International migration and development have been traditionally treated as separate policy portfolios; however, today the two are increasingly viewed as interlinked. While the development status of a country could determine migration flows, migration can, in turn, contribute positively to national development, including economic, social and cultural progress. Consequently, if migration is not well managed, it can pose development challenges to a country’s development and progress. Therefore, partnership through greater networking between countries of origin and destination is needed to fully utilise the development potential of migration. For Tuvalu, migration has remained a vital ingredient for economic development and more importantly, the welfare of its people. The implementation of New Zealand’s Pacific Access Category (PAC) scheme in 2002 offered for the first time a formal migration opportunity for permanent or long-term migration of Tuvaluans. The PAC scheme allows 75 Tuvaluans per year to apply for permanent residence to work and live in New Zealand, provided they meet the scheme’s conditions. The goal of this research is to investigate, more than five years after PAC’s implementation, the ways in which long-term migration of Tuvaluans, through the PAC scheme, has benefited Tuvalu. To give a broader perspective on the issues explored in this study, the views of Tuvaluan leaders, as significant players in traditional Tuvaluan society, are included, in addition to the perspective of migrants’ families in Tuvalu and the migrants themselves in New Zealand. Combining transnationalist and developmental approaches as a theoretical framework, this thesis explores how Tuvalu’s mobile and immobile populations, through articulation of transnationalism, enhance family welfare, and grassroots and national development. The eight weeks’ fieldwork in Tuvalu and Auckland demonstrated that the physical separation of Tuvaluans from one another through migration does not limit the richness of the interactions and connections between them. In fact, the existence of active networking between island community groups and other Tuvaluan associations in Auckland and in Tuvalu strengthens the Tuvaluan culture both abroad and at home, thus ensuring strong family and community coherence. Maintaining transnational networks and practices is identified as of great significance to grassroots and community-based development in Tuvalu. However, the benefits of long-term migration can only be sustained as long as island loyalty, or loto fenua, and family kinship stays intact across borders, and networking amongst families, communities and church remains active.

International migration and development have been traditionally treated as separate policy portfolios; however, today the two are increasingly viewed as interlinked. While the development status of a country could determine migration flows, migration can, in turn, contribute positively to national development, including economic, social and cultural progress. Consequently, if migration is not well managed, it can pose development challenges to a country’s development and progress. Therefore, partnership through greater networking between countries of origin and destination is needed to fully utilise the development potential of migration. For Tuvalu, migration has remained a vital ingredient for economic development and more importantly, the welfare of its people. The implementation of New Zealand’s Pacific Access Category (PAC) scheme in 2002 offered for the first time a formal migration opportunity for permanent or long-term migration of Tuvaluans. The PAC scheme allows 75 Tuvaluans per year to apply for permanent residence to work and live in New Zealand, provided they meet the scheme’s conditions. The goal of this research is to investigate, more than five years after PAC’s implementation, the ways in which long-term migration of Tuvaluans, through the PAC scheme, has benefited Tuvalu. To give a broader perspective on the issues explored in this study, the views of Tuvaluan leaders, as significant players in traditional Tuvaluan society, are included, in addition to the perspective of migrants’ families in Tuvalu and the migrants themselves in New Zealand. Combining transnationalist and developmental approaches as a theoretical framework, this thesis explores how Tuvalu’s mobile and immobile populations, through articulation of transnationalism, enhance family welfare, and grassroots and national development. The eight weeks’ fieldwork in Tuvalu and Auckland demonstrated that the physical separation of Tuvaluans from one another through migration does not limit the richness of the interactions and connections between them. In fact, the existence of active networking between island community groups and other Tuvaluan associations in Auckland and in Tuvalu strengthens the Tuvaluan culture both abroad and at home, thus ensuring strong family and community coherence. Maintaining transnational networks and practices is identified as of great significance to grassroots and community-based development in Tuvalu. However, the benefits of long-term migration can only be sustained as long as island loyalty, or loto fenua, and family kinship stays intact across borders, and networking amongst families, communities and church remains active.

