ECONOMICS UWA ECONOMICS HONOURS. Kenneth W Clements. Business School University of Western Australia DISCUSSION PAPER 12.09

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1 ECONOMICS UWA ECONOMICS HONOURS by Kenneth W Clements Business School University of Western Australia DISCUSSION PAPER 12.09

2 March 2012 UWA ECONOMICS HONOURS by Kenneth W Clements * Business School The University of Western Australia 1. Introduction The UWA Economics Honours degree has produced a stream of outstanding students, has a history spanning more than half a century, enjoys considerable prestige and is highly valued by the community and the University. As the degree is a flagship program of the Business School, this paper records some of the history of the degree over the past three decades. Economics has been taught at UWA almost since the University s inception in 1912, when it was part of the Faculty of Arts, and Edward Shann was the Foundation Professor of History and Economics. Economics became the Faculty of Economics in 1954, and then part of the Faculty of Economics and Commerce in For some details of this early history, see Alexander (1963), Lourens (1988) and Treloar (1988). In 2007, there was a major reorganisation, with the Faculty of Economics and Commerce becoming the Business School with about 100 academic staff. The history of UWA Economics has been the subject of three recent papers by distinguished UWA graduates: Appleyard (2010), McLure (2011) and Petridis (2011). While these papers deal with issues broader than Economics Honours, they still at least touch on the topic. Petridis (2011) mentions several prominent economics students from the 1940s and 50s. These include Reginald Appleyard (later to become Professor of Economic History at UWA), Keith Frearson (influential academic in Economics at Monash), Robert Hawke (Prime Minister of Australia), Austin Holmes (leading central banker at the Reserve Bank of Australia), John Neville (Professor of Economics at UNSW), Maxwell Newton (financial journalist and newspaper publisher) and Wilfred Salter (path-breaking researcher on * Kenneth Clements is a Winthrop Professor of Economics and BHP Billiton Research Fellow. In preparing this paper, I have benefitted from the research assistance of Tijana Mirkovic, Tom Simpson and Caitlyn Thomas, as well as the helpful input from Mei-Hsiu Chen, Rebecca Doran-Wu, Izan, Paul Lloyd, Paul McLeod, Michael McLure, Rod Tyers, Terry Walter and other staff members of the UWA Economics Group. I gratefully acknowledge the cooperation of the honours graduates who contributed letters to this project. This work was financially supported by the UWA Business School. 1

3 productivity who died at a young age; see Weber, 2011, for some details). In his history dealing with the 30 years up to the early 1990s, McLure (2011) notes the successes of Economics students, and points to two leading examples: Colin Barnett, the current Premier of WA, and Tracey Horton, who has just completed a highly successful 6-year term as Dean of the UWA Business School. Appleyard (2010) adds to this already impressive list the names of H. C. Coombs, who was to become the first Governor of the Reserve Bank of Australia, John Stone (Secretary of Federal Treasury) and Arthur Tange (Secretary to the Commonwealth Department of External Affairs), among others. The UWA Economics Honours model is as follows: after their third year, students with a strong academic record are invited to undertake honours, which entails another year of studies. In recent times, on average, the honours class comprises about 15 students, who take high-level units in macro and microeconomic theory, as well as optional units including econometrics, economic development, history of thought, international finance, international trade and public finance. Importantly, they also write a 15,000-word dissertation that absorbs one-half of the overall year s work. The dissertation is substantial and it represents a tremendous learning experience for most students as it is the first time they have the opportunity to carry out original research. In addition to researching a specific topic, writing the dissertation provides valuable generic skills: the organisation of a large-scale project, the development of writing and time-management skills, as well as gaining experience in defining a researchable question. The paper provides information on past honours students, their dissertations and some details of what they are doing now. The paper also contains a set of letters from former students; these letters contain unique personal perspectives of the graduates on the value of honours and how it contributed to their subsequent careers. The data used in the paper have been compiled from internal records of the Economics Group, as well as from official University sources. While I have endeavoured to collect data that are as accurate as possible, I am aware that the quality of the data is still less than perfect and the coverage is incomplete (especially for the period before 1980). I apologise in advance to anyone who has been inadvertently omitted from the tables that follow and would appreciate receiving any additions and/or corrections. 2. The Students and Prizes For the period , there were 443 Economics Honours students and Appendix A1 lists their names and, in the vast majority of cases, the titles of their 2

4 dissertations. Figure 2 shows that enrollments fluctuate considerably from year to year and most recently, the number enrolled is close to the long-term average of about 15 students. Thus, the program is not large, but quality is more important than quantity. 1 Christopher Vargovic, a student from 1955, left a generous bequest to the University to support research students in Economics. 2 As shown in Appendix A1, over the last 10 years Vargovic Memorial Bursaries have been awarded to more than 70 students, the majority of whom were undertaking honours. Additionally, the WA Branch of the Economic Society of Australia awards prizes each year for the top honours student and another for the best honours dissertation in WA. The UWA winners of these prizes are also listed in Appendix A1. 3. Dissertation Topics and Supervisors The topic for the honours dissertation is decided by the student in consultation with staff. The titles of the 400+ dissertations written over the last 30 years are given in Appendix A1. These are classified into broad areas in Figures 3 and 4. As can be seen from Figure 3, macro and monetary economics is by far the most popular area, followed by international and labour economics. The areas vary quite substantially on a decade-by-decade basis, and Figure 4 reveals a decline in labour and offsetting rises in other topics. But other than this, there does not seem to be any easily identifiable patterns. 3 In some cases, dissertations lead to publications in journals and elsewhere; see Table 1 for details. In most cases, supervisors have a substantial influence on the final dissertation, so it is appropriate to record the supervisor s names. Appendix A1 gives the details of supervisors, while Figure 5 provides a summary picture in the form of the number of dissertations supervised. As can be seen, over the three decades, Clements, McLeod, Weber, Miller and Groenewold have been particularly active supervisors. 1 For the period , for which the records are much less complete, 149 Economics Honours students have been identified; for details, see Appendix A1. 2 Alec Kerr, Vargovic s mentor at UWA, has told me that Vargovic was very fond of the University that he felt had helped establish him in Australia after arriving penniless following his escape from Yugoslavia after World War II. This gratitude is also reflected in the acknowledgements in his book (Vargovic, 1956) where he writes: Without the financial assistance of the Research Fund of the University this study would have been impossible. I desire, therefore, to acknowledge the opportunity created in this way. 3 The changes in the distribution of areas are statistically significant. See Appendix A2 for details. 3

5 4. What the Graduates Say In an effort to obtain views from former students on the value of Economics Honours, I made contact with as many of them as possible. I invited them to provide information on what they are doing now, reflect on their time at UWA and how it helped them in their subsequent careers. I received 22 s/letters in response and these are contained in Appendix A2. This section provides an overview of that material. Three related themes can be identified from the letters from the former students: (i) the benefits of honours; (ii) how their studies helped their careers; and (iii) the usefulness of studying economics. In what follows, I quote from the letters. 4 Benefits of Honours The graduates perceive considerable benefits from taking Honours, as is illustrated by the following quotations: A definite advantage of the UWA program was the small class size. As well as allowing for greater contact between students and lecturers, I would also say that the small class size also meant that students were able to spend more time with their dissertation supervisor. I remember having weekly meetings with my supervisor, Michael McLure, who offered excellent guidance and support (and never got upset when I turned up for a meeting without having touched my dissertation all week). Louise Carter [2004] my training at UWA provided strong foundations in critical thinking and conceptualisation skills. Further, being an international student in Perth for a number of years had extensively enriched my people skills as well as positive attitude in life. Bernard Gan [1994] Studying economics at honours level places you in the elite of the economics graduates. Because of this you get access to the best staff and the most in depth courses. Most important though, are your fellow honours students, who are also the elite of economics Completing honours opens doors to any number of potential employers in both the public and private sectors, domestically and internationally. A number of employers of economics graduates (eg Treasury and the RBA) only take graduates with honours qualifications. This is because of the general skills you acquire during the year and the interest shown in the subject. Honours is also a gateway to further study, such as a doctorate, both here and overseas. David Halperin [2010] 4 The year of completion of Economics Honours is given in square brackets after the former student s name. 4

6 The material learnt through the honours degree, and the opportunity to write an extended piece of research under supervision, was valuable when I entered work and when I applied for graduate study. Honours study sent a strong signal to employers and universities that I was interested in the topic and that I was willing to work hard. Callum Jones [2008] It was a tremendous learning experience, a chance to engage more seriously with economics and to work closely with like-minded students As a result of my thesis, on the economics of the W.A. Potato Marketing Board, I was asked to submit a paper to a refereed journal. I subsequently became a minor media celebrity when the Board made the news thanks to a combination of a legislative review and the antics of several antiestablishment potato growers. I was interviewed by The Australian newspaper and W.A. Business News, which prompted a furious letter from the Chairman of the W.A. Potato Marketing Board in response. Oliver Kerr [2003] Through both the course work and the thesis work, the professors encouraged us to explore different avenues, be it by presenting ideas in classes, encouraging reading around topics, or guiding us to investigate material around our theses. Overall, I would say my honours year had the highest marginal return of all my university years. Emily Laing [2007] The quality of education received at UWA was on a par with anything I might have found anywhere else in the world. James McClements [1984] Whilst the year was the most challenging of my university career it was certainly the best! I took the Economics major and electives in International Finance and Topics in Economic Analysis. These were fascinating, and I felt I was learning material that helped me to understand the world around me, whilst also getting a glimpse of just how huge the world is! By far the hardest part of the year is the dissertation! For me, completing the thesis felt like a maze, except I wasn t just trying to find the end, I had to find where to start first! There are stumbling blocks along the way but your supervisor is there to assist you overcome these. This is the greatest privilege of being an honours student, working closely with academics that are expert in their field and full of character! I was lucky enough to be supervised by Professor Ken Clements, whose fantastic guidance allowed me to complete a paper on the pricing of illicit drugs in Australia. Susan Pen [2010] Small class numbers fostered much greater contact with lecturers, who were always willing to discuss problems and issues. I found this one of the more rewarding aspects of the honours year. John Roberts [1981] 5

