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This article discusses the importance and the implications of Australia's defense policy as described in its 2009 defense white paper, the first statement of its defense policy in nine years. The policy is important because of Australia's strategic prominence in an area that is developing rapidly and has increasing interstate conflict. The article notes that Australia and other nations in the Asia-Pacific area rely heavily on unimpeded maritime activity for their success and development. The article discusses the white paper in detail and presents information about its implications.

This Policy Arena examines some of the development challenges faced by SIDS. It brings together a collection of papers arising from the United Nations University World Institute for Development Economics Research (UNU-WIDER) project [Fragility and Development]. These investigations were presented at the UNU-WIDER project meeting held in Lautaka, Fiji in December 2006. The Policy Arena contains four studies that look, respectively, at various aspects of trade, foreign direct investment, aid and remittances, and migration, focusing on countries in the Pacific and the Caribbean. This introduction briefly describes the papers and distills some key messages for development policy. Copyright © 2008 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

This paper tries to examine Human Capital from the perspective of Demographic Reformation with various shifts in various demographic variables in it causing demographic transitions in various countries in the world each have different characteristics. Demographic revolution and Human Capital are an inseparable part in terms of Economic Development, Sustainable Social The Asia Pacific for Human Development perspective has an orientation to eliminate poverty, poverty for all mankind, not only that, sustainable development is expected to be able to provide a better life for efforts meeting the needs of society today and for the future wisely there for all mankind in a fair and equitable manner. Sustainable development is an effort to design a new economic, social development model where Human Capital in sustainable development is a capital asset for companies/organizations, able to open up new business opportunities, new jobs for the benefit of an environmentally friendly demographic bonus. [ABSTRACT FROM AUTHOR]

This paper employs panel multivariate technology to probe the impact of renewable energy and trade (imports and exports) on the output and to study the Granger causality between the mentioned variables with a sample of 15 Asia-Pacific countries for the period of 1994–2014. Short-run causality tests show bidirectional causal relationship between the output and exports and no Granger causal relationship from imports to renewable energy or the output. Moreover, long-run causality tests show bidirectional causality between the output and renewable energy, and unidirectional causality from international trade (imports and exports) to the output and renewable energy. The long-run elasticities indicate that the renewable energy consumption and trade play positive roles in economic growth. This study’s energy policy recommendation is that policy authorities should encourage the development of trade (imports and exports), which not only drives economic growth and prosperity but also accelerates the pace of renewable energy consumption. [ABSTRACT FROM PUBLISHER]

This paper examines the relationship between infrastructure investment activity, capital market development, the role of public institutions and economic development in the Asia Pacific. It adopts a review approach drawing on empirical evidence over recent decades. Infrastructure is shown to be an important asset class playing a central role in a nation's output, growth, productivity and microeconomic performance. Infrastructure investment also requires investment and predictions of a widening gap in the future supply of infrastructure in the Asia Pacific will require new forms of capital from both traditional and new sources including wider use of private participation, institutional investment, asset recycling and revenue bonds. Capital market development is also necessary to raise long-term local currency finance and evidence suggests that progress with regional capital market integration is slow and a continuing reform agenda is required. The dividend for regional countries is the prospect of higher levels of economic growth with infrastructure investment, capital market development, and foreign direct investment shown to have a strong and positive association with growth. A crucial link in this association identified in the review is the part played by national and regional institutions in improving the efficiency with which infrastructure is managed and providing promising ground for further research where the importance of these links can be researched in greater depth. [ABSTRACT FROM AUTHOR]