International migration and development have been traditionally treated as separate policy portfolios; however, today the two are increasingly viewed as interlinked. While the development status of a country could determine migration flows, migration can, in turn, contribute positively to national development, including economic, social and cultural progress. Consequently, if migration is not well managed, it can pose development challenges to a country’s development and progress. Therefore, partnership through greater networking between countries of origin and destination is needed to fully utilise the development potential of migration. For Tuvalu, migration has remained a vital ingredient for economic development and more importantly, the welfare of its people. The implementation of New Zealand’s Pacific Access Category (PAC) scheme in 2002 offered for the first time a formal migration opportunity for permanent or long-term migration of Tuvaluans. The PAC scheme allows 75 Tuvaluans per year to apply for permanent residence to work and live in New Zealand, provided they meet the scheme’s conditions. The goal of this research is to investigate, more than five years after PAC’s implementation, the ways in which long-term migration of Tuvaluans, through the PAC scheme, has benefited Tuvalu. To give a broader perspective on the issues explored in this study, the views of Tuvaluan leaders, as significant players in traditional Tuvaluan society, are included, in addition to the perspective of migrants’ families in Tuvalu and the migrants themselves in New Zealand. Combining transnationalist and developmental approaches as a theoretical framework, this thesis explores how Tuvalu’s mobile and immobile populations, through articulation of transnationalism, enhance family welfare, and grassroots and national development. The eight weeks’ fieldwork in Tuvalu and Auckland demonstrated that the physical separation of Tuvaluans from one another through migration does not limit the richness of the interactions and connections between them. In fact, the existence of active networking between island community groups and other Tuvaluan associations in Auckland and in Tuvalu strengthens the Tuvaluan culture both abroad and at home, thus ensuring strong family and community coherence. Maintaining transnational networks and practices is identified as of great significance to grassroots and community-based development in Tuvalu. However, the benefits of long-term migration can only be sustained as long as island loyalty, or loto fenua, and family kinship stays intact across borders, and networking amongst families, communities and church remains active.

This thesis investigates abnormal trading volume around scheduled and unscheduled announcements. The research is an extension of Chae (2005), Journal of Finance, Vol 60, which tests corporate announcements in the US stock market. In this thesis, Australian stocks are used to establish whether market characteristics affect trading behaviour around announcements. In addition, I extend the traditional methodology to overcome possible shortcomings in the previous studies. This thesis also discusses how information asymmetry affects the abnormal trading volume on the announcement day. In contrast to earlier studies, I nd abnormal trading volume does not change before either scheduled or unscheduled announcements, but, as expected, increases on and after the scheduled and unscheduled announcements. Information asymmetry increases trading volumes when unscheduled announcements are made, but has no effect for scheduled announcements. I show that the failure to adjust for the correlation between corporate events, results in abnormal trading volumes being detected prior to announcements. Differences between the Australian and US results can not all be explained by methodological differences. It appears that the underlying dynamics of the Australian market are different; casting doubts on the ability to generalize market characteristics from US based studies on abnormal trading volumes.

This thesis focuses on the genesis and development of direct taxation in early New Zealand. During the study period (1843-45), both taxpayers and tax were new to the colonial settlement and this study traces the early history of the two trying to accommodate each other. Between 1843 and 1845, subject to the politics of tax, the fiscal future of the colony was decided. The thesis begins by contextualising the study. It critically examines the revenue and expenditure record of the Crown Colony period and then details the antecedents of New Zealand fiscal policy in general and specifically tax policy (our shared English heritage). Thereafter, four interesting events in New Zealand tax law are discussed: (1) Schedule E of the British Land and Income Tax Act, 1842 (arrived in New Zealand 1843); (2) The Property Rate Ordinance, 1844; (3) the proposed Amendment to the Property Rate Ordinance, 1844; and, (4) the proposed Dealers’ Licensing Ordinance in 1845. After analysing the period’s individual direct tax laws, the thesis elaborates on the political process which determined the development of this body of tax laws. Thereafter, the thesis develops a conceptual model to explain the tax reform process of the study period. The thesis finds that tax policy during the study period was driven by four key influences: crisis (internal/external and economic); political considerations; the application of sound nineteenth-century economic policy; and importantly, the precedent of another nation’s experience with tax policy development. To have knowledge of such events in economic history (the past record of tax law), how and why they occurred, matters. Just as a nation’s financial accounts are built on the foundations of the previous fiscal year, future taxation policy will be based on current taxation policy; tax laws which were developed from past (historic) tax practices. Therefore, knowledge of how New Zealand formulated tax policy in the past and why it did so, is of interest to fiscal policy makers today. Future tax policy is simply a derivation of past tax laws; the development of New Zealand’s taxation policy began in New South Wales in 1839, and thereafter began, what this thesis suggests, was a predictable, evolutionary process.

