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AbstractCOVID-19 vaccines were released en masse globally in 2021 and were regarded by policy makers as crucial in dealing with the coronavirus pandemic. An important question is thus to understand the benefits of the vaccines beyond the direct effects of reducing mortality and morbidity. Using available epidemiological evidence on the effectiveness of vaccines we estimate the economic benefits of vaccination in five important Asian economies – India, Indonesia, South Korea, the Philippines and Vietnam – by applying a dynamic multi-country general equilibrium model. This framework captures the direct and indirect effects of vaccination. Our results show net benefits in terms of GDP for all five economies ranging from 0.16% (India) to 1.1% (South Korea); these depend on the degree of vaccination amongst the population. South Korea shows the most significant benefits while other countries experience smaller benefits. Our findings are consistent with other studies estimating the economic benefits of vaccination. [ABSTRACT FROM AUTHOR]

This paper analyses the macroeconomic gains to Asia-Pacific economies from liberalising foreign investment flows. It first presents an intertemporal theoretical framework to convey, in principle, how higher national income stems from the narrowing of the gap between domestic and foreign rates of return on capital. Using a computable general equilibrium model it then empirically quantifies the impact on investment, the capital stocks, the external accounts and national income of a one percentage point reduction of the rate of return on capital due to further liberalisation of impediments to foreign investment. The results show national income gains for Asia-Pacific economies are on average around 0.3 percent per annum, which compounded through time implies significant long-term improvement in living standards in the region. This suggests APEC should afford greater priority to foreign investment liberalisation. [ABSTRACT FROM AUTHOR]

Objective To examine available systematically collected evidence regarding prices for assistive technology (AT; e.g. disability aids and equipment) in Australia with other comparable countries. Issues of appropriate AT pricing are coming to the fore as a consequence of efforts to move to consumer-centric purchasing decisions with the National Disability Insurance Scheme (NDIS) and also in the recent aged care reforms.Methods We identified and present three sets of AT price comparisons. Two comparisons were based solely on the lowest prices advertised on the internet, and one comparison examined recommended retail prices. Variables essential to ensuring accurate comparisons, as well as significant supply-chain issues were also examined and considered in the analyses.Results The first internet-only price comparison found that overall AT prices were 38% higher in Australia compared to other countries, but did not factor in shipping and other related costs that are essential to include given that most AT is imported. The second internet-only price comparison found that overall Australian prices were 24% lower when shipping and related costs were included. The recommended retail price comparisons found that Australian prices were between 14% and 27% lower. Prices for internet-only retailers (those with no bricks-and-mortar presence) are consistently lower for all products than those sold by retailers with actual shop-fronts. Further, there is no evidence of suppliers earning supranormal profits in Australia.Conclusions The results indicate that AT prices in Australia are efficient and equitable, with no significant indicators of market failure which would require government intervention. Efforts to reduce prices through the excessive use of large-scale government procurement programs are likely to reduce diversity and innovation in AT and raise AT prices over time. Open markets and competition with centralised tracking of purchases and providers to minimise possible over-servicing/over-charging align well with the original intention of the NDIS, and are likely to yield the best outcomes for consumers at the lowest costs [ABSTRACT FROM AUTHOR]

The Australian telecommunications sector experienced substantial structural change during the 1990s, a change that increased productivity and reduced costs. At this time, telecommunications was already an important item of household expenditure and input to production. We estimate the effect of the structural change on households depending on their location in the distribution of income and expenditure. Our estimates are calculated by applying a computable general equilibrium model incorporating microsimulation behaviour with top-down and bottom-up links. We estimate significant increases in real income and small increases in inequality from the changes; the pattern of effects is largely uniform across regions. Sensitivity analysis indicates that our results are insensitive to variations in model parameters. [ABSTRACT FROM AUTHOR]

Early 2009 saw the emergence of an H1N1 influenza epidemic in North America that eventually spread to become the first pandemic of the twenty-first century. Previous work has suggested that pandemics and near-pandemics can have large macroeconomic effects on highly affected regions; here, we estimate what those effects might be for Australia. Our analysis applies the MONASH-Health model: a computable general equilibrium model of the Australian economy. We deviate from previous work by incorporating two important short-run mechanisms in our analytical framework: quarterly periodicity and excess capacity. The analysis supports the assertion that an H1N1 epidemic could have significant short-run macroeconomic effects but the size of these effects is highly dependent on the degree of inertia in the markets for physical capital and labour. [ABSTRACT FROM AUTHOR]

Despite the known difficulties many people with MS have with high ambient temperatures, there are no reported studies of air conditioning use and MS. This study systematically examined air conditioner use by Australians with MS. A short survey was sent to all participants in the Australian MS Longitudinal Study cohort with a response rate of 76% (n = 2,385). Questions included hours of air-conditioner use, areas cooled, type and age of equipment, and the personal effects of overheating. Air conditioners were used by 81.9% of respondents, with an additional 9.6% who could not afford an air conditioner. Regional and seasonal variation in air conditioning use was reported, with a national annual mean of 1,557 hours running time. 90.7% reported negative effects from overheating including increased fatigue, an increase in other MS symptoms, reduced household and social activities, and reduced work capacity. Households that include people with MS spend between 4 and 12 times more on keeping cool than average Australian households. [ABSTRACT FROM AUTHOR]

The resources and energy sectors make a significant contribution to economic performance in the economies of West Asia. In this study we explore the effect ambitious policies for resource efficiency and greenhouse gas abatement would have on West Asian economies and what their contribution to environmental sustainability could look like. We employ the Global Trade and Environmental Resource Model (GTEM-Resource) to empirically assess the economic and environmental implications of global policy initiatives in the region. Results show that resource efficiency and greenhouse gas (GHG) abatement policies are complementary in their effects. Resource efficiency policies boost resource use productivity in the region, reduce all categories of material extraction based on sustainable consumption and production behaviour and also caused by trade, and foster economic performance. By contrast, GHG emission abatement policies have a small effect on resource productivity but drive significant GHG reductions that are accompanied by reduced economic performance. When these two policies are combined, real GDP in West Asia is projected to increase by 8% relative to business-as-usual by 2060, while resource extraction and GHG emissions levels in the region would decline dramatically by 40% and 50%, respectively. Saudi Arabia and the United Arab Emirates would be much better off, compared to other countries in the region, with large increases in real GDP and major reductions in GHG emissions and resource extraction levels. Findings suggest that technology development and climate mitigation policies would result in a win-win solution for all countries in West Asia, contributing to maintaining well-being and protecting the environment on regional and global scales. This shows that there is a pathway to economic prosperity for resource-rich countries and regions. • Resource Efficiency policies substantially foster economic growth in West Asia. • The Towards Sustainability scenario maintains sustainable development in West Asia. • Saudi Arabia, Jordan, and Oman reduce their material extraction rates by over 46% by 2060. • Well-being indicators grow faster than resource extraction, with improved resource productivity. [ABSTRACT FROM AUTHOR]

We simulate the effects of a hypothetical H1N1 epidemic in the U.S. using a quarterly CGE model. Quarterly periodicity allows us to capture the short-run nature of an epidemic. We find potentially severe economic effects in the peak quarter. Averaged over the epidemic year, the effects are considerably damped. Our results indicate that the macroeconomic consequences of an epidemic are more sensitive to demand-side effects, such as reductions in international tourism and leisure activities, than to supply-side effects, such as reductions in productivity. This suggests that demand stimulus policies might be an appropriate economic response to a serious epidemic. [ABSTRACT FROM AUTHOR]