This paper argues that while the main drivers of economic development in the Asia-Pacific region will be a sound development policy and good governance, migration can play a facilitating role at a national, especially at a regional level within countries. It discusses the role of the demographic dividend and Asia-Pacific youth bulges in assisting development in the region and the potential role of migration in that context. It examines the evidence that migration has delivered developmental advantages to sending countries and regions through an analysis of the effects of remittances, diaspora, interactions and return movements. There also is, however, an evidence of brain drain effects having negative impacts. Nevertheless, it concludes that the potential positive effects of emigration on sending countries are being diluted because of poor quality governance of migration systems in the region. These include excessive rent taking at all stages of the migration process, corruption, lack of capacity in migration management and exploitation. The final part of the paper addresses the important issue of what needs to be done if the full potential of international migration to deliver development dividends to sending countries to the region is to be taken advantage of. This includes a change in the attitude towards migration which recognises its potential benefits, a more development-friendly migration policies at origins especially at destinations, capacity building and a parametric improvement in migration management, greater bilateral and multilateral cooperation and more evidence-based decision-making in policy and programme development. A role for Australia in this is also discussed. Migration is not a substitute for good governance and sound socio-economic policy in the development of Asia-Pacific nations, but it can have positive outcomes in poverty reduction and improving the lives and prospects of many people. [ABSTRACT FROM PUBLISHER]

The Asia Pacific region, and in particular East Asia, underwent rapid urbanisation and industrialisation in the latter decades of the twentieth century. Central to this transformation was intensive public and private investment in the housing sector. Although housing was largely commodified, public subsidies and state policy directives were particularly intense. In the twenty-first century however, the landscape of housing policy has shifted. While the 1997-98 Asian Financial Crisis marked a watershed in economic conditions, other social, political and demographic changes have also subsequently come to bare. In recent years, housing affordability has become a core issue, and a focus of housing interventions, in most Asia Pacific societies as the efficacy of previous housing policies diminished and economic contexts changed. Housing market volatility has in many countries become the norm and economic growth, turbulent. The housing needs of low-income households have become increasingly exigent influencing considerable realignment in policy agendas among traditionally development focused and, often, authoritarian governments. This introduction to this special issue examines changes in Asia Pacific housing contexts with specific reference to recent economic crises as well as key political and socioeconomic developments. The articles in this issue - mostly country specific, but with one comparative paper - provide varied insights into how diverse urban, political and socioeconomic situations are shaping, and being shaped by, housing systems and housing policy responses. [ABSTRACT FROM AUTHOR]

Research on the economic performance of small states has concentrated on the implications of small size and thin local markets. An interesting feature of many of the world's smallest states, of which the Pacific region has many, is that they face additional challenges than just small size. Many are remote from global markets for their products. In addition, a large number are also islands, many of which are also mountainous. Many of the smaller states are not just islands, but are also archipelagos. Hence in addition to small size, many of the world's small states also exhibit four other characteristics that may affect their economic performance: insularity, remoteness, being archipelagos and being highly mountainous entities. This paper examines the nature of the challenges posed by these four characteristics and seeks to produce empirical evidence of how difficult it has been to overcome these challenges. The paper draws on empirical evidence for 126 very small global states, dependent territories and highly autonomous regions. The paper then turns to the position of the Pacific small states and dependent territories. [ABSTRACT FROM AUTHOR]

This paper identifies the role of stock markets in developing economies with a focus on the Asian-Pacific region. The region's markets generally do not play a major role in resource allocation. The stock exchanges of the region are primarily secondary markets facilitating portfolio construction by domestic and international investors. The paper concentrates on secondary market activity and the controls regulators use to contain excessive speculation and price volatility. It also covers the role of stock markets in the recent financial crisis in the region. [ABSTRACT FROM AUTHOR]

Financial inclusion efforts seek to ensure that all members of an economy can have access to and effectively use appropriate financial services. Improving financial inclusion has become a significant concern for developed and developing countries alike. There are many indicators of financial inclusion, the most elementary of which includes having an account in a financial institution. This paper will evaluate the impact of indicators of financial inclusion on economic development. The result shows that correlations exist between large numbers of bank branches, ATMs, domestic credit in the private sector and the increased rate of development in the economy. People will gain a more prosperous life due to this development. The paper also provides recommendations for the governments of developing countries to improve financial inclusion. [ABSTRACT FROM AUTHOR]