7 the level of care and commitment of supervisors to their honours students is something that makes the honours year a very special academic experience, and something that distinguished the year from other undergraduate experiences. Derby Voon [2003] I found my Honours year at UWA to be a pivotal experience for me If you are inherently a curious, inquisitive person, the Honours programme is a wonderful experience. For the first time in your life, you have the opportunity, through your thesis, to make a contribution to the study of economics My advice to anyone contemplating doing Honours at UWA? Do it. Andrew Williams [1996] My economics degree provided me with a sound grounding in macroeconomic theory. Even more valuable was the knowledge, experience and technical skills which I developed during my honours year and through my work as a tutor for the economics department Overall, my time spent studying at UWA included some of the best years of my life and provided me with many career opportunities. Nina Yiannopoulos [2007] What Did it Lead To? The wide variety of activities of graduates, and the usefulness of the skills they acquired in their studies, is reflected in the following passages: After completing my degree I worked at the Reserve Bank of Australia. Here, I was able to apply economic principles and theories to assist in understanding current issues relevant to monetary policy. For example, I assessed the risks faced by the Australian financial system by conducting analysis into securitisation and insurance practices that would become a key factor in the sub-prime financial crisis some five years later. Andrew Ainsworth [2001] it has certainly opened many doors for me. Having a good honours degree was definitely a vital step in getting a job at the Reserve Bank, where I have worked since Louise Carter [2004] My economics training at UWA was certainly a plus when I later did my MBA at the University of Cambridge. Having moved back to Perth with my family about 8 years ago, I am now with KPMG working in the Energy and Natural Resources area and KPMG s China Business Practice advising Chinese companies investing in WA. Again my UWA economics degree has put me in good stead as I find I am still applying the economic analytical tools you taught me. Peter Chong [1986] 6

8 My Economics training at UWA has given me a good grounding for my research, and also provided me with the knowledge and desire to impart these to the younger generations. Amongst my peers who graduated in the same cohort, some have went on to public sector careers in the Reserve Bank of Australia, the Australian Competition and Consumer Commission, while others who have embarked on careers in the private sector with banks such as Merrill Lynch and Citibank, or accounting firms such as Ernst and Young, or KPMG. As for myself, I am currently pursuing a PhD in Economics, and am currently Assistant Professor of Health Economics in the School of Population Health at UWA. I am certain that my education at UWA has primed me well for my work Ian Li [2007] I have always been pleased for the grounding that my economics honours year at UWA gave me. That year was instrumental in what I went on to do by way of a career as a professional economist in the broader meaning of the phrase. In the beginning it served me well after my graduation when I joined The Treasury in Canberra at what proved to be an especially auspicious time with the election of the Hawke Government At a very young age I had the pleasure of a front row seat for some of that period as a member of the then Treasurer Keating s private staff after being seconded from the Treasury in early 1985 after serving 2 years in the Department proper (a testament I would have thought to my economics honours training at UWA). Stephen Miller [1982] My career since Economics Honours has led me to management consulting While I haven t directly applied my economics in a work context the degree provided me with a strong foundation for thinking in a structured way. Graeme Thomas [1993] the experience taught me many things that have subsequently served me well. Perseverance, attention to detail, time management, patience and satisfaction are words that immediately spring to mind, but I m sure I could add many others. Andrew Williams [1996] Why Economics? Some of the letters from graduates refer to their perception of the broader benefits of choosing to study economics -- the power of the economic way of thinking, the insights it provides into national and global events, as well as its sheer intellectual content. Here are some examples: I believe an economics degree at UWA teaches one how to think, rather than what to think. It equips one with the tools to be able to think independently and critically about a variety of relevant issues. I distinctly remember an economics lecturer stating in my first year that just because it is written in 7

9 a book does not mean it is true, highlighting the need to be able to question, rather than merely accept, what is written. Andrew Ainsworth [2001] I decided to take a cadetship from the Reserve Bank and felt like I had landed my dream job. While I was at the Bank I wrote lots of briefing notes for the Reserve Bank Governor and built lots of economic models (on those new-fangled personal computers!) and discovered that economic models are very useful ways of generating powerful insights about complex situations I am proud of the fact that in some small way, I have used my economics knowledge to make a positive difference in the world. Every now and again, you may hear a perspective that studying economics and business is just something that you do if you want to make money But economics and business is about so much more than that. Business acts as a catalyst to bring together all disciplines and to ensure cooperation across nations. It underlies the strength of the great economies of the world. Being a business owner or leader brings with it tremendous responsibilities of the employment of others and their well-being while they are at work and of the custodian-ship of the resources of future generations. Tracey Horton [1985] Economics is a degree whose tentacles increasingly reach into almost every aspect of society in some form. As such I consider it a valuable launching pad for new graduates. Peter Kerr [1992] Studying economics at UWA has opened many career paths. It is powerful knowledge to possess in this era of economic integration and globalization. Based on my experience I would definitely recommend the study of economics at UWA. Mark Knezevic [2004] Economics to me was a window on global issues and stretched my imagination beyond what was happening solely in my back yard. It motivated me to travel and have aspirations to seek employment outside of Perth and outside of Australia. James McClements [1984] A UWA economics degree has not only enabled me to get my dream job, but also taught me analytical and economic skills which I apply every day in my work. It is a degree which strikes the perfect balance between the humanities and the sciences, a degree which expands one s capacity to think in the broadest sense of the word. I can strongly recommend it to everyone. Peter Nagy [2002] I would, without hesitation, recommend an economics major to new undergraduate students. I think that many people do not realise that they are affected by and involved in economic theories every day. Examples range from the trivial, such as why 2 litres of milk costs less per litre than 300 ml, to important decisions about future expectations on mortgage interest rates. 8

10 Having a good understanding of economic principles helps explain and simplify human behaviour. David Shackles [2006] 5. Where are They Now? Honours graduates work in a wide variety of jobs. Many first go to work for a government agency such as the Reserve Bank of Australia, Federal or State Treasury, or the Productivity Commission. Then, after several years, they might move to the private sector and work in banking, economic or management consulting, investment banking, stock broking, etc. This section provides information on the current activities of the graduates. This information was collected from several sources, including UWA records, LinkedIn, Google and websites of companies and other institutions. Appendix A2 contains detailed information regarding the current employment of 83 graduates. As can be seen from the summary in Figure 1, the graduates are now widely dispersed over the private and public sectors, including academia, the RBA, consultancies and financial institutions. 15 FIGURE 1 CURRENT EMPLOYMENT OF GRADUATES Source: Derived from Table A2.2. 9

11 FIGURE 2 NUMBER OF HONOURS STUDENTS, Flow (Left Hand Axis) Stock (Right Hand Axis) FIGURE 3 DISSERTATION TOPICS,

12 FIGURE 4 DISSERTATION TOPICS, BY DECADE (Percentages) A. Total, (n = 412) B (n = 119) C (n = 132) D (n = 161) Notes: Panel A shows the distribution of honours theses by the Journal of Economic Literature classification for Panels B, C and D are the distribution by decade. 11

13 FIGURE 5 SUPERVISORS OF HONOURS DISSERTATIONS, A. Number of Students B. Number per Year Notes: Panel A gives the total number of dissertations supervised by each staff member. Panel B shows the mean number per year which is equal to the total divided by the number of years the supervisor was on staff, standardising for differing lengths of service. 12

14 TABLE 1: PUBLICATIONS FROM HONOURS DISSERTATIONS 1. Branston, C.B. (with N. Groenewold). Investment and Share Prices: Fundamental versus Speculative Components. North-American Journal of Economics and Finance 15 (August 2004): Carter, L. "Labour Market Responses to the Abolition of Compulsory Superannuation." Australian Journal of Labour Economics 8 (2005): Christie, V. "Union Wage Effects and the Probability of Union Membership." Economic Record 68 (March 1992): Chong, P. "Does Interest Rate Parity Hold for Australia?" Bulletin of Money, Banking and Finance 3 (1987): 79-96; errata, 1 (1988) 5. Daryal, M. "Prices, Legalisation and Marijuana Consumption." University Avenue Undergraduate Journal of Economics Goh, D. (with N. Groenewold). Fundamentals and Speculation in the Thai Baht Crisis. International Journal of Economics and Finance 5 (October 2000): Hallam, A. (with E. J. Weber). "Labour Taxes and Work Hours in Australia." Australian Journal of Labour Economics 11 (2008): Jones, C. "House Price Measurement: The Hybrid Hedonic Repeat-Sales Method." Economic Record 86 (2010): Kerr, O. "The Economic Effects of Regulation of the Western Australian Potato Market." Australian Quarterly Bulletin of Economic Trends 1.04 (2004): Knezevic, M. "Estimating the Long-Term Costs of Diabetic Kidney Disease: An Economic Approach." Applied Economic Letters 16 (2008): He, L. (with N. Groenewold). The US-China Trade Imbalance: Will Revaluing the RMB Help (Much)? Economics Letters 96 (2007): Miller, S. "Purchasing Power Parity and Relative Price Variability: Evidence from the 1970s." European Economic Review 26 (1984): Moody, A. "The Economics of Trading Blocs: Application to the Indian Ocean Rim." Western Australian Economic Review 16 (July 1996): Pawley, J. (with E. J. Weber). Chapter 18 "Investment, Technical Progress and the Consequences of the Global Economic Crisis." In O. de La Grandville (ed.) Frontiers of Economic Growth and Development, 11 (2012): (Continued on next page) 13

15 PUBLICATIONS FROM HONOURS DISSERTATIONS (continued) Rummery, S. The Contribution of Intermittent Labour Force Participation to the Gender Wage Differential. The Economic Record 68 (1992): Stephens, B. "The Determinants of Labour Force Status Among Indigenous Australians." Australian Journal of Labour Economics 13 (2010): Voon, D and P.W. Miller "Undereducation and Overeducation in the Australian Labour Market." The Economic Record 81 (August 2005): Win, R. "The Effects of Individual and School Factors on University Students' Academic Performance." Australian Economic Review 38 (2005): Yang, W. and Zheng, S. (with K.W. Clements) "Is Utility Additive? The Case of Alcohol." Applied Economics 29 (1997): Yuen, W-C. "Food Consumption in Rich Countries." Chapter 6 in D. L. Chen World Consumption Economics, Singapore: World Scientific (1999):

