Journal articles on the topic 'Depreciation Australia'

The main objective of this research is to analyze the effect of depreciation and real exchange rate appreciation on Indonesia's tourism trade balance bilaterally against Australia, China, Japan, Malaysia, and Singapore. Such analysis on bilateral relations have never been studied for developing markets countries, namely Indonesia. This study uses a linear ARDL approach and a nonlinear ARDL approach with the dependent variable on the tourism trade balance and the real exchange rate as independent variables. Income, foreign direct investment (FDI), and natural disasters as control variables. The empirical results show that Chinese and Japanese tourists respond positively to the depreciation in the real currency rate of exchange, thereby increasing Indonesia's tourism trade balance. Nonlinear ARDL shows that the relation concerning the real rate of exchange plus the balance of trade is non-symmetrical with respect to China and Japan, while Australia, Malaysia, and Singapore are symmetrical. These results suggest that the government should formulate policies to increase tourist visits from China and Japan. Further empirical results also found a J-curve pattern in Indonesia-China and Indonesia-Japan.

The past four decades have seen a transformative process in Australian agriculture – the gradual incorporation of conservation practices such as ecological restoration, revegetation and agroforestry as a response to land degradation. Although actions have been impressive they remain fragmented, are confined to particular districts or properties and run the risk of not being built upon in the future. This paper traces the history of this movement and draws out lessons and implications for future policy development and research. Landscape-scale restoration and the integration of conservation into farming landscapes have been recognised as a global imperative for decades, for which Australia has generated many innovations – in the technical, social and policy domains. Scanning the ‘big picture’, we identify many pixels of best practice in policy, incentives, planning, regulation and on-ground practice. We wonder why we have not pulled these together, to work in concert over time. If we had, Australia would have a world’s best natural resource management framework. However, we have neither integrated these elements at multiple scales nor sustained them. Unfortunately, although we are excellent at innovating, we have been equally good at forgetting. Progress remains partial, patchy and slow. Too often, we have made gains then gone backwards, reflecting a tendency towards policy adhockery and amnesia. With Australia’s continuing depreciation of institutional memory, we risk losing critical capabilities for making sound policy decisions. Australian expertise in revegetation, restoration and regeneration of landscapes remains formidable however, with an enormous amount to offer the world. We are still learning to live and farm more sustainably, but we have made big strides over the last four decades. The challenge will be to maintain the momentum and provide adequate succession so future generations continue the work.

Determinants of Foreign Direct Investment (FDI) in Australia were analyzed from 1986 to 2011, based on data availability. The determinants considered FDI inflows according to aggregate FDI inflows and FDI inflows by the top three source countries (USA, UK and Japan). Empirical studies identified four results. (1) For the determinants of FDI in Australia, a larger market size will attract more FDI, whereas more openness and a higher corporate tax rate will discourage FDI inflows into Australia. Lower customs duty and lower interest and depreciation of exchange rates will attract more FDI. The relationship between FDI inflows into Australia and wages was not significant. (2) For the determinants of US inward FDI in Australia, a larger market size will attract more US inward FDI in Australia, whereas more openness and an appreciation of the exchange rate will discourage US inward FDI in Australia. A negative and significant relationship was obtained between customs duty and US inward FDI in Australia. There were positive and significant relationships between US inward FDI in Australia and both the interest and corporate tax rates. (3) For the determinants of UK inward FDI in Australia, greater research and development in Australia will attract more UK inward FDI in Australia, whereas a higher corporate tax rate will discourage UK inward FDI in Australia. The positive relationship between market size and UK inward FDI in Australia was not significant. Openness, customs duty and inflation did not have significant relationships with UK inward FDI in Australia. (4) For the determinants of Japanese inward FDI in Australia, higher wages and greater research and development will attract more Japanese inward FDI in Australia, whereas higher customs duty and a higher corporate tax rate will discourage Japanese inward FDI in Australia. There was no significant relationship between Japanese inward FDI in Australia and either the interest or exchange rates.