Low income countries of the Pacific region want to cash in on the unprecedented growth of the telecommunications industry. Granted the convergence of services and multimedia compression technologies, these countries are committing to larger investments to bridge the gap between population growth and dialtone. This paper traces some recent developments in the region. [ABSTRACT FROM AUTHOR]

Understanding new actors in development requires a reconsideration of how subjects come to be and how collectivities are formed. This paper works with post-structuralist notions of subjectivities and collectivities as ‘series’ in three distinct cultural historical geographies to show the subtle ambiguities in contemporary practices of development. Working with Iris Marion Young's conceptualisation of seriality, it provides an Antipodean perspective on the entanglements of contemporary critical geography with new development actors through case studies of indigenous scholars in Te Rarawa in Aotearoa/New Zealand, of contract scholars and a philanthropist in West Bengal and of feminist activist scholars in the Pacific. In doing so, it points to the need to radically rethink participation in development by closely analysing the ways in which the subjects are constituted, and the critical role of visions within development narratives, actions and practice. [ABSTRACT FROM PUBLISHER]

Purpose - The purpose of this paper is to analyze the social development situation in the Pacific Island countries (PICs). It also aims to present the various social and economic policies that are directly linked to improving social indicators. Design/methodology/approach - The paper draws on the theoretical framework provided by the United Nations Research Institute for Social Development, which defines social policy as involving redistribution, production, reproduction and protection. The paper presents data on these four components. Findings - The paper shows that many PICs have managed to increase some of their social development indicators especially those relating to education. Yet they are also lagging behind on many fronts, such as health, water and sanitation, social protection, and inequality. Research limitations/implications - Issues of state capacity and governance linked to policy formulation and implementation are not addressed in this paper. More in-depth and empirical research could be undertaken to investigate the link between economic growth and social development Originality/value - This paper has the merit of being able to synthesize social and economic data for the PICs and compare it with other small island economies. [ABSTRACT FROM AUTHOR]

Although the electronics industry has been one of the main driving forces behind the export-led growth of the newly industrialising economies (NIEs) of the Asia—Pacific, there has until recently been little empirical research showing how the various NIEs managed to enter international markets and gain technology. This paper describes the overall characteristics of the electronics sector in the NIEs, highlighting the main organisational innovations which have enabled local firms to enter international markets and acquire foreign technology. The OEM (original equipment manufacture) system, prevalent in East Asia, is contrasted with the TNC (transnational company)-led growth dominant in Southeast Asia. The paper also discusses the emerging 'contract electronics manufacturing', or CEM, which could threaten traditional OEM and TNC-subsidiary production in the NIEs. The electronics sector proves to be a rich source of empirical material, both for understanding the processes of economic development and for illustrating the role of latecomer enterprise in engaging with and exploiting international production networks. [ABSTRACT FROM AUTHOR]

Discusses the author's insights on economic growth in East Asia. Reason for the economic growth in East Asia; Role of governments in East Asian growth; Outcome of increasing the share of investment; Economic conditions in other Asian and Pacific Rim countries as of 1996.

The marine and coastal management (MCM) in various coastal countries is closely related to the national political systems, history, economic development and maritime strategies of the countries. No region in the world embodies as many differences as the Northwest Pacific Region (NWPR). Against this complex background, this paper comparatively analyses the institutional arrangement and legal system of the MCM in this region, summarizes the characteristics and divides the five coastal countries around the NWPR into two models: the MCM of China and ROK belongs to centralization, and the MCM of Japan, DPRK, and Russia belongs to decentralization. To evaluate the MCM performance in the five countries, this paper establishes an indicator framework from the four elements of the institutional arrangement and management, the legal system, the coastal environment and the ocean economy, and the principal component analysis (PCA) method is employed as the weighting method to synthesize the evaluation results. The evaluation results demonstrate that compared to the other four countries, Japan performed better in terms of the institutional arrangement and management and legal system aspects; DPRK performed best in terms of the evaluation aspects of the coastal environment; and China performed best in terms of the ocean economy aspects. In terms of the general MCM performance, Japan performed best, followed by ROK, China and Russia, with DPRK performing the worst. Overall, the MCM in the NWPR after years of adjustment has been effectual, and the effectiveness of the MCM performance among different countries varies greatly. Regardless of the differences in the current effectiveness of the MCMs of these countries, it is a future trend to improve the coastal environment and develop the ocean economy according to one’s own development needs. Finally, the main areas to be improved in the various countries are proposed. [ABSTRACT FROM AUTHOR]