16 APPENDIX A1 Table A1.1 contains the detailed information on dissertations, including the names of supervisors, while Table A1.2 is a comparison index. Tables A1.3 and A1.4 relate to students to whom complete information is missing and/or who graduated before Details of honours bursaries and prizes are given in Table A1.5 A

17 TABLE A1.1 HONOURS DISSERTATIONS, Year/Student Name Dissertation Title Supervisor Bartels, C. A Golden Shock: Living Standards, Immigration and Mining Booms Robertson, P. Q 411. Doger de Speville, M. Do Economic Fundamentals Drive Stock Market Comovements? Evidence from the United States and Canada Groenewold, N. G 410. Doucas, B. A Crude Reality: The Effects of Oil Price Shocks on Australian Stock Returns Groenewold, N. G 409. Halperin, D. A New Approach to Forecasting Metals Prices Clements, K. Q 408. Low, K.C. Is Australia Suffering from Dutch Disease? Crompton, P. Q 407. Pawley, J. Investment and Productivity in Australia Weber, J. E 406. Pen, S. The Pricing of Illicit Drugs Clements, K. D 405. Poon, A. Malaysia's Economic Performance During the Global Financial Crisis Tyers, R. E 404. Wong, A. Schooling Progression in Indonesia Rammohan, A. J 403. Wu, C. An Economic Analysis of the Declaration Criteria in Part IIIA of the Trade Practices Act 402. Yong, B.K. Sources of Sustained Chinese Economic Growth: During the Global Financial Crisis (GFC) Tyers, R. E Binwani, K. The Economic Growth - Income Inequality Nexus: A Singaporean Case Study Siddique, A. O 400. Chan, T. Stock Market Behaviour and Macroeconomic Performance Tyers, R. G 399. Cheang, Y. Tear Down the Walls: Analysis of Solutions to the Liquidity Trap Weber, J. E 398. Cruise, G. Economics of Recycled Water Prices McLeod, P. Q 397. Devitt, T. The Political and Economic Forces Behind Protectionism, and the Role of Economic Thought McLure, M. B 396. Liu, W. Subprime Crisis: Has it Changed the Relationship between the Share Market and the Macroeconomy in Australia Groenewold, N. E 395. Mero, S. Measures of Home Ownership Affordability in Australia: Trends and Policy Implications McLeod, P. E 394. Paterson, J. Commodity Prices, Stock Prices and the Exchange Rate for Australia During the Boom of the Noughties Groenewold, N. G 393. Pong, J. Economic Development and Demographic Transition: A Case Study of Singapore Siddique, A. O 392. Rowe, C. The Consumer Sentiment Index as an Economic Indicator Weber, J. E 391. Stefansson, E. Fiscal Expansions and the Real Exchange Rate: Empirical Evidence from Australia Tyers, R. E 390. Stephens, B.J. The Influence of Selected Characteristics on the Labour Market Outcomes Amongst Indigenous Australians Miller P & Birch, E. J 389. Wang, S. External Factors that Affect Share Prices an Australian Approach Groenewold, N. G 388. Zhang, L. The Effect of the Short Selling Ban on Financial Market Stability in Australia During the GFC in 2008/09 Weber, J. G Anderson, G. Monetary Policy and Stock Prices in Australia: Evidence and Implications Groenewold, N. & Izan, H E 386. Bensley, E. The Effect of Terms-Of-Trade Shocks in Australia Under Different Exchange Rate Regimes Groenewold, N. F 385. bin Rahmat, M.A.H. Extracting Market Expectations of Future Rate Changes from Australian Bank Accepted Bills Futures Options Weber, J. F 384. Davis, B. The Water Market: Demand Side Management Clements, K. Q 383. Garner, M. An Analysis of Demand for Perth International Arts Festival Events Miller, P. D (Continued on next page) 16 JEL Code

18 TABLE A1.1 (continued) HONOURS DISSERTATIONS, Year/Student Name Dissertation Title Supervisor Han, D.Y.H. A Comparison of Fundamental and Technical Analysis in Exchange Rate Forecasting Groenewold, N. F 381. Jones, C. House Prices Clements, K. E 380. Knight, K. Methodological Individualism in Theoretical Welfare Economics McLure, M. I 379. Kofanova, A. The Economics of Reserve Holdings Clements, K. E 378. Lane, K. The Monetary Dynamics of Hyperinflation in Zimbabwe Clements, K. E 377. Petchey, R. A Comparison of Electricity Industry Generation Costs with Nuclear Power Costs: An Australian Case Study McLeod, P. Q 376. Priyati, R.Y. The Impact of High Energy Prices on Indonesian Exports Clements, K. F 375. Winzar, C. China s Exchange Rate Regime: Reforming the Renminbi Crompton, P. F Bathgate, M. Australian State Business Cycles: A Markov Switching Approach Weber, J. E 373. Briggs, M. The Effect of the Australian Competition and Consumer Commission on Mergers and Acquisitions in Australia da Silva Rosa, R. G 372. Connolly, L. CEO Pay Packages: Theory vs Practice within Australian Firms Butler, D. M 371. Foo, S.P. The Economic and Psychological Approaches to Human Behaviour: Implications for Gambling Addiction Butler, D. D 370. Gray, K. Drought, Crops and Insurance: Why Can t Australia s Farmers Insure Against Drought? Weber, J. Q 369. Kaye, A. Aid, Governance and Growth Williams, A & Wu, Y. O 368. Kunakool, S. Trade Policy and Industrial Development in Thailand Siddique, A. L 367. Laing, E. Commodities, Currencies and their Inter-Relationships Clements, K. F 366. Li, I. Institutional Quality Effects and Graduate Outcomes Miller, P. I 365. Maesepp, M. Larry Goes Bananas in North Queensland: The Economic Consequences of Cyclone Larry Clements, K. E 364. Ong, S. Cash for Clunkers: An Analysis of a Voluntary Accelerated Vehicle Retirement Program in WA Miller, P. H 363. Peiris, D. The Determinants of Foreign Direct Investment: An Empirical Analysis Wu, Y. F 362. Sin, Y. The Export Competitiveness of Malaysia and Singapore ( ) Wu, Y. F 361. Warren, M. Estimation of the Coefficient of Relative Risk Aversion: A Meta-Analysis Weber, J. D 360. Yiannopoulos, N. A Quasi-Market Approach to Education: The Teacher Market Miller, P. I Chan, A. The Regional Distribution of Economic Growth Clements, K. R 358. Chia, G.E.E. What Influences a Graduate's Starting Salary? Miller, P. J 357. Golabek, L. China: The New Frontier of Luxury Goods Consumption Wu, Y. O 356. Hallam A. Institutions, Taxes and Work Hours: An Examination of Labour Supply in Australia and NZ since 1990 Weber, J. J 355. Ho, S.Q. The Demand for IVF Butler, D. D 354. Horner, C Can Diversification Overcome Distance in the Stock Market? Weber, J. G 353. Kolychev, A. A Dynamic Analysis of the Price Discovery and Volatility Spillovers in the Foreign Exchange Markets Hoti, S. F 17 (Continued on next page) JEL Code

19 TABLE A1.1 (continued) HONOURS DISSERTATIONS, Year/Student Name Dissertation Title Supervisor Mehta, S. The Impact of the Terrorist Events of September 11, 2001 on the U.S. Airline Industry and on Individual Firms Voola, J. D 351. Parameswaran, G. University Students and Tuition Costs; What Do They Think and How Much Do They Know? Miller, P I 350. Shackles, D. The Implications of Australian Govt Policy on the Labour Market Performance of Refugees and Asylum Seekers Miller, P. H 349. Tan, J.W. Auction Theory: A Comparison of Traditional Auctions and Online Auctions in the Case of Wine Auctions Clements, K & Fogarty, J. D 348. Tan, T.J. Comparative Advantage in Manufacturing: A Comparison of the ASEAN-5, China and India Wu, Y. O 347. Wyroll, P. The Democracy-Growth Nexus: Contemporary Evidence From Developing Countries Siddique, A. O 346. Yong, K. Is a Single Asian Currency a Beneficial Endeavour? A Comparative Study of Currency Area Optimality Wu, Y. F Axworthy, S. Macroeconomic Risk Sharing Amongst States within Australia Weber, J. E 344. Barker, T. OPEC Strategies, Achievements and Objectives Gabbay, R. Q 343. Beaman, S. Australia's Big Four: An Analysis of Competitive Strategy Voola, J & Johnson, J. G 342. Butler, L. An Evaluation of Manpower Forecasting Models and their Application in Australia Miller, P. C 341. Colegrave, A. Why Study? An Analysis of the Returns to Education in Australia Giels, M & Siddique, A. I 340. Currell, J.A. Housing Prices and Banking Solvency in Australia Weber, J. E 339. Davies-Slate, S. Explaining Regional Differences in Iron Production Costs Crompton, P. Q 338. Gaturu, S. The Globalisation Debate: Selected African Countries' Perspectives Siddique, A. F 337. Hakin, A. Modelling Return and Volatility Spilloves between Stock and FOREX Markets Across Indonesia, Japan and USAMcAleer, M. G 336. He, L. Can a Flexible Chinese Rate Rescue the US Trade Deficit? Groenewold, N. F 335. McDonagh, C. Big-Bang" Versus Gradualistic Strategies of Economic Transition: Case Studies of Mongolia and Vietnam Siddique, A. O 334. Poole, E. The Role of Uncertainty in Fisheries Management: Case Study on the West Australian Rock Lobster Fishery Weber, J. Q 333. Simmonds, D. Parental School Choice: an Intergenerational Study of the Determinants of School Choice in Australia Miller, P. I 332. Su, C. Economic Fundamentals, Volatility & Stock Returns in Australia McAleer, M. G 331. Suttie, F. Environmental Policy, Property Rights and Economic Development Review and Analysis Siddique, A. Q 330. Zaiyuan, S.P. Theocracy and Secularism: How Varied Forms of Government Affects Economic Welfare McLure, M. I Carter, L. Proposed Changes to Superannuation Policy: Implications for the Labour Market and Ageing Population McLure, M. J 328. Ceber, A. Monetary Policy in a Low Interest Rate and Low Inflation Environment Weber, J. E 327. Chua, B. Growth in Government and Economic Growth in Singapore: Pre and Post Asian Currency Crisis Wu, Y. O 326. Chua, W.H.J. Impact of Immigrant Characteristics on the Propensity for Home Ownership: An Australian Perspective Miller, P. J 325. Coffey, J.R. Modelling Dynamic Conditional Correlations in the Returns to Spot, Forward and Future Prices McAleer, M. G 324. Gray, C.J. Monetary Interdependence between Australia, New Zealand and The US: A Structural VAR Approach Kam, T. E 323. Knezevic, M. Cost and Probability Analysis of Type II Diabetes in a WA Community Setting Clements, K & Le, T. I 18 (Continued on next page) JEL Code

