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This research examines the spatial linkages between natural amenities and tourism employment spillovers under alternative neighbourhood structures. A main contribution is to contrast models where economic distance defines neighbouring regions with a model where the spatial structure is defined by geographical proximity. Significant spillovers are found not only between geographical neighbours, but also between economic neighbours with important implications for policy design. Internet, population, regional parks and state forests and World Heritage Areas are found to be important drivers of regional spillovers. This study uses data for Queensland, Australia, however the approach and conclusions can be extrapolated to similar economies. [ABSTRACT FROM AUTHOR]

For flood-prone urban areas, the prospect of increasing population densities and more frequent extreme weather associated with climate change is alarming. Proactive adaptation can reduce potential flood risks in theory. However, there is limited empirical economics exploring this issue, without which convincing residents within exposed areas to participate in adaptation is challenging. In this paper, a hedonic model is presented of property prices for a flood-prone inner-city suburb of Brisbane, Australia. The study defines a continuous flood-risk variable based on the vertical distances of properties relative to a flood level that occurs on average once every 100 years. The results show significant property-price discounting of 5.5 per cent per metre below the defined flood level. Detailed hedonic characteristics also provided shadow price estimates of housing characteristics and distances to amenities (such as bus-stops, train-stations, parks and bikeways) and these hedonics need to be considered when holistically assessing the dynamics of suburbs for adaptation planning. [ABSTRACT FROM PUBLISHER]

This article analyses the impact of trade and foreign investment on a small but not so open economy, Australia, whose growth rate outpaced the majority of the OECD countries in the last decade. We model five channels of outward orientation: exports, imports, foreign direct investment, foreign portfolio investment and other foreign investment. A cointegrated vector autoregressive model, complemented by a robust Granger noncausality test, is specified to identify permanent channels of outward orientation. Imports and direct investment are found to have a growth effect in the long run. The effect of imports is almost three times that of direct investment. [ABSTRACT FROM AUTHOR]

Presents a model of Australian wheat grower supply response under the constraints of price and yield uncertainty, risk aversion, partial adjustment and quadratic costs. Indication that risk arising from prices and climate have significant influence on producer decision making; Coefficiency of relative risk aversion and elasticities of supply with respect to price.

Determines whether the Australian Wool Futures market is efficient in predicting spot prices. Application of cointegration techniques to test the Law of One Price over certain spreads of futures prices; Functions of futures markets.