This paper explores current and emerging tourism trends in the Asia Pacific region via content analysis of industry publications and subsequent review of related academic literature. Experience economy and activity-oriented travel lead the development of the sector in the region and impact other trends. Economic growth, favourable political environment and improved infrastructure have sustained continual growth in visitor numbers from long-haul and intra-regional markets. However, the profile of travellers and their interests are increasingly diverse. Additionally, technology has been playing a significant role in hospitality and tourism industries, while human resources remain one of the biggest challenges in the region. Despite the huge increase in academic literature on sustainability, the industry has not appeared to be engaged with the subject. A number of knowledge gaps are identified for future research to better understand tourism development in the Asia Pacific region. [ABSTRACT FROM PUBLISHER]

Overall development goal of the Greater Pearl River Delta (GPRD) region is to the emergence jointly as the most dynamic, internationally competitive, world-class city cluster of the Asia-Pacific region. To achieve this goal harmonious regional integration towards sustainable development is decisive. But, Rapid discordant economic integration resulted social and environmental squalor which denotes the adequate attention towards the necessity of harmonizes integration for sustainable development. So, the main aim of this paper is to prepare a harmonious integration model which will be useful for urban planners, policy makers and researchers who are directly or indirectly involved or willing to involve in the task of regional integration in Hong Kong. Literature review is the main source of information of this study. In this paper, firstly, regional integration of Hong Kong as well as the concept of sustainable development is described from theoretical point of view. Then, status of sustainable development in Hong Kong under regional integration is briefed. In this section, some challenges of Hong Kong are identified which hindering economic vibrancy as well as overall social progress and environmental soundness of Greater Pearl River Delta. After that, the reasons of mismatch narrated and finally in the way forward section integration model is prepared as well as some recommendations are suggested to overcome existing constraints and to facilitate sound regional integration and sustainable development of Hong Kong as well as the PRD in the longer term. [ABSTRACT FROM AUTHOR]

The present paper contains an analysis of the complex links between population dynamics and sustainable development in Asia and the Pacific that have developed over the last 20 years. Basic changes in population dynamics in the region since 1990 are first described, followed by an examination of critical issues regarding the links between population dynamics and the three defining dimensions of sustainable development, namely economic growth, social justice and environmental sustainability. [ABSTRACT FROM AUTHOR]

This paper identifies a broad context for assessing China's increased interest in the Pacific Islands, and examines some of the major implications for regional security, regional politics, Western influence and self-determination in the region. It argues that Beijing's policy towards the Pacific is not driven by strategic competition with the United States, as some have maintained. Nor is it reducible to a specific set of interests centred on natural resources and, especially, competition with Taiwan. Although these factors are important, China's activities in the region are best understood as part of a much larger outreach to the developing world that is likely to endure and intensify. The paper suggests that China's rise is generally welcomed by island leaders, and makes the case that it offers island states economic and political opportunities not available under established structures of power and influence. [ABSTRACT FROM AUTHOR]

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In recent years, the Pacific Rim has been the fastest growing region from around the world. The rapid development of the region's economies leads to significant increases in the demand for capital, which in turn, facilitates the deregulation and liberalization of financial markets in this region. This increasing availability of information and openness has led to an increasing level of interest by US investors. Has such interest and investment been rewarding? This paper examines the characteristics and performance of selected mutual funds that concentrate their investment in the stocks of Pacific Rim countries. We examine performance in 2006 before the global financial meltdown. Data and analysis are obtained through Bloomberg's Morningstar Mutual Funds online universe. Bloomberg provides 24-hour, instant and current financial, economic and political information covering markets around the globe. It also provides analytics, historical data, up-to-minute news reports, economic statistics and political commentaries. Constant upgrades and enhancements of the system are some of the most valuable attributes of the Bloomberg service. [ABSTRACT FROM AUTHOR]