Objective This study asks ‘Is capital investment in Australian public hospitals effectively funding patient access to efficient hospital care?’ Methods The study drew information from semistructured interviews with senior health infrastructure officials, literature reviews and World Health Organization (WHO) reports. To identify which systems most effectively fund patient access to efficient hospitals, capital allocation systems for 17 Organisation for Economic Cooperation and Development (OECD) countries were assessed. Results Australian government objectives (equitable access to clinically appropriate, efficient, sustainable, innovative, patient-based) for acute health services are not directly addressed within Australian capital allocation systems for hospitals. Instead, Australia retains a prioritised hospital investment system for institutionally based asset replacement and capital planning, aligned with budgetary and political priorities. Australian systems of capital allocation for public hospitals were found not to match health system objectives for allocative, productive and dynamic efficiency. Australia scored below average in funding patient access to efficient hospitals. The OECD countries most effectively funding patient access to efficient hospital care have transitioned to diagnosis-related group (DRG) aligned capital funding. Measures of effective capital allocation for hospitals, patient access and efficiency found mixed government–private–public partnerships performed poorly with inferior access to capital than DRG-aligned systems, with the worst performing systems based on private finance. Conclusion Australian capital allocation systems for hospitals do not meet Australian government standards for the health system. Transition to a diagnosis-based system of capital allocation would align capital allocation with government standards and has been found to improve patient access to efficient hospital care. What is known about the topic? Very little is known about the effectiveness of Australian capital allocation for public hospitals. In Australia, capital is rarely discussed in the context of efficiency, although poor built capital and inappropriate technologies are acknowledged as limitations to improving efficiency. Capital allocated for public hospitals by state and territory is no longer reported by Australian Institute of Health and Welfare due to problems with data reliability. International comparative reviews of capital funding for hospitals have not included Australia. Most comparative efficiency reviews for health avoid considering capital allocation. The national review of hospitals found capital allocation information makes it difficult to determine ’if we have it right’ in terms of investment for health services. Problems with capital allocation systems for public hospitals have been identified within state-based reviews of health service delivery. The Productivity Commission was unable to identify the cost of capital used in treating patients in Australian public hospitals. Instead, building and equipment depreciation plus the user cost of capital (or the cost of using the money invested in the asset) are used to estimate the cost of capital required for patient care, despite concerns about accuracy and comparability. What does this paper add? This is the first study to review capital allocation systems for Australian public hospitals, to evaluate those systems against the contemporary objectives of the health systems and to assess whether prevailing Australian allocation systems deliver funds to facilitate patient access to efficient hospital care. This is the first study to evaluate Australian hospital capital allocation and efficiency. It compares the objectives of the Australian public hospitals system (for universal access to patient-centred, efficient and effective health care) against a range of capital funding mechanisms used in comparable health systems. It is also the first comparative review of international capital funding systems to include Australia. What are the implications for practitioners? Clinical quality and operational efficiency in hospitals require access for all patients to technologically appropriate hospitals. Funding for appropriate public hospital facilities, medical equipment and information and communications technology is not connected to activity-based funding in Australia. This study examines how capital can most effectively be allocated to provide patient access to efficient hospital care for Australian public hospitals. Capital investment for hospitals that is patient based, rather than institutionally focused, aligns with higher efficiency.

ABSTRACT The depreciation in placement opportunities has placed pressures on university academics for some time now. Today, the coalescence of this supply issue and the global health pandemic have forced the consideration of alternative placement options. Simulation-based learning experiences (SBLEs) is one such approach, providing students with a diverse range of clinical experiences in a safe and well-placed manner. The documented effectiveness of these experiences in preparing the future health care workforce has been strong, but exists largely in medicine and nursing spheres. SBLEs have been recognized in Australia as providing a commensurate education experience to that of a traditional practicum hour resulting in a portion of total practicum hours being accrued by this activity. In March of this year, the Exercise & Sports Science Australia, accrediting body for exercise science, exercise physiology, and sports science, has lifted the restriction on mandated hours that can be apportioned to simulation-based placement. This “green light” will enable more academics to explore the opportunities within simulation-based learning, although the question regarding being able to deliver quality educational experience remains. This commentary provides an overview of key peer-reviewed literature and simulation design recommendations. Despite being founded on nursing simulation best practice standards, the lessons learned could help direct simulation designers in exercise science and physiology curricula as they strive to meet a rapidly changing practicum placement landscape while maintaining quality teaching and learning environments.