20 TABLE A1.1 (continued) HONOURS DISSERTATIONS, Year/Student Name Dissertation Title Supervisor Lee, B.S. An Economic Theory of National Defence Clements, K. H 321. Mai, T.Q. Indo-Australian Economic Relations in Perspective: Trade, Investment, and Aid Ghosh, N. H 320. Ng, J. The Real Effects of Financial Deregulation Weber, J. G 319. Nugraweni, N. The Electoral-Economic Nexus: An Analysis of Political Cycles in the Australian Macroeconomy Clements, K. H 318. Ong, C.A.H. Information in the Labour Market: Application to the Signalling and Screening of NBA Players Miller, P. D 317. Ong, K.L.K. Regional Economic Activity in Malaysia Weber, J. R 316. Phua, Y.F. The Social Costs and Benefits of Gambling: An Economic Perspective Miller, P. D 315. Sargeant, M. Banking: Regulation, Competition and the Social Welfare Consequences Miller, P. M 314. Shackles, E. The Burden of External Debt and the Need for Debt Relief Siddique, A. E 313. Sum, K.J.W. The Economics of Offshore Outsourcing Butler, D. M 312. Verani, S. An Analysis of Open Source Software Developer s Incentives Clements, K. M 311. Vivatsurakit, T. FDI and its Impact with Particular Reference to Economic Growth: The Case of Thailand Wu, Y. F 310. Wah, W.L. The Relationship between Energy Consumption, Economic Growth and Prices: Evidence from APEC Wu, Y. O 309. Yao, R.Y.A. Change in Occupational Status of Immigrants to Australia Le, T. J Ang, G.T. The Socio-Economic Costs of Brain Drain from Australia Siddique, A. J 307. Browning, M. Foreign Direct Investment and Economic Growth: Selected Developing Countries' Perspective Siddique, A. F 306. Chan, Y.G. Happiness Economics: The Factors That Affect Happiness in University Education Miller, P & Tcha, M. J 305. Chia, J. Asset Pricing, Macroeconomic Variables, and the Arbitrage Pricing Theory Groenewold, N. E 304. Colgrave, A. Derivatives, Volatility and Monetary Policy McAleer, M. E 303. Divkovic, V. The Economic Impact of Mergers and Acquisitions in Australia McLeod, P. G 302. Kerr, O. The Economics of the Western Australian Potato Marketing Corporation Clements, K. M 301. Lai, W.G.W Causality Relationship between Energy and Economic Growth: The Rich Versus the Poor Wu, Y. O 300. Lapham, K. Allocating Property Rights for Efficient Native Title Outcomes Weber, J. K 299. Lendry. Positive Inflationary Bias in Discretionary Monetary Policy and Optimal Preference in the Central Bankers Kam, T & Weber, J. E 298. Mudford, K. Contemporary Iran and the Broader Objectives of a True Islamic State Gabbay, R. Z 297. Ong, Z. The Asset Valuation Problem: A Dampier to Bunbury Natural Gas Pipeline Case Study Clements, K. Q 296. Pabla, A. The Economics of Gene Patenting McLeod, P. K 295. Phua, K.S.J. The Role of Women in the Economic Development of Singapore, Siddique, A. D 294. Salley, N. Horizontal Fiscal Equalisation: An Efficiency Bonus McLure, M. E 293. Tan, T.H. Exchange Rate Pass-Through of Australia's Wool Tcha, M & Wu, Y. F 292. Telling, A. The Economic Impact of Post 11 September 2001 Legislation on the Value of Expatriated US Companies Johnson, J & Holub, M. Z 291. Vavakis, L. From Camels to Cadillacs: The Economics of Resource Booms Clements, K. Q 19 (Continued on next page) JEL Code

21 TABLE A1.1 (continued) HONOURS DISSERTATIONS, Year/Student Name Dissertation Title Supervisor Veiga, B. Multivariate Volatility and Spillover Effects in Non-Synchronous Financial Markets McAleer, M. G 289. Vergis, P. Tax Assignment and State Tax Reform McLure, M. H 288. Voon, D. Overeducation of Immigrants Miller, P. I 287. Win, R. Economics of Education: Effects of Individual and School Factors on University Students' Performance Miller, P. I 286. Yoon, G. The Malaysian Capital Controls: the Output-Inflation Trade-Off and Effectiveness of Policy Groenewold, N. E Au, W.H. The Economics of Central Banking Clements, K. E 284. Chan, T.Y. The Euro as an International Currency Groenewold, N. F 283. Chua, G. The Wealth of Nations: Theory and Measurement Clements, K. E 282. Chua, Y.M. Wages and Performance in Sports: the Australian Basketball Case Tcha, M. J 281. Chung, V. The Marshall-Lerner Condition for the Economy of Hong Kong Groenewold, N. F 280. Donovan, B. Corruption: Economic Growth, Human Capital and Multiple Equilibria Tcha, M. O 279. Edwards, C. Localised Price Manipulation Policies: Economic Tool or Political Instrument? Butler, D. M 278. Eterovich, L. An Analysis of the Australian Competition and Consumer Commission's Enforcement of Merger Law McLeod, P. K 277. Lio, F.S. The Theory of Altruism and the Analysis of Global Food Aid Programs Tcha, M. I 276. Maguire, G. The Economics of Daylight Saving Clements, K. E 275. McCormick, S. A Post World War Two Economic and Trade Related Comparison of Western Australia and New South Wales Davies, M. E 274. Nagy, P. The Economic Effects of Transnational Money Laundering Clements, K. F 273. Nam, C.W. Contagion, and Economic and Monetary Integration of ASEAN-5 McAleer, M. E 272. Oh Shaowei, A. Administration of Hedonic Pricing in the Mobile Phone Industry McLeod, P. D 271. O'Keeffe, C. The Growth and Development of British American Tobacco in Cambodia and its Resultant Effects upon the EconSiddique, A. L 270. Ossolinski, C. Private Saving and the Effect of Compulsory Superannuation Groenewold, N. D 269. Owyong, Y.C. Does Earned Income Tax Credit Benefit Australia? Miller, P. H 268. Smith, S. The Determination of Specific Purpose Payments in Australia: Empirical Evidence McLeod, P. H 267. Varley, K. Australian Native Title Law And the Mining Industry: An Economic Perspective McLeod, P. K 266. Vo, N.H.T. The State and Big Business in Korea: Evidence of Exclusive Economic Partnership ( ) Siddique, A. M 265. Wee, P.S. Patent Activity and Technical Change in US McAleer, M. K 264. Wong, M.Y. Comparative Advantage in Manufacturing: A Comparison of China and ASEAN-5 Wu, Y. O Ainsworth, A. Monetary Policy Rules in an Open Economy: An Application to Australia in the 1990's Weber, J. E 262. Bauer, M. Price Discrimination and Equal Opportunity Law McLeod, P. K 261. Bothe, R. The Depreciation of the Australian Dollar in the Year 2000 Clements, K. F 20 (Continued on next page) JEL Code

22 TABLE A1.1 (continued) HONOURS DISSERTATIONS, Year/Student Name Dissertation Title Supervisor Branston, C. The Share Market, Speculative Bubbles and Investment Groenewold, N. G 259. Guok, N. Rates of Return and Government Policy on Higher Education in Singapore Miller, P. I 258. Kampf, J. Predictability and Profitability of Technical Trading Rules on the Australian Stock Market Groenewold, N. G 257. Kuriyama, T. Protection Practice of Australian Automotive Industry Tcha, M. H 256. Marek, J. Economic Viability of an Independent Palestinian State Gabbay, R. P 255. McCarthy, L. Option Pricing Under Different Stochastic Assumptions Weber, J. G 254. Radalj, K. F. Systematic Risk and Speculative Returns within Australian Dollar Forward Contracts Groenewold, N. G 253. Sharpe, A. Third Generation Mobile Phone Spectrum Auctions McLeod, P. D Abbotsford, M. Deregulation, Contestability and Airline Economics: An Australian Perspective McLeod, P. M 251. Chan, F. Robust Modelling of Volatility in the Presence of Aymmetries, Extreme Observations, Outliers and Thresholds McAleer, M. C 250. Church, L. Has Low Inflation Caused Australia's Equity Premium to Fall? Clements, K. E 249. Cook, J. An Investigation into Economic Welfare Indicators I 248. Eastough, K. The Gender Wage Gap in Australia: Current and Future Directions J 247. Fogarty, J. Great Vintages in the South West of Western Australia: Winemakers or Weather? Clements, K. R 246. Gilders, K. An Analysis of the Compensation for the Compulsory Acquisition of Land in Western Australia McLeod, P. H 245. Lim, A.S.Y. Foreign Direct Investment, Human Capital and Industrial Growth of the Malaysian Economy Madsen, J & Tcha, M. O 244. Ng, F. Demographic Transition and Economic Developments in Malaysia: Siddique, A. O 243. Nicholls, T. Self Regulation, Market Failure and the Fisheries Industry McLeod, P. P 242. Senior, P. The Implications for Monetary Policy of Movements in the Share Market Madsen, J. E 241. Zani, C. Derivatives, Systemic Risk and Monetary Policy Weber, J. E Adamson, J.E. Commodities and Currency Blocs: The Australian Dollar in the 1990's Clements, K. F 239. Bird, W. The Optimal Organisation of Gas Markets in Western Australia McLeod, P. L 238. Branston, P. The Credit Channel of Monetary Transmission Madsen, J. E 237. Bronswasser, P. The Political and Socio-Economic Conditions in the Islamic Republic of Iran Since the 1979 Revolution Gabbay, R. Z 236. Daryal, M. The Economics of Marijuana Clements, K. E 235. Day, T. The Real Activity/Stock Return Nexus: A Neoclassical Investigation Within a Dynamic Log-Linear Model Madsen, J. E 234. Dorazio, D. The Implications of Inflation Targeting for Australia Leong, K. E 233. Egerton-Warburton, D. Mining Royalties and Sovereign Risk in Argentina McLeod, P. H 232. Hia, C.P.A. Economic Integration in East Asia: Theoretical Issues and a Preliminary Analysis of Regional Trade Ahammad, H & Tcha, M. F 231. Hockey, K.T. An Investigation into the World Bank's Lending Practices Through the Use of Public Choice Analysis Weber, J. E 21 (Continued on next page) JEL Code