The volume of air passengers and cargo in the Asia-Pacific region has grown significantly over the past decade due to the strong impetus of economic growth as well as trade and economic integration at both the regional and global levels. Although public funds have been the main source of financing for airports in most parts of the region, governments have increasingly resorted to privatization or are seriously considering it as a form of private sector participation enabling new airports to be built or existing airports to be upgraded. The present paper provides a brief survey of airport privatization in the Asia-Pacific region, discusses the relevant issues, and introduces the following five papers published in this special section on the air transport industry in the Asia-Pacific region. [ABSTRACT FROM AUTHOR]

Pacific governments seeking to expand national economies are increasingly looking to tourism to provide revenues. At the same time, companies that operate cruise ships are searching for new destinations for increasing numbers of larger, faster ships which they are launching to cater for steadily increasing demand for cruises. The Pacific region appeals to both companies and passengers as a cruise destination. This coincidence would, at first glance, seem to provide an opportunity for a mutually beneficial relationship between companies and governments in the region. But little is presently available to those in the Pacific who must decide what role this form of tourism might play in their future. This paper reviews some of the environmental, economic and societal impacts of cruise ship tourism and concludes that, managed effectively, this form of tourism can yield higher returns with lower risks than some alternatives and could form a part of a sustainable tourism policy. [ABSTRACT FROM AUTHOR]

Abstract: Driven by the prospect of rapid economic growth and the perceived need for energy security, the Asia-Pacific region is destined to increase its nuclear energy use in the coming decades. This projected increase, however, will bring with it nuclear proliferation concerns, fueling fears about the security of nuclear material and creating suspicions about its use. The increasing use of nuclear energy inevitably necessitates supplementary efforts, designed to ensure nuclear security and a legitimate use of nuclear energy, other than the obligation to the Treaty on the Nonproliferation of Nuclear Weapons (NPT). Nuclear transparency measures could be useful tools for building confidence that the increasing nuclear energy use does not contribute to nuclear proliferation. These measures could also foster a cooperative tradition that can address rising concerns over nuclear trafficking and terrorism, which require regional coordination to combat. However, moderate progress in implementing transparency measures suggests a lack of political appreciation of this concept. Thus, this paper describes various forms of potential transparency measures to expand the possibilities of the transparency concept and explore areas in which this concept might be applicable. This paper also clarifies some challenges involving transparency projects, and suggests possible ways to address these challenges. [Copyright &y& Elsevier]

This paper investigates the relationship between tourism specialization and output volatility in a sample of 3 4 small island developing states (SIDS). The initial results suggest that there is a positive relationship between tourism and output volatility. Then, to test whether or not the impact of tourism is uniform across SIDS, the author divides the sample of SIDS by their regional groupings. The positive relationship between tourism specialization and volatility seems to be isolated to states in the Asia and Pacific region; that is, the region with the lowest level of tourism specialization on average. However, an evaluation of the fluctuations in tourism receipts indicates that the average volatility of tourism is highest in this region. This implies that the impact of tourism on economic volatility depends greatly on the level of volatility in tourism and, to a lesser extent, on the level of specialization. [ABSTRACT FROM AUTHOR]

Abstract: The paper investigates stock market integration among 10 economies in the Asia Pacific region over the period April to May 2006 based on a recently developed technique that relies on estimating expected discount rates; see . The results show a limited but varying degree of stock market integration among the 10 economies. Membership in a formal economic organization does not seem to affect the degree of integration. [Copyright &y& Elsevier]

