled*, P Proffitt, R BowdenQUAN 201: Introduction to Econometrics (54) M Khaled*QUAN 202: Business and Economic Forecasting (18) J Randal*QUAN 301: Econometrics (21) K H Kim*, C HanQUAN 304: Financial Econometrics (5) J Randal*,QUAN 371/FINM 371: Financial Mathematics (30) L Roberts*, C Jeffcoat

Summer CoursesECON 130: Economic Principles and Issues (175) G Hawke*, J Mushin, P ProffittECON 140: Economic and Strategic Behaviour (68) P Calcott*, J Kavanagh, J MushinQUAN 102: Statistics for Business (129) P Belgrave, M Khaled*, C JeffcoatQUAN 103: Introductory Maths for Business (39) P Proffitt*

Graduate TeachingECON 401: Topics in the Nature of Economic Inquiry (3) P Tompkinson*ECON 402: Advanced Macroeconomic Theory A (9) K H Kim*ECON 403: Advanced Macroeconomic Theory B (6) R Buckle* (NZ Treasury)ECON 404: Advanced Microeconomic Theory A (6) G Guthrie*ECON 405: Advanced Microeconomic Theory B (5) P Calcott*ECON 408: Advanced Econometrics A (4) P Thomson* (Statistic Research Associates Ltd)ECON 409: Advanced Econometrics B (5) P Thomson* (Statistic Research Associates Ltd)ECON 410/PUBL 411: Public Economics A (8) R Stephens* (SBPM)ECON 411/PUBL 411: Public Economics B (5) J Cummings (HSRC), S Kerr (Motu), R Stephens* (SBPM)ECON 412: International Economics A (6) P Tompkinson*


ECON 413: International Economics B (8) L Hull*ECON 417: Labour Markets in the Global Economy (5) D Maré (Motu), J Poot*ECON 418: Special Topic: Economic Models for Policy (5) V Hall*, G Nana (BERL)ECHI 403: The Theory and Methods of Economic History (1) G Hawke*ECHI 407: Special Research Topic (1) G Hawke*ECHI 410: Business History (2) G Boyce* (SMIB)ECHI 403: The Theory and Methods of Economic History (1) G Hawke*FINM 467: Actuarial Statistics (5) L Roberts*FINM 470: Introduction to Risk Management and Insurance (4) L Roberts*FINM 471: Further Risk Management and Insurance (4) L Roberts*MMCA 401: Methodology (16) G Bertram, P Tompkinson*MOFI 401: Options (9) G Guthrie*MOFI 402: Corporate Finance (4) M Lally*MOFI 406/FINM 865: Special Topic: Mathematics of Finance (9) L Roberts*MOFI 407: Advanced Investments (5) M Lally*

Master of Applied Finance Courses

MMAF 501: NZ Capital Markets (24) D Bowden*MMAF 502: Corporate Finance (25) R Bowden*MMAF 511: International Corporate Finance (21) L Hull*MMAF 512: Treasury Management (17) D Bowden*MMAF 514: Derivatives (17) G Guthrie*MMAF 516: Portfolio Design and Investment (25) R Bowden*MMAF 524: Special Topic: Financial Econometrics (24) V Martin* (Univ. of Melbourne)

Other Courses

Members of the School of Economics and Finance also taught in the following courses administered by other departments atVictoria University.

ARCH 261/BBSC 261: Building Economics (18) G Nana (BERL), J Poot*DEVE 501: Development Theory and Practice (8) G BertramGBGM 801: Accounting and Finance (26) S KeefMAPP 521: Economics (28) V HallMAPP 522: Economics and Public Policy (32) V HallMAPP 552: Special Topic in Education Policy Analysis A (6) G HawkeMMBA 503: Economics, Organisation and Markets (42) N QuigleyMMPM 503: Economic Principles and Policies for Public Managers (9) J Kavanagh, V Hall*OPRE 358/OPRE 359: Special Topics in Operations Research (14) J Krawczyk*


PhD ThesesClaus, Iris, “Banks and Macroeconomic disturbances under inflation targeting” Supervised by A Grimes

(IPS) and S Burnell

Howell, Bronwyn, “Contracting in non-profit organisations” Supervised by L Evans (NZISCR)