23 TABLE A1.1 (continued) HONOURS DISSERTATIONS, Year/Student Name Dissertation Title Supervisor Hoong, X.Y.C. Robust Estimation, Testing and Forecasting of Volatiliy Models in the Presence of Extreme Observations McAleer, M. E 229. Hoy, F.T. Real Share Returns and Changes in Inflation Madsen, J. E 228. Lowe, E. The Choice of Private Health Insurance and Competition in the Australian Health Insurance Market McLeod, P. I 227. Murphy, B. Monetary Policy and Aggregate Stock Returns Groenewold, N. E 226. Pauwels, L. The Economics of Pricing Digital Information McLeod, P. D 225. Rossi, G. Forecasting Beta with Macroeconomic Variables: An Examination of Two Approaches Groenewold, N. C 224. Scanlan, B. Australian Monetary Policy and the Taylor Rule Weber, J. E 223. Tan, A.S.L. Stock Market Development and Economic Growth in Asia Wu, Y. O 222. Yeo, C. Measuring Intra-Industry Trade in ASEAN: Methodology and Empirical Analysis Wu, Y. C 221. Yeo, J. Causes of the East Asian Crisis - A Business Cycle Perspective Weber, J. E 220. Yi, J.S. The Fall and Rise of a Tiger: An Analysis of the Korean Economic Crisis Wu, Y. E 219. Yuen, A.T.K. Private House Prices in Singapore: Modelling and Forecasting Groenewold, N. C Boo, J. The Asian Financial Crisis: Causes and Consequences Wu, Y. E 217. Fabo, J. Convergence of Labour Productivity: Theory and Evidence Madsen, J. J 216. Gill, T. The Impact of Immigration on Unemployment in Australia, Miller, P. J 215. Goh, D. An Examination of the Role of Fundamentals and Self-Fulfilling Speculation in the 1997 Baht Crises Groenewold, N. F 214. Koh, E.W.S. The Effects of Research and Development on Economic Growth in the World Madsen, J. O 213. Leighton, P. Assistance to the Automotive Industry in Australia McLeod, P & Statham, P. P 212. Murphy, J. Sectoral Responses to Macroeconomic Announcements Groenewold, N. E 211. Scholte, J. Secession of Western Australia: Is it Economically Viable Statham, P. H 210. Seng, W.F. The Change in Gold's Monetary Role and the Subsequent Effects Weber, J. Q 209. Smith, P. Dynamic Characteristics of Australia's NAIRU Groenewold, N. J 208. Veselinovich, B. The Share Market and Investment Groenewold, N. G 207. Wong, R. The Role of Total Factor Productivity in East Asian Economic Growth: A Case Study of Taiwan Wu, Y. O 206. Yuen, T.L. An Economic Evaluation of Competitive Neutrality Policy McLeod, P. H Chia, A. Macroeconomic Policies and Economic Development in the Republic of Korea Siddique, A. O 204. Plummer, J.D. Export Instability in China and its Effect on Economic Growth Wu, Y. O 203. Seow, S.H.K. The Role of Agriculture in Economic Development - Study of Egypt Gabbay, R. O 202. Suan, S. Does the Superannuation Guarantee Charge Achieve Intergenerational Equity? McLeod, P. H 201. Tan, A.W. Competing Views on the Mechanics of Growth: The Singapore Experience O 22 (Continued on next page) JEL Code

24 TABLE A1.1 (continued) HONOURS DISSERTATIONS, Year/Student Name Dissertation Title Supervisor Berinson, N. Explaining 'Problem Unemployment' in Australia by Job Search Factors Weber, J. J 199. Brook, P.J. The Excess Burden and Marginal Excess Burden of Distorting Taxes on Labour Income Greig, B. J 198. Catena, R.G. Islam and the Material World Z 197. Chen, J.K. A Re-Examination of the State of the EMH and the Role of International Equity Market Integration McAleer, M & Weber, J. G 196. Chua, A. Road Congestion Pricing: From Theory to Practice McLeod, P. D 195. Galvin, A. An Empirical Examination of Three Alternative Models of Exchange Rate Determination Madsen, J. F 194. Hollingworth, J.D. Leading Indicators of Australian Recessions Clements, K & Turkington, D.E 193. Hutchison, D. The Superannuation Guarantee Charge - Is It Really what Australia Needs? McLeod, P. H 192. King, D. Short-Run Portfolio Balance Models: An Analysis Murray, G. G 191. Matthewson, M. The Implications of the Uruguay Round for the Trade in Grains between Australia and Japan Tcha, M. F 190. Nicolaou, J. Australia's National Saving Problem Murray, G. E 189. Paine, N. The Demand Effects of Population Ageing: Can Australia Support the Baby Boom Generation? Murray, G & Appleyard, R. J 188. Thompson, C. An Examination of the Export-Led Growth Hypothesis Tcha, M. O 187. Williams, A. Rural-Urban Migration in Western Australia, : A Todaro Analysis Ghosh, R, N. O Brearley, T. Nutrient Pollution in the Peel-Harvey Estuary and Economic Efficiency McLeod, P. Q 185. Chaves, F. Determinants of Cost in Western Australian Public Acute Hospitals McLeod, P. I 184. Cranswick, M. Britain's Experience of the 1930s Depression, Structural Change and The Government's Reaction Davies, M. N 183. Harman, J. An Empirical Analysis of Seasonality in Agricultural Commodity Series Q 182. Kemp, A. The Economic Impact of a Movement Towards Tied Australian Aid to Papua New Guinea Statham, P & Siddique, A. E 181. Koh, K.T. Should APEC Form a Monetary Union? Weber, J. E 180. Koo, A. Gender Wage Difference in the Labour Force of Singapore: A Case Study Miller, P. J 179. Lai, J.H. Theoretical and Empirical Perspectives on the Behaviour of Stock Market Prices in Australia Weber, J. G 178. Lee, I.S. The Costs and Benefits of Foreign Labour in Singapore Appleyard, R. J 177. Lewis, E. Australia's Comparative Advantage in the Manufacturing Industry Tcha, M. L 176. McIntyre, P.J. An Empirical Analysis of Australian Strike Activity Hemmings, P. J 175. Neo, M.L. The Determinants of Employment Success: Immigrants and the Australian Born Compared Miller, P. J 174. San, L.I. The Costs and Benefits of Foreign Labour in Singapore Appleyard, R Seow, S.I. The Role of Direct Foreign Investment in the Structural Change of Australia's Manufacturing Industry Robertson, K. F F 172. J. Somasundaram, An Analysis of Factors Determining the Aid Policy of Australia's Development Assistance 1972 Onwards H 171. Vart, A. An Analysis of the Role of Psychology in Economics Butler, D. D 170. Wright, D.K. The Economics of Australia's Iron Ore Trade with China F (Continued on next page) 23 JEL Code

25 TABLE A1.1 (continued) HONOURS DISSERTATIONS, Year/Student Name Dissertation Title Supervisor Chow, W. A Review of World Energy Modelling Methodology C 168. Gan, K.C.B. The Determinants of Direct Foreign Investment in Singapore's Manufacturing Sector Tcha, M. F 167. Hoe, I. Empirical Analysis of Models of Exchange Rate Determination McAleer, M. F 166. Lam, S.W. The Operations of the Multinational Corporation in Singapore's Electronics Industry Robertson, K. M 165. Leong, W.C. A Theoretical and Empirical Perspective on the Behaviour of Stock Market Prices in Australia McAleer, M & Weber, J. G 164. Liang, L.Y. The Theory Of Games: An Application to the Telecommunications Industry In Australia Miller, P & McLeod, P. M 163. Nesdale, G. The Effect of Protection on Australia's Intra-Industry Trade Clements, K. F 162. Saulsman, J. The Natural Rate of Unemployment and Hysteresis: Tests with OECD Data Hemmings, P. J 161. Wills-Johnson, N. Islam, Christianity and Economic Development O 160. Yong, B.S.S. Exchange Rates and the Purchasing Power Parity Clements, K. F Hay, M. Alternative Methods of Financing Urban Public Infrastructure McLeod, P. H 158. Jonston, T. Imperfect Credit Markets and Monetary Policy Weber, J. E 157. Kicic, A. The Role of Industrialization in the Socio-Economic Development of Jordan Robertson, K. O 156. O'Sullivan, C. Empirical Regularities of the Australian Business Cycle Clements, K. E 155. Sandhu, S. The Industrial Development of the Saudi Arabian Economy Robertson, K. L 154. Tan, Y.C.J. The Covered Interest Parity: A New Perspective Harrigan, F. F 153. Thomas, G.R. Demand for Real Balances and Monetary Policy in Australia McAleer, M. E Brindley, D. The Long-Term Unemployment and Persistence in the Rate of Unemployment: Tests with Australian Data J 151. Bryant, E. The Economics of Fertility: Implications for a Rapidly Developing Economy O 150. Dennis, F-A. Issues Affecting Western Australian Export in Industries Statham, P. F 149. Every, P. The Effect of English Language Skills on Immigrants' Earnings Miller, P. J 148. Flint, R. Monetary Policy and the Current Account Deficit E 147. Fok, G. Financial Liberalisation in Thailand Murray, G. F 146. Gray, A. Monetary Exchange Rate Models: New Evidence for the Australian - U.S. Exchange Rate McAleer, M. E 145. Hodby, A.K. Immigration and Unemployment in Australia: Hemmings, P. J 144. Kerr, P. Sensitivity of Effective Rate of Protection Measures in a General Equilibrium Framework Harrigan, F. C 143. Khoo, D. An Innovative Approach to the Dutch Disease: A Consideration of Deployment F 142. Khoo, H.H. The S$/US$ Foreign Exchange Market: Is it Efficient? F 141. Knight, F. A Market of Individuals, and The Bandwagon Effect in Australia Hemmings, P. D 140. Lim, J. A Comparative Analysis of the Industrialisation of Hong Kong and Singapore L 24 (Continued on next page) JEL Code