This paper develops new measures of multimodal transport connectivity, and uses a gravity model to show that improving performance could lead to major trade gains for the Asia-Pacific region. By improving multimodal connectivity by 5%, APEC would increase exports by around 4%, or between 2% and 6% per member economy. In dollar terms, this equates to an impact gain of $500bn in total, or between $850m and $115bn per member economy. Economies that are open, highly integrated into world markets, and with strong connectivity baselines stand to gain the most. We also find that of the elements of multimodal transport connectivity, it is logistics services performance that generally has the strongest effect on trade.JEL Classification: F13, F15 [ABSTRACT FROM AUTHOR]

Abstract: Over the last few decades, the Asia–Pacific region has experienced the most dynamic economic development of any of the world''s regions, leading to a rapid increase in resource use and associated emissions. The region is now a major driver towards overshooting global resource use limits. In this paper, we provide an estimate of material use and resource efficiency in the Asia–Pacific region and its sub-regions for the first time, to complement existing knowledge on global resource use. We show that the Asia–Pacific has become the single largest user of resources globally, and that the efficiency of resource use in the region decreased over the period 1970–2005. Furthermore we show that the region''s share of total resource use is now so significant that decreasing resource efficiency there has driven a decrease in overall global resource efficiency, for the first time in a century. Using an IPAT framework we found that rising per capita incomes contributed more strongly to growing material use than did population growth. Technology did not moderate material use growth to the extent expected. We argue that a failure to make these issues a central and immediate focus of public policy in the Asia–Pacific region would compromise competitiveness, resource security, and poverty reduction in the region over the medium to long term. [Copyright &y& Elsevier]

While the Asia and Pacific region is characterised by vast diversity, the region as a whole warrants attention. There have been great achievements in recent years in promoting economic growth, building social security and reducing poverty, but giant challenges remain, nine of which are identified. Five resemble problems prevalent in Europe 60 years ago: want; squalor; underemployment; poor education; and bad health. The four others, inequitable growth, discrimination, corruption, and ageing populations lessen the effectiveness of policies targeted on the other five. A fourfold responsive strategy is sketched that includes mechanisms to extend formal sector employment, expand coverage of social security within the formal sector and to the informal sector, and to establish and sustain social safety nets for those otherwise excluded from social protection. [ABSTRACT FROM AUTHOR]

The article focuses on the regional trading groupings of Australia and the Pacific regions. The author aims to demonstrate the threats to the international trading regime and implications brought by any new regime for increased economic interdependence. It discusses the issues about the countries which forms the Pacific region, the existing institutions and treaty relationship of the Pacific region which includes the Economic and Social Commission for Asia and the Pacific, Asian Development Bank, and the Association of South East Asian Nations. It offers the author's view about the future options for the Pacific countries which aim to have a new regional grouping.

This research examines the effect of good tax policy on tax avoidance and how it affects the economic development of countries in the Asia-Pacific region. Based on 116 country-year sample data, the results of the panel least-square regression analysis show that good tax policy, particularly for fairness, transparency in tax system, and transparency in tax usage, affects tax avoidance practices. Transparency in tax usage is the most important determinant of tax avoidance thus followed by fairness and transparency in tax system, respectively. We also find evidence that tax avoidance practices have a negative effect on equitable economic development. An important implication of this finding is that the government should manage tax funds effectively and efficiently on the best interests of society in an effort to reduce poverty and realize greater social welfare. In addition, the government is also responsible for increasing fairness in the tax payment, encouraging participation in the tax lawmaking, and improving the proper use of tax funds to suppress tax avoidance practices that could harm a country's economic development. [ABSTRACT FROM AUTHOR]

A number of studies have investigated the relationship between financial sector development and economic growth; however, the impact of bank profitability on economic growth is still unclear. We investigate the link between bank profitability and economic growth in the Asia-Pacific region over the period 2004-2014. Using the system GMM estimator, our findings suggest that a profitable banking sector is a prerequisite for economic growth in the Asia-Pacific region and that the impact of bank profitability on economic growth is more prominent in small banking sectors. Perhaps surprisingly, we found that the bank size has a negative impact on GDP growth, with the influence of bank profitability on economic growth reducing as the size of the banking sector increases. Our results also show that the impact of profitability on economic growth is much larger in developed economies compared to small emerging and large emerging economies. [ABSTRACT FROM AUTHOR]