Krippner, Leo, “An analytical model for fitting yeild curves and quantifying yield curve risk” Supervisedby R Bowden and G Guthrie

Randal, John, “The constant elasticity of variance in the option pricing model” Supervised by PThomson (Statistics Research Associates Ltd) and M Lally

Srzich, Anthony, “Consumer behaviour in social and economic networks” Supervised by S Burnelland L Evans (NZISCR)

Viets, Dan, “The role and impact of domestic and internationally imposed regulatory controls andcompliance procedures on APEC financial institutions and the resultant national and internationalconsequences for the period 1980-2000” Supervised by A Grimes (IPS) and J Singleton

Masters ThesesCozens, Peter, “An inquiry into Japanese fishing activity in the South Pacific Ocean” Supervised by J

Singleton

Hussein, Osman, “Demographic issues in economic growth models and policy” Supervised by J Poot

Karagedikli, Ozer, “Income inequality and growth” Supervised by J Poot

Kumareswaran, Dinesh, “The impact of carbon credits on optimal forestry rotations in New Zealand:A real options approach” Supervised by G Guthrie

Mason, Grant, “Spot price performance and risk management in electricity” Supervised by L Evans(NZISCR) and G Guthrie

Videbaek, Steen, “Real options analysis of electricity generation” Supervised by G Guthrie

Xie, Shaohong, “Structural VAR models of exchange rates” Supervised by L Hull and KH Kim

Young, Angus, “Two countries, one modus operandi: instituting a trans-Tasman central bank”Supervised by J Singleton and A Grimes (IPS)

MPP Research PapersO’Shea, Sue, “The Right of children with intellect disability to enrol in state secondary schools; the

experience of parents” Supervised by G Hawke


VUW Graduate AwardsHaleigh Boyd, Stephen Hutton, Rachel Taylor

Bernard Edward Murphy Memorial ScholarshipsAwarded to the best eligible graduate/s in Economics proceeding to Honours/Masters study:Natalie Yates

Credit Suisse First Boston ScholarshipAwarded to encourage the study of Business Finance, to students enrolled in MOFI 400-level or 300-levelcourses:Stephen Hutton

ABN-AMRO Scholarship in FinanceAwarded to encourage the study of Business Finance, to students enrolled in MOFI 400-level courses:Graeme Finn

Macquarie New Zealand Scholarships in FinanceAwarded to encourage the study of Business Finance, to undergraduate students intending to proceed toGraduate Study:Stephen Hutton

Tower Limited PrizeAwarded to the best student in MOFI 305Benjamin Allan Coulter

The Treasury Prize in MOFI 201: FinanceNicholas John CravenChad Lee WilsonYuh Yann Tat

Jan Whitwell Prize for Monetary and MacroeconomicsAwarded to the best student in ECON 305 and MOFI 303:Samuel Warburton

School of Economics and Finance Prize Makower McBeath & Co Staff PrizeAwarded to the best student in ECON 140: Awarded to the best student in ECON 130:Jennie Cooper Lisa Booden

SEF Prize in Second Year Macroeconomics SEF Prize in Second Year MicroeconomicsTimothy Bensemen Clinton Mexted-Freeman

OUTSTANDING STUDENTS


Applied Economics Award:Awarded to the best student in ECON 309 who is going on to study at Honours level:David Law

Australasian Institute of Banking & Finance:Awarded to the best student in MOFI 30l: Corporate FinanceTimothy Stewart

The New Zealand Association of Economists Scholarships for Maori StudentsCharlotte Pong and Sam Warburton

GG Watson Awards in EconomicsChad Lee Wilson


Other Professional Activities

Every year members of the academic staff contribute to a widerange of professional and community organisations. Thissection lists contributions for 2001. Activities include servingon the editorial boards of professional journals, refereeingresearch papers, membership of national and internationaladvisory bodies, and managerial responsibilities.