International migration and development have been traditionally treated as separate policy portfolios; however, today the two are increasingly viewed as interlinked. While the development status of a country could determine migration flows, migration can, in turn, contribute positively to national development, including economic, social and cultural progress. Consequently, if migration is not well managed, it can pose development challenges to a country’s development and progress. Therefore, partnership through greater networking between countries of origin and destination is needed to fully utilise the development potential of migration. For Tuvalu, migration has remained a vital ingredient for economic development and more importantly, the welfare of its people. The implementation of New Zealand’s Pacific Access Category (PAC) scheme in 2002 offered for the first time a formal migration opportunity for permanent or long-term migration of Tuvaluans. The PAC scheme allows 75 Tuvaluans per year to apply for permanent residence to work and live in New Zealand, provided they meet the scheme’s conditions. The goal of this research is to investigate, more than five years after PAC’s implementation, the ways in which long-term migration of Tuvaluans, through the PAC scheme, has benefited Tuvalu. To give a broader perspective on the issues explored in this study, the views of Tuvaluan leaders, as significant players in traditional Tuvaluan society, are included, in addition to the perspective of migrants’ families in Tuvalu and the migrants themselves in New Zealand. Combining transnationalist and developmental approaches as a theoretical framework, this thesis explores how Tuvalu’s mobile and immobile populations, through articulation of transnationalism, enhance family welfare, and grassroots and national development. The eight weeks’ fieldwork in Tuvalu and Auckland demonstrated that the physical separation of Tuvaluans from one another through migration does not limit the richness of the interactions and connections between them. In fact, the existence of active networking between island community groups and other Tuvaluan associations in Auckland and in Tuvalu strengthens the Tuvaluan culture both abroad and at home, thus ensuring strong family and community coherence. Maintaining transnational networks and practices is identified as of great significance to grassroots and community-based development in Tuvalu. However, the benefits of long-term migration can only be sustained as long as island loyalty, or loto fenua, and family kinship stays intact across borders, and networking amongst families, communities and church remains active.

Remittances by international migrants have become an important source of finance for livelihood development amongst the households in Fiji. This is substantiated by the country’s rising migrant stock as a result of unstable political environment and the increasing economic opportunities for skilled manpower. It has been noted that the flow of remittances to Fiji excelled the amount of other capital inflows such as foreign aid and foreign direct investment and have surpassed commodity export earnings in the recent years. This has made remittances the second largest foreign exchange earner in Fiji after tourism. This thesis examines the developmental impact of workers’ remittances in Fiji, particularly its impact on economic growth, financial sector development, welfare development of the recipient households and an examination of the sustainability of remittance flows. Using an extended neoclassical framework, the empirical evidence finds a positive impact of remittances on economic growth and financial sector development. The welfare development hypothesis is tested using the Household Income and Expenditure Survey (HIES) data. This is analyzed first, by examining the expenditure patterns of the remittance-recipient households, the poverty and inequality effects followed by an assessment of human capital development impact of remittances. The empirical results show that households which receive remittances do not only expend their remittance income on basic consumption but have other substantive uses such as that on education of children, housing and expenditure on durables and nondurables. The poverty and inequality reducing effects of remittances, employ two counterfactual methodologies to estimate first, what the poverty and inequality indicators would be in a scenario where remittances are treated as an exogenous addition to household income. Second, it tests the effect in a scenario without migration and remittances, which treats remittances as a substitute for migrants’ foregone earnings. The results show strong poverty reducing effects of remittances irrespective of the methodology used while the effects on income distribution are not unambiguous. The results obtained for the human capital development analysis indicate the positive role of remittances in providing education opportunities for children in the recipient households. In noting these positive effects of remittances, it must however be acknowledged that the flow of remittances has to be sustainable overtime for households to benefit from human development. From a survey of Fijian-New Zealander migrant households, this study examines the remittance-sustainability debate. The results suggest that a combination of factors such as income of migrants, acquisition of higher education prior to migration and the intention to inherit assets from families in Fiji contribute to continued flow of remittances. These results do not support the hypothesis of remittance decay amongst Fijian migrants in New Zealand but reflect a strong altruistic motive of remittances sent to households in Fiji as insurance against economic shocks. This highlights the importance of development policy in facilitating the flows of migrant remittances for the socio-economic progress of Fiji.