26 TABLE A1.1 (continued) HONOURS DISSERTATIONS, Year/Student Name Dissertation Title Supervisor Lynly, W.Y.F. An Assessment of the Unit Root Hypothesis and Some Evidence with Australian Real GDP C 138. Millsteed, C. Decomposition of Energy Intensity in Australian Manufacturing: A Test of the Sectoral Shift Hypothesis Weber, J. Q 137. Rodrigues, S. Analysing the Impact of the CER Agreement on Trans-Tasman Trade Flows: An Australian Perspective Marais, T. F 136. Scott-Murphy, A. Cyclical Unemployment in Australia McAleer, M. J 135. Tan, F.A.L. Rural-Urban Migration: The Todaro Model and the Egyptian Experience Gabbay, R. R 134. Tan, K. Economic Development and Migration Policies in Singapore Appleyard, R. O 133. Wong Geok Moey. Labour Contribution to Economic Growth in Australia Miller, P. J 132. Yelverton, D. European Monetary Union: An Examination of the Creation of a Common Currency in Europe E Adamson, C. The Australian Domestic Airline System: The Post Deregulatory Experience McLeod, P. H 130. Buehrig, K. Is the Australian Dollar Overvalued? Clements, K. F 129. Dharmapala, D. Ricardo on the Relationship between Pricing and Distribution: A Survey of the Secondary Literature Ghosh, R, N. B 128. Divkovic, S. Transferable Water Entitlements as a Means of Allocating Irrigation Water Services McLeod, P. Q 127. Dunn, D. Exchange Rate Determination and Overshooting: Recent Problems for Australia Murray, G. F 126. Gracey, M. The Correlation of Savings and Investment: A Flaw in our Understanding of World Capital Mobility? McAleer, M. E 125. Hartley, A. The Future of Australian Retirement Incomes Grieg, R. J 124. Hester, S. The Economics of Australian Wool Clements, K. Q 123. Johnson, P. Real Business Cycle Theory - Australian Evidence, 1991 Weber, J.W. E 122. Layman, B. The Economic Impact of the Australian Minimum Reserve Price for Wool on Wool Growers Q 121. Peetoom, L. The Threat of Japanese Domination of Australia via Investment, Fact or Fiction? Z 120. Press, D. Price Rigidity, Hysteresis and the Medium Term Dynamics of New-Keynesian Economics Hemmings, P. E 119. Quinn, M. Foreign Debt and Domestic Investment: The Australian Experience in the 1980's Murray, G. E 118. Reynolds, P. The Relevance of the Dual Economy Models: A Case Study of the Phillipines O 117. Shim, L.S. Government Policies and Economic Growth in Singapore ( ) Ghosh, R, N. O 116. Teo, K.C. Alternative Foreign Debt Management: Evidence from the Murphy Model Harrigan, F. E 115. Wicks, K. Privatisation and Telecommunications Policies for Australia in Light of British Experience H Archer, B.J.H. The Role of Private Saving in the Australian Economy: Are We Saving too Little? Jackson, J & Murray, G. E 113. Feakes, J. Foreign Bank Entry into the Australian Financial System: A Review Weber, J. G 112. Flak, H. The Interest Rate Parity Condition and Exchange Control: The European Experience Harrigan, F. F 111. Ganeson, D.P. Privatisation as a Micro Economic Reform in Australia McLeod, P. D 110. Tan, G.V. The Role of Tourism in the Economic Development of Singapore Gabbay, R. O 25 (Continued on next page) JEL Code

27 TABLE A1.1 (continued) HONOURS DISSERTATIONS, Year/Student Name Dissertation Title Supervisor Teo Sien Peng, G. The Australian PESO Problem and the Efficient Market Hypothesis Revisited Clements, K. F Crone, P. The Effects of Immigration on the Australian Economy Ghosh, R, N. J 107. Edwards, R. The Regulation of Privatised Monopolies: An Examination of Objectives and Outcomes McLeod, P. H 106. Jenkin, H. Australia-EEC Trade Relations: Implications of the Single European Act F 105. Khoo, S. Fiscal Illusion and the State of Expenditure in Australia Grossman, P. H 104. Martin, M. Gold Tax in Australia McLeod, P. Q 103. Ng, I. Price Elasticities and Trade: The Case for Australia F 102. Poxon, J. The Demographic Transition - A Restatement - The Indian Experience Over the Past 30 Years J 101. Reid, T. The Contribution of Technical Education to the Labour Supply in the Manufacturing Industry in Australia J 100. Samwel, L. Oil Crisis Impacts on the Tanzanian Economy from E 99. Sivaraman, G. The Impact of Economic Development on Fertility O 98. Teo, G. Human Capital Versus Screening: The Role in Education I 97. Trail, J. The Effects of Protection on the Australian Economy Murray, G. P 96. Zheng, S.W. Is Utility Additive? Clements, K. D Allnutt, C. Five Country Spatial Equilibrium Analysis of the Beef Trade Takayama, T. F 94. Chan, T.S. The Effects of Exchange Rate Volatility of Trade Murray, G. F 93. Chappell, M. The Effects of Advertising, Taxation and Health Information upon Demand for Cigarettes and Tobacco McLeod, P. D 92. Christie, V. Union Wage Effects and the Probability of Union Membership Miller, P. J 91. Garnett, A. The Economics of the Green Paper on Higher Education I 90. Johnson, P. An Analysis of Female Labour Supply in Australia Miller, P. J 89. Kenny, T. Demand for Beverages and Tobacco in Australia D 88. Monk, R. David Ricardo on Technological Unemployment Ghosh, R, N. J 87. Munckton, P. International Debt in Developing Countries Murray, G. F 86. Pirozzi, M. An Empirical Study of Free-Rider Behaviour within Water Consumption in the State of Western Australia Grossman, P. Q 85. Rose, K. The Role of Exports in the Growth and Development of the Economy of Jordan Gabbay, R. F 84. Rummery, S. The Contribution of Intermittent Labour Force Participation to the Gender Wage Differential Miller, P. J 83. Seah, H.H. The Term Structure of Interest Rates: Theory and Measurement for Australia Reynolds, C. E 82. Then, C.T. The Fisher Effect in Australia: A Review of Literature and an Empirical Study Reynolds, C. E 81. Wong, A. The Demand for Alcohol in The U.K., : An Econometric Study Clements, K. D 80. Wood, A. An Analysis of Crowding Out Theory Murray, G. H 26 JEL Code (Continued on next page)

28 TABLE A1.1 (continued) HONOURS DISSERTATIONS, Year/Student Name Dissertation Title Supervisor Yong, W. Economics of Speculative Bubbles Bowden, R, J. E Borozdin, R. Australian Immigration : The Fulfilment of Demographic Growth and Labour Supply Requirements Appleyard, R. J 77. Chen, F.J. The Fisher Effect for Common Stocks: An Empirical Investigation Clements, K. E 76. Gorey, T. Competition and Structure in the Theory of Industrial Organisation: An Austrian Perspective L 75. O'Neill, J. Conceptual and Statistical Difficulties in Measuring the Household Saving Ratio Petridis, R. E 74. Quek, K. The Demand for Alcohol in Canada: An Econometric Study Selvanathan, A. D 73. Scott, M. Models of Labour and Demand and their Application to Analysis of the Growth of Part-Time Employment J 72. Scully, B. An Analysis of the Choice of an Exchange Rate Regime F 71. Sedgley, P. Labour Market Adjustment - The Case of School Teachers Mulvey, C. J 70. Swindells, M. Migrant Skills and the Workforce J 69. Tilley, E. The Economic Effects of a Rural Hospital on its Local Economy Jackson, J & Babu, S. R 68. Wong, J. The Role of "News" in the Australian Foreign Exchange Market Clements, K. F Chan, T. Testing for the Efficiency of Foreign Market Turkington, D. F 66. Chong, P. An Examination of Interest Rate Parity for Australia: Pre- and Post-Float Clements, K. F 65. Falconer, D. The Natural Rate of Unemployment: Theory and Evidence for Australia Mulvey, C. J 64. Lai, P. Theories of the Labour Markets and Macroeconomics J 63. Lawson, P. Market Solutions to Externalities D 62. Lazarus, S. The Jewish Question in Australia ( ) Ghosh, R, N. Z 61. Liu, S. The Singapore Economy: Downturn in the 1980's Ghosh, R, N. E 60. Lucas, S. Interest Rates and Economic Development O 59. Martindal, M. A United States Consumption Study Clements, K. D 58. Moore, G. The Economic Impact of the Gold Regulations on the Gold Industry between Statham, P. Q 57. Petch, M. Changes in the Structure of the Australian Economy and Implications for Future Housing Policy Jackson, J. E 56. Threlfall, J. Input-Output Multipliers and the Breakdown of Consumption Expenditure McLeod, P. D 55. Wallwork, D. An Input-Output Study of the Western Australian Economy McLeod, P. E Cumming, T. Exchange Rate Determination - Theory Practice 53. De Souza, K. Hidden Unemployment: A Study of Discouraged Jobseekers in the Australian Labour Market Clements, K. F J (Continued on next page) 27 JEL Code