The broad objective of this study is to evaluate the effects of inequality and other explanatory variables, including inflation, foreign direct investment, human capital, and migrant workers' remittances, on economic growth using a panel of 13 Asia and the Pacific countries between 1996 and 2008. According to the results of the Hausman test, the random-effects model was preferred over the fixed-effects model in most of the equations. Empirical results reveal the significantly negative effect of inequality on economic growth. The empirical findings also suggest that the mitigation of inequality is indispensable for achieving inclusive development in the true sense. For this purpose, however, the implementation of fiscal policy option is a necessity, whereas persistent food security through agribusiness also should not be overlooked to achieve lower levels of inequality and enhance inclusive growth and development in the region. [ABSTRACT FROM AUTHOR]

The central argument of this article is that constructivists in particular underestimate or even ignore the importance of the ‘real’ structural inheritance that shapes state (and the political elites that represent them) behaviour. Even though the future is indeterminate, some outcomes are decidedly more likely than others, especially where policymakers believe they inhabit a strategic universe of zero sum outcomes and where self-reliance and assertion remain important. I suggest that ‘critical realism’ offers a way of accounting for the institutional structures that shape international behaviour. The first half of this article makes the case for a critical realist approach. The second half illustrates the possible importance of this claim with reference to the contemporary geopolitics of the Asia-Pacific region. [ABSTRACT FROM PUBLISHER]

Mining involves the discovery, extraction, and processing of non-renewable resources. The potential of mining revenues to contribute to national economic development is well known, but the allocation of mineral wealth and the concern of increasing resource scarcity have become issues of debate in the mining industry. The purpose of this study is to introduce the binomial decision tree analysis, which is a new approach to mining investment decisions. The examples used examine the impact by a policy change. Using three mining projects in the Asia-Pacific, in Australia, Indonesia and Papua New Guinea, findings about options for the investor suggest it is sometimes better to wait for a more suitable time to invest. Using such knowledge provides the potential to change the investment climate in mining. [ABSTRACT FROM AUTHOR]

In the past 30 years, many studies have focused on exploring the relationship between tourism development and economic growth. However, there has been no consensus reached concerning of the relationship. This study will attempt to clarify the relationship between tourism development and economic growth. The purpose of this study is to analyze the relationship between tourism development and economic growth. This study applies the Panel Smooth Transition Regression Model (PSTR) proposed by Gonzalez et al. (2005) to investigate the regime-switching effect of tourism specialization on economic growth in Asia Pacific countries over the period 1996-2009. The results are as follows: (a) there were regime-switching effects of tourism specialization on economic growth; (b) the tourism specialization on economic growth has a better explanation for the effects of non-linear PSTR than linear PLS (Panel Least Squares); (c) in medium degree of tourism specialization countries (the value is between 0.0123~0.01663), tourism development has a significantly positive influence on economic growth, but consumption ability and investment ratios have a significantly negative influence on economic growth; (d) in low or high degree of tourism specialization countries (the value is below 0.0123 or above 0.01663), tourism development has a reduced influence on economic growth, and significantly positive influence on consumption ability and investment ratios. On the basis of these results, this study presents policy recommendations and areas for future research. [ABSTRACT FROM AUTHOR]

China’s rapid economic growth is facilitating massive increases in its military spending and causing increased security concerns in Asia and the Western Pacific. But there is uncertainty over how large China’s military spending is relative to other countries, or how fast it is growing in real terms. We address this issue by deriving a relative military cost price index based on the relative unit costs of inputs. We find that China’s real military spending is much larger than suggested by exchange rate comparisons, and even larger than standard purchasing power parity comparisons. We also find, however, that the real growth of China’s military spending has been smaller than conventionally thought. This is due to rapidly growing wages in China and the large share of personnel in China’s military budget. [ABSTRACT FROM PUBLISHER]