Two remarkable features of the Australian economy over recent years have been strong growth in private consumption expenditure and household wealth. This paper examines the relationship between consumption and wealth in an effort to better understand aggregate consumption behaviour. We find a...

This paper examines the relationship between consumption and wealth in Australia. We find a steady-state relationship between non-durables consumption, labour income and aggregate household wealth for the period 1988-1999. We also find that changes in both non-financial and financial assets have...

During the 1990's there was considerable debate in Australia about the desirability or otherwise of changing the nation's official trade focus away from traditional trading partners in Western Europe and North America to Asian countries located within Australia's own East Asia/Pacific region....

This research builds on the work of D.K. Gode and Shyam Sunder who demonstrated the existence of a strong relationship between market institutions and the ability of markets to seek equilibrium—even when the agents themselves have limited intelligence and behave with substantial...

This paper examines the Individualism–Collectivism (I-C) dimension of national culture in the Hofstede and GLOBE models. We identify major contradictions between the two culture models, which result in contradictory relationships with external variables such as economic prosperity. We...

This paper compares the Uncertainty Avoidance (UA) dimension of national culture across the Hofstede and GLOBE models, looking at relationships in both data and analysis. Rather than mutual support, we detail major differences and anomalies across the studies. We show how these anomalies are...

The GLOBE study of national cultures identified nine dimensions of culture. These nine dimensions were measured in the form of societal practices (as things are) and societal values (as things should be). The correlations between practices and values for societies, surprisingly, were found to be...

We study consequences of regulatory interventions in limit order markets that aim at stabilizing the market after an occurrence of a “flash crash”. We use a simulation platform that creates random arrivals of trade orders, that allows us to analyze subtle theoretical features of liquidity...