Apart from exchange rate objectives which have resulted in reserve accumulation as a side effect, Asian countries have chosen explicitly to build up reserves at least in part for precautionary motives. This paper explores the issue of optimal precautionary demand for reserves by a central bank...

The majority of species classified as “threatened”, “endangered” or “extinct” by the IUCN are to be found in government controlled parks and legally protected areas in developing countries. Dissatisfaction with the public sector’s record in protecting endangered...

This paper outlines and discusses explanations of the substantial shift in the economic policy regime in Australia. The first regime held from federation through the 1970s. It focused on extensive development, through the attraction and retention of selected immigrants by a set of...

This paper traces the innovation pathways of new creations from R & D activity through to intellectual property (IP) applications using enterprise panel data from 1989 to 2002. Our estimation method explicitly addresses the selection issues associated with missing R&D data which is a common...

Why are some uncompetitive industry sectors so effective in lobbying for greater protection and support? This paper attempts to explain the lobbying success of these industries in terms of the strategic role of investment in technology as a credible commitment device. By eschewing potentially...

This paper aims to shed light on the division of labor among types of research sponsors and among universities. It interprets data on grants and contracts as conveying information on the sponsorsÂ’ objectives and on the nature of the sponsored institutions. Building on this idea, the paper...

This four-chapter overview of basic exchange rate theories discusses (i) the elasticity and absorption approach, (ii) the (long-run) implications of the monetary approach, (iii) the short-run effects of monetary and fiscal policy under various economic conditions, and (iv) the transition from...