29 TABLE A1.1 (continued) HONOURS DISSERTATIONS, Year/Student Name Dissertation Title Supervisor Hussein, N The Demand for Housing: Recent Theoretical and Empirical Extensions McLeod, P. E 51. McLaughlin, J. Implicit Contract Theory as a Microeconomic Explanation for Wage Inflexibility J 50. Nairn, A. Government Debt Neutrality H 49. Pearce, D. The Demand for Alcohol in New Zealand Clements, K. D 48. Roberts, P. Youth Unemployment J 47. Russell, B. The Effects of Deposit Interest Rates and Credit Rationing on Interest Rate Adjustments Peter, R. E 46. Walker, S. Diversification and Growth with a Case Study of the W.A. Teachers' Credit Society Z Cullen, B. The Gregory Thesis Murray, G. F 44. Eley, G. The Social Rate of Discount in Public Project Evaluation Jackson, J & McLeod, P H 43. Fyfe, J. The Role of Education in Development: The Case Of Israel Gabbay, R. O 42. Halsted, G. The Economic Basis of the Third Universal Theory Z 41. Kappelle, S. An Empirical Study of the Validity of Pigou's Law Clements, K. H 40. Mason, R. The Role of Saudi Arabia in the OPEC Cartel Q 39. McClements, J An Economic Analysis of Expansion in the Iron Ore Industry Q 38. Mottolini, M. Indirect Versus Direct Taxation: A Case for Broadening the Tax Base in Australia Ghosh, R, N. H 37. Orum, M. The Role of Student Finance in the Demand for Education: Grants Versus Loans I 36. Sullivan, W. The Economics of Cigarette Smoking McLeod, P. D 35. Teo, G. Growth, Inequality and Ethnic Groups in Singapore O 34. Williams, K. State Taxation of the Iron Ore Industry in W.A. Fraser, R, W. H 33. Wong, A. The Role of Fiscal Policy in Growth Theories Jackson, J. E Campbell, B. A Prices and Incomes Policy for Australia D 31. Cao, K. Bond-Financed Fiscal Expansion and Crowding Out E 30. Chin, F. The Role of Agriculture in Economic Development: A Case Study of Syria Q 29. Choi, K. The Incidence of Protection: Theory and Application to the South Korean Economy Clements, K. Q 28. Curtis, P. Learning and Earning: Labour Market Implications for Educational Policy Jackson, J. J 27. Ladd, K. The Effect of Tariffs on Australia's Manufacturing Sector H 26. Low, M. The Theory and Practice of Competition Policy Narayanan, N. M 25. Wallace, I. The Econometrics of Telephone Demand in W.A. Bowden, R. D JEL Code (Continued on next page) 28

30 Year/Student Name Dissertation Title Supervisor Bide, P. Real Wages and Unemployment TABLE A1.1 (continued) HONOURS DISSERTATIONS, Boulton, L. Unanticipated Inflation and Relative Price Variability: Theory and Evidence for Australia and the US Clements, K. E 22. Brosnan, C. An Analysis of the Mutual Interdependency between Labour Migration and Economic Development O 21. Brown, K. Is OPEC a Cartel? Q 20. Kyle, S. The Theory of Involuntary Unemployment J 19. Miller, S. Purchasing Power Parity Clements, K. E 18. Ng, H.G. The Phillips Curve Revisited Sawyer, K. E 17. Pegler, L. A Review of the Segmented Labour Market Hypothesis and its Contribution in to Labour Markets Petridis, A. J 16. Silvalingham, B. The Role and Development of Merchant Banking in the Australian Financial System Appleyard, R. G Bell, J. Hedonic Prices: Property Values and Environmental Amenities: A Review McLeod, P. E 14. Clively, S. The Microeconomics of Fertility D 13. Depiazzi, M. The Theories of Becker and Leibenstein Concerning the New Microeconomic Analysis of Fertility Ghosh, R. D 12. Hughes, J. The Role of Managerial Incentives in a Planned Economy M 11. Hughes, K. Search Theory and Unemployment J 10. Lim, C. Rural-urban Migration in LDS's: Determinants and Consequences R 9. Ottaway, A A Review of the Coasian Tradition in Externality Theory and its Policy Implications McLeod, P. H 8. Roberts, E.J. The Monetary Approach to Balance of Payments Bishay, M. E 7. Roderick, J. The Household Production Model of Consumer Choice McLeod, P. D 6. Stewart, T. A Partial Equilibrium Model of the Effective Rate of Protection (ERP): Implications for Resource Allocation Q 5. Werner, L. On and Around Post-Keynesian Economics E 4. Zamin, R. The Interest Rate Futures Market and the Efficiency of Futures Prices Clements, K. G Anderson, J. A Critical Analysis of Monetarism E 2. Aveling, G. Vertical Integration: Economic Analysis and its Implications for Vertical Merger Policy McLeod, P. M 1. Skead, R. Extensions to the Input-Output Model E Notes: 1. For JEL (Journal of Economic Literature Codes), see Figure 2 2. As they are approximately equivalent, in a few cases minor master's dissertations are included in this table. JEL Code J 29

31 TABLE A1.2 INDEX OF STUDENT NAMES, Name Year Name Year Name Year Name Year Name Year 1. Abbotsford, M Brearley, T Chia, J De Souza, K Ganeson, D.P Adamson, C Briggs, M Chin, F Dennis, F-A Garner, M Adamson, J.E Brindley, D Choi, K Depiazzi, M Garnett, A Ainsworth, A Bronswasser, P Chong, P Devitt, T Gaturu, S Allnutt, C Brook, P.J Chow, W Dharmapala, D Gilders, K Anderson, G Brosnan, C Christie, V Divkovic, S Gill, T Anderson, J Brown, K Chua, A Divkovic, V Goh, D Ang, G.T Browning, M Chua, B Doger de Speville, M Golabek, L Archer, B.J.H Bryant, E Chua, G Donovan, B Gorey, T Au, W.H Buehrig, K Chua, W.H.J Dorazio, D Gracey, M Aveling, G Butler, L Chua, Y.M Doucas, B Gray, A Axworthy, S Campbell, B Chung, V Dunn, D Gray, C.J Barker, T Cao, K Church, L Eastough, K Gray, K Bartels, C Carter, L Clively, S Edwards, C Guok, N Bathgate, M Catena, R.G Coffey, J.R Edwards, R Hakin, A Bauer, M Ceber, A Colegrave, A Egerton-Warburton, D Hallam A Beaman, S Chan, A Colgrave, A Eley, G Halperin, D Bell, J Chan, F Connolly, L Eterovich, L Halsted, G Bensley, E Chan, T Cook, J Every, P Han, D.Y.H Berinson, N Chan, T Cranswick, M Fabo, J Harman, J Bide, P Chan, T.S Crone, P Falconer, D Hartley, A bin Rahmat, M.A.H Chan, T.Y Cruise, G Feakes, J Hay, M Binwani, K Chan, Y.G Cullen, B Flak, H He, L Bird, W Chappell, M Cumming, T Flint, R Hester, S Boo, J Chaves, F Currell, J.A Fogarty, J Hia, C.P.A Borozdin, R Cheang, Y Curtis, P Fok, G Ho, S.Q Bothe, R Chen, F.J Daryal, M Foo, S.P Hockey, K.T Boulton, L Chen, J.K Davies-Slate, S Fyfe, J Hodby, A.K Branston, C Chia, A Davis, B Galvin, A Hoe, I Branston, P Chia, G.E.E Day, T Gan, K.C.B Hollingworth, J.D (Continued on next page) 30

32 TABLE A1.2 (continued) INDEX OF STUDENT NAMES, Name Year Name Year Name Year Name Year Name Year 151. Hoong, X.Y.C Kolychev, A Low, K.C Nagy, P Pearce, D Horner, C Koo, A Low, M Nairn, A Peetoom, L Hoy, F.T Kunakool, S Lowe, E Nam, C.W Pegler, L Hughes, J Kuriyama, T Lucas, S Neo, M.L Peiris, D Hughes, K Kyle, S Lynly, W.Y.F Nesdale, G Pen, S Hussein, N Ladd, K Maesepp, M Ng, F Petch, M Hutchison, D Lai, J.H Maguire, G Ng, H.G Petchey, R Jenkin, H Lai, P Mai, T.Q Ng, I Phua, K.S.J Johnson, P Lai, W.G.W Marek, J Ng, J Phua, Y.F Johnson, P Laing, E Martin, M Nicholls, T Pirozzi, M Jones, C Lam, S.W Martindal, M Nicolaou, J Plummer, J.D Jonston, T Lane, K Mason, R Nugraweni, N Pong, J Kampf, J Lapham, K Matthewson, M Oh Shaowei, A Poole, E Kappelle, S Lawson, P McCarthy, L O'Keeffe, C Poon, A Kaye, A Layman, B McClements, J O'Neill, J Poxon, J Kemp, A Lazarus, S McCormick, S Ong, C.A.H Press, D Kenny, T Lee, B.S McDonagh, C Ong, K.L.K Priyati, R.Y Kerr, O Lee, I.S McIntyre, P.J Ong, S Quek, K Kerr, P Leighton, P McLaughlin, J Ong, Z Quinn, M Khoo, D Lendry Mehta, S Orum, M Radalj, K. F Khoo, H.H Leong, W.C Mero, S Ossolinski, C Reid, T Khoo, S Lewis, E Miller, S O'Sullivan, C Reynolds, P Kicic, A Li, I Millsteed, C Ottaway, A Roberts, E.J King, D Liang, L.Y Monk, R Owyong, Y.C Roberts, P Knezevic, M Lim, A.S.Y Moore, G Pabla, A Roderick, J Knight, F Lim, C Mottolini, M Paine, N Rodrigues, S Knight, K Lim, J Mudford, K Parameswaran, G Rose, K Kofanova, A Lio, F.S Munckton, P Paterson, J Rossi, G Koh, E.W.S Liu, S Murphy, B Pauwels, L Rowe, C Koh, K.T Liu, W Murphy, J Pawley, J Rummery, S (Continued on next page) 31