This thesis presents three essays on Malaysia’s poverty profile based on the Household Expenditure Survey (HES). The first and second studies were motivated by the shortcomings of the official poverty lines and poverty measurements. There are several conceptual and measurement problems related to evaluating the extent of poverty in Malaysia. The first study offers several alternative regional poverty analyses based on the consumption expenditure approach with varying underlying assumptions. The poverty lines are estimated using Ravallion-Bidani and Kakwani-Sajaia approaches and the consumption pattern of the 10th and 20th percentile per capita expenditure (PCE) households. Regional poverty lines based on Kakwani-Sajaia and Ravallion-Bidani lower bounds produced robust poverty measurement rankings across regions in the country for both the 10th and 20th percentile PCE households. However, for the 10th percentile PCE, Ravallion’s upper bound poverty lines do not produce robust poverty rankings. In relation to the shortcomings of the official poverty measurements, the second study analyses the economies of scale in consumption, specifically amongst poor households. Using the 10th and 20th percentile PCE households, the household size economies are estimated using specifications proposed by Deaton-Paxson and Kakwani-Son. The findings show that the economies of scale indices are sensitive to the selection of methods and sample groups. Economies of scale in poor household consumption are present for food, housing, clothing, furnishing, personal goods and miscellaneous goods. This study further suggests that these indices be used as complementary to the existing national poverty measurements. The final study provides new insights into the limited urban poverty studies and to the new dimension of urban poverty. Using logistic regression, the determinants are analysed using the new poverty lines estimated in the earlier essay. The test of robustness of the determinants is conducted through re-estimating the logistic regression using a range of poverty lines. The findings show that education, locational dimension, foreign migrant workers and household size are significant determinants of poverty in the urban areas.

