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The internationalization or the dismantling of trade between countries has caused a wide disparity in wages. Labor saving technological progress have even caused unemployment in Australia. Internationalization operating through trade and technology transfer may have increased national productivity, to the detriment of unskilled workers.

The trade liberalization policy adopted by Thailand during the 1980s has brought relative prosperity to the Southeast Asian country. The series of tariff cuts implemented has greatly increased Thailand's competitiveness in the world market. Most importantly, increased national income induced a more equitable distribution of wealth among the citizens.

Byline: Neil Dias Karunaratne (1) Keywords: high-tech innovation; growth dynamics; telecommunications; trade liberalisation; cointegration; vector autoregression; Australia Abstract: In this paper the macro-economic interactions between high-tech innovation (telecommunications), growth and trade are analysed at the macroeconomic level. Cointegration and innovation accounting based on vector autoregression techniques have been used to estimate empirically the trade and growth dynamics in the Australian context. The paper reviews the high-tech innovation induced policy regime shifts such as the deregulation of telecommunications and the liberalisation of trade and also quantifies trade and growth dynamics. Author Affiliation: (1) Department of Economics, The University of Queensland, Q 4072, Australia Article History: Registration Date: 18/10/2004

An optimal control model is used to examine the Reserve Bank of Australia's (RBA) policy of sterilized intervention for almost a decade since the floating of the exchange rate in Dec. 1983. The results of the Johansen multicointegration tests show that RBA intervention was effective in achieving long-run equilibrium or optimal proportional control. The empirical results are unfavorable to the Sisyphus hypothesis.

Globalization features that include financial deregulation, dissolving trade barriers, rapid diffusion of information technologies and highly-mobile capital were responsible for bringing the Australian economy into the borderless era. An analysis of these trends supports the conclusion that they are also responsible for an increasing disparity in wages. The disparity is further exacerbated by such factors as immigration, deunionization and female participation.

This article empirically verifies the export-led growth hypothesis for Bangladesh and examines whether manufacturing exports have become a new engine of the export-led growth in Bangladesh, replacing the total exports-engine, as claimed by the so called de novo hypothesis. The empirical assessment based on the vector error correction modeling (VECM) that uses quarterly data over the period 1974-1999 suggests that both total exports and manufacturing exports have had positive and statistically significant impacts both in the long run and the short run. But an encompassing test in conjunction with the various non-nested tests suggests that total exports, as opposed to manufacturing exports in isolation, is the dominant engine of the export-led growth. This refutes the claim that manufacturing exports has become the sole determinant of the export-led growth in Bangladesh. [ABSTRACT FROM AUTHOR]

Looks at techniques used to test whether trade acted as a factor for growth in economies during the period 1971(2) to 1994(2) in Australia. Results of the application of parametric Granger causality tests; Macropolicy implications of the trade policy regime shift; Use of the superexogeneity tests.

It is widely recognized that increasing the information technology intensiveness or the rapid informatization of the ailing Australian macroeconomy will revitalize it and enhance its international competitiveness. But the published national income and input–output data for Australia fail to reveal even the broad contours of the important information economy. This study attempts to overcome this lacuna by recasting input–output statistics using a computational algorithm so as to identify the information and noninformation sectors that constitute the Australian economy. Leontiefs double inversion technique has been used to highlight the nascent and dynamic information sectors that have been obscured by the overwhelming nature of the noninformation economy in Australia. Impact analysis or multipliers and linkages have been deployed to identify the information sectors that were most attractive from the perspective of competing macroeconomic criteria. A composite scoring method was used to determine the optimal information sectors for further development. This study also delineates the core information technologies and enabling projects that should be undertaken within the optimal sectors for the realization of the rapid informatization of the Australian economy. [ABSTRACT FROM PUBLISHER]

This article will review some of the trade theoretic explanations of the genesis of TNCs and their continuing importance for the development of HDCs. It examines the polemics of the benefits and costs of TNCs from several contending global, home country and HDC perspectives. Some of the leading issues of the TNC-HDC debate are also empirically investigated using regression techniques. The empirical results contradict some recent claims made about TNC's impact on HDCs' growth performance. Nevertheless, the economic power TNCs possess has led to a growing hostility towards them. Attempts have been made to curb the role of TNCs by codes of conduct. The United Nations Action Programme for the Establishment of a New International Economic Order (NIEO) argued that activities of TNCs should be regulated to prevent the violation of the national sovereignty, territorial integrity and political
*Department of Economics, University of Queensland.
I am grateful to Dr A. J. Little for his comments on the draft of this paper.
independence of HDCs. The UN Commission of Transnational Corporations has been working on a code of conduct to regulate TNCs so as "to promote their contribution to national goals and world economic growth while controlling and eliminating their negative effects". The home governments of TNCs have valiantly
This study proposes a conceptual framework that will capture stylistically the conflicting aims of TNCs' international profit maximization strategy, and the HDCs' national economic profitability maximization strategy. A reconciliation of these divergent objectives in a unified framework will obviate the dangers of excessive politicization of sensitive issues related to TNC-HDC negotiations. The HDC decision-makers could use such a conceptual framework to monitor data that will give them "muscle" to engage in fruitful bargaining with powerful mega-corporations or TNCs. The TNCs would be spared the agonies and frustrations of... [ABSTRACT FROM AUTHOR]

This paper reviews some of the salient analytical contributions of micro information economics, or market uncertainty. It contrasts the prolific growth in research in micro information economics with the relative neglect of the study of macro information economics, or technological change. The paper contends that macroeconomic structures are in the process of rapid structural change because of the impact of modern information technologies. The explosion in transborder data flows and the collapse of natural monopolies in telecommunications substantiate the claim that economies of the world are in the grip of an information revolution. The paper outlines an algorithm, based on input‐output economics, to measure the size and the structure of the information sector in any macroeconomy in a cost‐effective manner. It uses the data generated by the algorithm for a sample of economies and various types of production functions to explore the question of efficient use of information and noninformation resources. The paper concludes that the generation of data for the analysis of the information economy will facilitate the formulation of appropriate macro development strategies for an information era. [ABSTRACT FROM PUBLISHER]