33 TABLE A1.2 (continued) INDEX OF STUDENT NAMES, Name Year Name Year Name Year Name Year 301. Russell, B Stefansson, E Vart, A Wood, A Salley, N Stephens, B.J Vavakis, L Wright, D.K Samwel, L Stewart, T Veiga, B Wu, C San, L.I Su, C Verani, S Wyroll, P Sandhu, S Suan, S Vergis, P Yao, R.Y.A Sargeant, M Sullivan, W Veselinovich, B Yelverton, D Saulsman, J Sum, K.J.W Vivatsurakit, T Yeo, C Scanlan, B Suttie, F Vo, N.H.T Yeo, J Scholte, J Swindells, M Voon, D Yi, J.S Scott, M Tan, A.S.L Wah, W.L Yiannopoulos, N Scott-Murphy, A Tan, A.W Walker, S Yong, B.K Scully, B Tan, F.A.L Wallace, I Yong, B.S.S Seah, H.H Tan, G.V Wallwork, D Yong, K Sedgley, P Tan, J.W Wang, S Yong, W Seng, W.F Tan, K Warren, M Yoon, G Senior, P Tan, T.H Wee, P.S Yuen, A.T.K Seow, S.H.K Tan, T.J Werner, L Yuen, T.L Seow, S.I Tan, Y.C.J Wicks, K Zaiyuan, S.P Shackles, D Telling, A Williams, A Zamin, R Shackles, E Teo Sien Peng, G Williams, K Zani, C Sharpe, A Teo, G Wills-Johnson, N Zhang, L Shim, L.S Teo, G Win, R Zheng, S.W Silvalingham, B Teo, K.C Winzar, C Simmonds, D Then, C.T Wong Geok Moey Sin, Y Thomas, G.R Wong, A Sivaraman, G Thompson, C Wong, A Skead, R Threlfall, J Wong, A Smith, P Tilley, E Wong, J Smith, S Trail, J Wong, M.Y Somasundaram, J Varley, K Wong, R

34 TABLE A1.3 HONOURS STUDENTS, , DISSERTATION DETAILS UNKNOWN Student Name Year Student Name Year 1. Barratt, T Maskell, B Bitmead, A Morris, A Brown, C O'Farrell, L Bunney, A Pope, D Calkin, G Quinlivan, R Carvell, S Sassine, S Chan, S Satzke, P Chapman, A Saw, K Dawson, B Sedgley, P Harrison, P Stevenson, V Hoar, K Symons, B Jones, M Teale, K Kai, L Varley, K Keillor, D Vo, N Lau, Y Walker, P Little, J

35 TABLE A1.4 HONOURS STUDENTS, Student Name Year Student Name Year Student Name Year Student Name Year Student Name Year 149. Adam, C Curtin, P Herbert, E Mersh, P Roger, N Ainsworth, I de Blank, R Ho Koon, N Metaxas, J Rogers, P Allan, D de Boer A Holmes, A Middleton, J Roughead, A Anderson, P De Jasay, A Hubbard, A Moses, E Russell, G Anderson, E Dharmasena, K Jenkins, P Mugliston, M Salerian, S Appleyard, R Dowsett, W Johnston, R Murphy, J Salter, W Bacon, N.J Egerton, R Jones, G.A Nadarajah, B Senfelds, R Barnett, C Evans, H.D. 82. Karas, J Neville, J Smith, P Beck, C Ewing, M Keillor, D Newland, H Sturkey, R Berrell, G Feldman, D Kemp, J Newton, M Tange, A Bevan, R Fishwick, S Kerr, I Nguyen, T Taylor, G Bholanivas, P Foster, M Kirkwood, M Nicholas, K Taylor, S Blain, N Frearson, K Koomsup, P Nicholas, M Thieberg, E Blundell-Wignall, A Frearson, L Kunnen, J Ninkov, N Tonks, A Boddy, H Gaffney, D Laffer, K Nolan, A Vanzetti, C Broome, M Gallagher, C Lange, G Norbu, W Vanzetti, D Brown, C George, G Langoulant, J Oloughlin, E Vargovic, C Brown, N Gibbon, R.D Lendich, Z Paganoni, A Vellnagel, B Bubnich, S Gibbs, B Lim, S Pazolli, A Venn, F Byron, R.P Giles, D Lindsay, B Petchey, J Watson, P Cann, G Gluck, S Lloyd, A Peters, M Wilsmore, T Chan, K Goerke, H MacDonald-Taylor, W Peters, R Witternoom, J Chin, F. 97. Goh, N Mannion, G Petridis, R. 7. Wood, J Clayton, M Goodes, H Marsh, R Prentis, L Wood, M Collett, S. 95. Gray, R Marsh, S Preshaw, A Wright, G Comben, G Green, J McCarrey, S. 34. Raeburn, V Xavier, P Conroy, J Greig, R McKenna, M Rappolt, P Yap, W Cook, A Griffiths, D McKenna, R Reid, D Yusoff Bin, M Cramer, G Grocott, S McLean, M Roberts, R Zain, M Crouch, T Gunning, R McLean, R Robertson, J

36 TABLE A1.5 VARGOVIC MEMORIAL BURSARIES Year/Student Name Year/Student Name Year/Student Name Colleen Bartels 49. Anton Hallan 23. Riaz Shareef 72. John Pawley 48. Owen Ho 22. Bernado Veiga 71. Aubrey Poon 47. Caley Horner 21. Derby Voon 70. Emma Stefansson 46. Giridhar Parameswaran 20. Gina Yoon 69. Soo Ling Teo 45. David Shackles 44. Chee Kong Wong Paul Wyroll 19. Peter Nagy 68. Gavin Cruise 18. Crystal Ossolinski 67. Dahai Fu Vitaly Pershin 66. James Paterson 42. Simon Axworthy 16. Kim Radalj 65. Emma Stefansson 41. Owen Ho 15. Riaz Shareef 64. Liming Zhang 40. Emily Poole 14. Adam Sharpe 39. Stephane Verani 13. Sharon Smith Lukas Weber 12. Clinton Watkins 63. Benjamin Davis 37 Chee Kong Wong 11. Jasslyn Yeo 62. Megan Garner 61. Callum Jones Alexandra Kofanova 36. Chelsea Gray 10. Andrew Ainsworth 59. Kevin Lane 35. Owen Chih-Hung Ho 9. Renae Bothe 58. Maxwell Maesepp 34. Mark Knezevic 8. Christopher Branston 57. Stefan Mero 33. Ghim Way Wilson Lai 7. Bernadette Donovan 56. Cassandra Winzar 32. Ellen Shackles 6. Laure Eterovich 31. Riaz Shareef 5. Suhejla Hoti Peter Chan Chai Su 4. Baiding Hu 55. Michael Bathgate 29. Kelvin Jia Wei Sum 3. Jodie Kampf 54. Sarun Kunakool 28. Chee Kong Wong 2. Yihui Lan 53. Emily Laing 1. Gareth Maguire 52. Ian Li Nina Yiannopolous 27. Vanessa Divkovic 26. Suhejla Hoti Katrina Lapham 50. Grace Chia 24. Nicola Salley 35

37 TABLE A1.6 ECONOMIC SOCIETY OF AUSTRALIA HONOURS PRIZE WINNERS Year Student Year Student 2010 David Halperin 2006 Giridhar Parameswaran 2009 Christopher Rowe 2005 Emily Poole 2008 Callum Jones 2004 Louise Carter 2007 Aimee Kaye 2002 Sharon Smith TABLE A1.7 ECONOMIC SOCIETY OF AUSTRALIA PRIZE FOR BEST HONOURS THESIS IN ECONOMICS Year Student Year Student 2010 Susan Pen 2004 Louise Carter 2008 Callum Jones 2003 Mian Er Voon Derby 2007 Aimee Kaye 2001 Kim Radalj 2005 Emily Poole 1998 Daryl Goh 36

38 APPENDIX A2 Table A2.1 gives a breakdown of dissertation topics by decade. I received 22 letters from former students as part of this project and these are reproduced in this appendix in the following order: Name [year] Page number 1. Andrew Ainsworth [2001] Louise Carter [2004] Peter Chong [1986] Bernard Gan [1994] David Halperin [2010] Tracey Horton [1985] Callum Jones [2008] Oliver Kerr [2003] Peter Kerr [1992] Mark Knezevic [2004] Emily Laing [2007] Ian Li [2007] James McClements [1984] Stephen Miller [1982] Peter Nagy [2002] Susan Pen [2010] John Roberts [1981] David Shackles [2006] Graeme Thomas [1993] Derby Voon [2003] Andrew Williams [1996] Nina Yiannopoulos [2007] 65 Table A2.2 gives the current employment of those graduates for whom we could locate this information. 37

39 TABLE A2.1 TOPICS AND TIME, CONTINGENCY TABLE Journal of Economic Literature Category Decade A. Observed TOTAL B. Expected Under Independence TOTAL χ2 = Notes: The expected value of a cell is equal to the product of the row and corresponding column totals, divided by the total number r c of observations. The chi-squared test statistic is equal to 2 Σ Σ o - e e, where r is the number of rows, c is the number of i=1 j=1 ij ij ij columns, o ij is the observed value in row i and column j and e ij is the corresponding expected value. The observed chi-squared value, 52.33, is significant at the 1-percent level; under the null of independence, this test statistic follows an asymptotic chi-squared distribution with degrees of freedom equal to

40 Dr Andrew Ainsworth Lecturer Finance Discipline School of Business 19 June 2011 Professor Kenneth W Clements Business School, University of Western Australia Crawley, Western Australia, 6009 Dear Ken, RE: UWA ECONOMICS HONOURS Thank you for the opportunity to reflect on my study of economics at the University of Western Australia. I completed an economics honours degree in 2001 and thoroughly enjoyed the experience. The academic staff were extremely approachable and willing to assist students in improving their understanding of economics. The calibre of the students also made for an invigorating and stimulating university experience. The honours year was not too overwhelming, although I did develop an addiction to $1 coffees on offer around campus, with consumption increasing as the thesis submission deadline approached. I believe an economics degree at UWA teaches one how to think, rather than what to think. It equips one with the tools to be able to think independently and critically about a variety of relevant issues. I distinctly remember an economics lecturer stating in my first year that just because it is written in a book does not mean it is true, highlighting the need to be able to question, rather than merely accept, what is written. After completing my degree I worked at the Reserve Bank of Australia. Here, I was able to apply economic principles and theories to assist in understanding current issues relevant to monetary policy. For example, I assessed the risks faced by the Australian financial system by conducting analysis into securitisation and insurance practices that would become a key factor in the sub-prime financial crisis some five years later. I have since completed a PhD and am now an academic at the University of Sydney. I have returned to UWA on numerous occasions since my graduation, most recently as an academic. It is fantastic to be able to catch up with former lecturers, now as colleagues. I know that ten years on from completing my degree, I am still reaping the benefits of my study of economics at UWA. Yours Sincerely, Dr Andrew Ainsworth Finance Discipline School of Business Room 408, Economics and Business Building (H69) The University of Sydney NSW 2006 Australia T F E sydney.edu.au/business/finance 39 ABN CRICOS 00026A

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