Whole document restricted, see Access Instructions file below for details of how to access the print copy. Subscription resource available via Digital Dissertations / My research question is: Why do countries with similar rates of saving differ in economic growth? My thesis addresses this question by formulating an endogenous growth model using the Cobb-Douglas production function. My model disaggregates the rate of saving into the retention ratio and the household saving ratio and connects these ratios with three new parameters representing respectively the efficiency of financial institutions, the decision-making of managers, and barriers to technology diffusion. These three financial parameters make it possible to distinguish between quantitative and qualitative investments and to measure the growth rates of output, capital, and technological progress. Endogenous growth in technology neutralizes diminishing returns to capital. The Cobb-Douglas production function assumes diminishing marginal productivity under constant returns to scale. My model, however, measures the growth rate of per capita output under the balanced growth state/constant returns to capital situation. This situation is guaranteed when the relative share of profit is within the critical relative share of profit. A set of combination of the three financial parameters holds under diminishing returns to capital, yet the diminishing returns to capital situation turns to the balanced growth state situation by using delta defined as the elasticity of quality improvement with respect to effective labour units attached to a machine. An extreme case corresponds with the Solow and O'Connell (including Harrod-Domar) models, where the three financial parameters are all 1.0, with no technological progress. Simulation results demonstrate several new fact-findings. These fact-findings come from the characteristics of my model or the relationships between the growth rate of “per capita” output in the long-run (hereunder the growth rate) and the three financial parameters and delta, where the growth rate converges by setting delta = the relative share of profit. First, if the rate of saving increases, the growth rate also increases linearly. This is more definitely evident than the result of Mankiw, Romer, and Weil [1992]. Second, under a fixed rate of saving, the growth rate changes significantly differently if each of three parameters changes: the relative share of profit, the growth rate of population, and the retention ratio. In particular, the change in the retention ratio influences the growth rate positively or negatively depending on the relationship between the three financial parameters that reflect corporate behaviour and the nature of financial institutions. In this respect, I cannot find literature that relates the retention ratio or dividend policy to the growth rate in the Cobb-Douglas production function. Also the change in the growth rate of population does not influence per capita growth at all. This finding is also more definite than that found in the literature. In short, the three financial parameters play an important role in economic growth. When we divide saving into corporate saving and household saving, the rate of saving as a whole is not independent of the growth rate. A proportion of corporate saving and a proportion of household saving are used for investment in quality, which accelerates productivity enhancement. Consequently, the characteristics of the corporate sectors and financial institutions of a country play a significant role in determining its long run growth rate of per capita income (even under a fixed rate of saving).

Whole document restricted, see Access Instructions file below for details of how to access the print copy. Subscription resource available via Digital Dissertations / My research question is: Why do countries with similar rates of saving differ in economic growth? My thesis addresses this question by formulating an endogenous growth model using the Cobb-Douglas production function. My model disaggregates the rate of saving into the retention ratio and the household saving ratio and connects these ratios with three new parameters representing respectively the efficiency of financial institutions, the decision-making of managers, and barriers to technology diffusion. These three financial parameters make it possible to distinguish between quantitative and qualitative investments and to measure the growth rates of output, capital, and technological progress. Endogenous growth in technology neutralizes diminishing returns to capital. The Cobb-Douglas production function assumes diminishing marginal productivity under constant returns to scale. My model, however, measures the growth rate of per capita output under the balanced growth state/constant returns to capital situation. This situation is guaranteed when the relative share of profit is within the critical relative share of profit. A set of combination of the three financial parameters holds under diminishing returns to capital, yet the diminishing returns to capital situation turns to the balanced growth state situation by using delta defined as the elasticity of quality improvement with respect to effective labour units attached to a machine. An extreme case corresponds with the Solow and O'Connell (including Harrod-Domar) models, where the three financial parameters are all 1.0, with no technological progress. Simulation results demonstrate several new fact-findings. These fact-findings come from the characteristics of my model or the relationships between the growth rate of “per capita” output in the long-run (hereunder the growth rate) and the three financial parameters and delta, where the growth rate converges by setting delta = the relative share of profit. First, if the rate of saving increases, the growth rate also increases linearly. This is more definitely evident than the result of Mankiw, Romer, and Weil [1992]. Second, under a fixed rate of saving, the growth rate changes significantly differently if each of three parameters changes: the relative share of profit, the growth rate of population, and the retention ratio. In particular, the change in the retention ratio influences the growth rate positively or negatively depending on the relationship between the three financial parameters that reflect corporate behaviour and the nature of financial institutions. In this respect, I cannot find literature that relates the retention ratio or dividend policy to the growth rate in the Cobb-Douglas production function. Also the change in the growth rate of population does not influence per capita growth at all. This finding is also more definite than that found in the literature. In short, the three financial parameters play an important role in economic growth. When we divide saving into corporate saving and household saving, the rate of saving as a whole is not independent of the growth rate. A proportion of corporate saving and a proportion of household saving are used for investment in quality, which accelerates productivity enhancement. Consequently, the characteristics of the corporate sectors and financial institutions of a country play a significant role in determining its long run growth rate of per capita income (even under a fixed rate of saving).