Geoff BertramReferee for The Energy Journal, World Development

Stephen BurnellHead, School of Economics and Finance; Member, FCA Faculty Management TeamReport and seminar, for the Reserve Bank, on Innovative capital instrumentsMember of the VUW Foundation Management Committee for the VUW/RBNZ Professorial Fellowship

in Monetary Economics

Graeme GuthrieReferee for Journal of Money, Credit, & Banking, Studies in Economics & Finance

Viv B. HallDirector, Reserve Bank of New Zealand and contributor to the Reserve Bank of New Zealand Non-

executive Directors’ written response to Recommendations from the “Independent Review of theOperation of Monetary Policy” (Svensson Report)

Member of the VUW Foundation Management Committee for the VUW/RBNZ Professorial Fellowshipin Monetary Economics; and Deputy Chair, Board of Trustees, RBNZ Staff Superannuation andProvident Fund

Member of Board of Trustees, New Zealand Institute of Economic Research (Inc.)Quality Assurance Advice to New Zealand Treasury, April, September, November

Chirok HanReferee for The Labour Market Bulletin

Gary HawkeChair, Education Review Office Advisory Council on Quality in EducationMember, Ministry of Foreign Affairs and Trade, Advisory Committee on Research Grants for projects

on “New Zealand’s Place in the World”Deputy Chair, Board of New Zealand Pacific Economic Co-operation Council (NZPECC)


University representative, Standing Committee, NZ Institute of International AffairsChair, Board of Trustees of the Centre for New Zealand Music (SouNZ)Member, NZQA Learning and Qualifications for Secondary Education Advisory CommitteeReferee for Australian Economic History Review, Economic History Review, Journal of Economic

HistoryReferee for Cambridge University Press - on viability of a proposed journalEditorial Board, Journal of Transport History (Manchester University PRess)Editorial Board 1996-2001 Third Sector Review (ANZTSR Ltd, Sydney)

Leslie HullMember of the VUW Foundation Management Committee for the VUW/RBNZ Professorial Fellowship

in Monetary Economics

Jacek KrawczykReferee for International Game Theory Review, European Journal of Operational Research, Information

Technology for Economics and Management, Journal of Mathematical Analysis and Applications,Control and Cybernetics, Mathematical Reviews

Referee for a PhD Thesis for The University of Queensland, Office Research and Postgraduate Studies

Martin LallyReferee for The New Zealand Investment Analyst

Jerry MushinAdviser to Radio New Zealand on the appointment of a Senior Economics Correspondent

Jacques PootTrustee, New Zealand Netherlands FoundationPacific Editor, Papers in Regional ScienceMember of Editorial Board, Studies in Regional Science, Australian Journal of Labour Economics

and Australasian Journal of Regional StudiesAdjunct Spinoza Professor at Master-point (Centre for Meta-Anaylsis of Spatial, Transport and

Environmental Research), Free University, AmsterdamReferee of project proposals for the Netherlands Organisation for Scientific Research (NWO)Referee for Annals of Regional Science, Australasian Journal of Regional Studies, Construction

Management and Economics, Ecological Economics, European Economic Review, Growth andChange, Journal of Population Economics, Journal of Regional Science

Leigh RobertsReferee for The New Zealand Investment Analyst

John SingletonEditor of Victoria Economic CommentariesReferee for Australian Economic History Review

Paul TompkinsonReferee for Journal of Economic Psychology


KNIGHT’S MOVE 2001

New Career Directions in ....

The Master of Applied FinanceA national post-experience programme in

block release mode

???funds management??? corporate banking? investment banking????corporate

treasury ??corporate financialplanning???? investment

advising ??? financial control?? stockbroking ???derivatives

??financial communications ? government


The Institute for the Study of Competition and Regulation meets the need for research into New Zealand’sbusiness and regulatory environments following the economic reforms of the 1980s and early 1990s.

It conducts demonstrably high quality, empirical and conceptual research on competition and regulatoryissues. It has a broad mandate to conduct research in any area of organisations and markets that are deter-

mined to be of interest. The central area of expertise is economics but other subjects, such as law, areimportant to many of its projects.

The research conducted is of direct relevance to companies and individuals as well as to policy makinggovernment bodies. Seminars on research projects are also undertaken.

Funding for the Institute’s work comes from its membership base of private and public corporations. All of theInstitute’s research outputs are available on its website located at

www.iscr.org.nz

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