This paper presents an explanation of how the dynamic but uncertain process of economic development and growth occurs. It shows that economic development leads to structural change, an enhancement of capabilities and path dependence in the economy. It examines three different approaches to...

Does homeownership affect individual social capital and thereby influence local outcomes? Following DiPasquale and Glaeser, a body of literature suggests that homeownership is positively related to social capital formation. Homeowners have an incentive to engage in the local community in order...

The core of a sustainable social and economic development of any nation is education. A key issue in Aotearoa New Zealand is the development of education for Maori. Historically, there have been significant problems for Maori to achieve education goals. Current education policies seek to foster...

This paper examines the J-curve hypothesis for Australia, Canada, New Zealand and the UK. Applying the vector error correction model and the generalised impulse response function, this study finds that the trade balance reacts to real depreciation in several different patterns in the short run....

Purpose – The aim of this paper is to show that there are workable alternatives to the debt-finance system in the form of “state credit.” Design/methodology/approach – The example used for the practical application of “state credit” is the State Housing programme of the 1935 New...

New Zealand is the first country to implement a Greenhouse Gas Emissions Trading Scheme (ETS) that includes a forestry component as part of its contribution to global climate mitigation and as a strategy for compliance with the international climate change agreement the Kyoto Protocol. The goal...

Retail mortgage rate data for the last 13 years in New Zealand indicates that implied forward mortgage rates have only limited power to predict later spot mortgage rates. The low correlation of the forward rates and the future spot rates may in part arise from thin futures and forward markets in...