Issue 11 August 2003
In this issue are the following articles:
- The growth race at the OECD stadium
- Junk mail for sale
- Governance of Maori Assets
- Build it and they may leave! Asset-Stranding: Risk and Regulation
- Commercial law and regulation: harmonisation vs competition
- It's those pipes again!
- Going, going...gone, gone and gone auctioning an item with multiple units
The growth race at the OECD stadium
Nobel-prize winning economist Robert Lucas has commented that once one starts thinking about economic growth then it's hard work to think about anything else. The Treasury's Bob Buckle and Nathan McLellan agree.
Junk mail for sale
Imagine if advertisers could not only put advertising leaflets in your mailbox, but make you pay for the costs of printing and delivering them. Farfetched as it might seem, that's exactly what happens in the world of e-mail. Richard Frogely explains.
Governance of Maori Assets
Around $500 million has already been distributed to Maori under the current Treaty settlements process; the Treaty of Waitangi Fisheries Commission is about to distribute further assets and interests under the 1989 and 1992 fisheries settlements; and a foreshores and seabeds settlements could now be in the offing. It's timely, says Richard Meade, to consider what protections are proposed or in place to ensure these settlements endure - and, in particular, that their value is protected for the enjoyment of future Maori generations.
Build it and they may leave! Asset-Stranding: Risk and Regulation
The modern economy presents many challenges for regulators and firms alike. One major concern is the ability of demand fluctuations - caused by competition or technological innovation - to strand the very infrastructure assets on which the new economy relies. As these vital assets are often subject to regulation, it is essential to understand how different regulatory regimes perform in this new economic environment. Steen Videbeck reports on recent research from ISCR's Lewis Evans and Graeme Guthrie which reveals that the type of regulation used has some very important implications for firms and their customers.
Commercial law and regulation: harmonisation vs competition
In the last five years there has been considerable discussion of the benefits of harmonising New Zealand commercial law and regulation with that of Australia or with the OECD norm. Neil Quigley believes this discussion has placed too little weight on commercial law and regulation being efficient in terms of the specific institutional features of the New Zealand economy.
It's those pipes again!
Telecom companies have pipes and not enough water, reckons Bronwyn Howell.
Going, going...gone, gone and gone auctioning an item with multiple units
Auctions are an established method of valuing items in transactions that go as far back as 500 B.C. More recently, their use has been encouraged by the availability of e-communications - bringing more buyers and sellers together at lower costs. Auctions for multiple units of a single item are also growing in popularity. The list of examples is expanding - it includes telecommunications spectrum or emissions permits with a number of similar licences, Treasury bills with a number of bills of the same term, and electricity markets with identical units of electricity. Kevin Counsell provides an insight into ways such auctions are run and their implications for bidder behaviour.