This paper is testing empirically the effect of a devaluation of a currency on the trade account of the country, the J-curve effect, by using the trade between the U.S. and seven countries (Euro-zone, Mexico, Canada, United Kingdom, Switzerland, Japan, and Australia). A devaluation (depreciation) of the U.S. dollar is increasing the spot exchange rate ($/FC) and increases the price of imports and reduces the price of exports. Then, imports are falling and exports are increasing and the trade account is improved in the long-run. In the short-run, the trade account is deteriorated because the international trade transactions are pre-arranged and the invoices are in foreign currency, so it cannot be adjusted. This J-curve hypothesis is tested by using a regression equation and a VAR model, where the volatility of the real exchange rate (TOT) is specified with a GARCH-M process. Also, different stationary tests are taking place, like, unit root and cointegration ones. The empirical results mostly are supporting the J-curve effect.

We examine the effect of consumer sentiment announcements on changes in 13 of the more common foreign exchange rates against the Australian dollar using a consumer sentiment index (CSI). Generally, we find that the CSI possesses information that influences the foreign exchange market. However, we observe an asymmetric effect – when a lower than previous month CSI is announced, the Australian dollar experiences a significant depreciation on the announcement day, but there is no matching appreciation when positive CSI news occurs. This supports the negativity effect documented in the psychology literature and in the Australian stock market. There is no evidence that the effect is non-linear.

Purpose In recent decades, New World winemakers have increased their wine export to European markets and became considerable market players in the EU. Therefore, this paper aims to explore whether the major New World wine producers are able to exploit its market power at European destination markets. Design/methodology/approach The paper applies the pricing-to-market (PTM) model of trade in respect of asymmetric effect of exchange rate changes by using monthly bilateral wine data between January 2000 and December 2016. Findings First, there is evidence of PTM in three New World wine exporters, namely, Chile, South Africa and the USA. Chile was able to apply price discrimination across Danish, German, Dutch and the British wine markets. Second, South Africa set their prices in Belgian, Dutch and Swedish markets, while the USA discriminated their wine prices in Denmark and Sweden. In contrast, this advantage was not observable in the case of Argentina and Australia. Third, the local-currency price stability was explored in Chilean wine import prices (exported to Belgium, the Czech Republic), South African wine prices (exported to France, Denmark, Germany), in US wine prices (sold in Germany and the UK). Furthermore, the analysis of the asymmetric effects of exchange rate changes suggests that depreciation of the exporter’s currency relative to the Euro had not a significant impact on EU wine import prices. On the whole, the estimated pricing to market model indicates that a non-competitive pricing behaviour of New World exporters was limited and was rather due to the market-specific characteristics. Research limitations/implications The research provides multiple advice for New World wine producers. First, in general, European consumers do not pay an extra price for the New World bottled wines. Second, only Chilean, South African and North American wine exporters can expect higher prices for its wines from European buyers only. Moreover, European wine markets are fairly competitive where New World wine exporters do not have significant market dominance. Therefore, New World wine exporters should strengthen its wine marketing and branding strategy to gain higher market share in Europe and to attract attention to its wines. Finally, exchange rates relative to Euro should be continuously monitored by the New World wine exporters because it might deviate the wine export prices significantly. Originality/value The study applies the pricing-to-market model to major New World wine exporters on the European Union’s destination market. The paper also makes valuable contributions to the wine literature by testing the asymmetric effects of exchange rate changes on wine import prices. It analyses the nature of price discrimination, whether it is market-specific or exchange rate influenced, or both.

Relevance. In the current context, the cost of coal products is growing. Labor productivity in coal mines and open-pit mines is significantly lower than the corresponding indicator in North America and Australia, a significant proportion of unprofitable enterprises, despite the fact that a third of the world’s coal resources and a fifth of the proven reserves are concentrated in the Russian Federation. In these circumstances, the substantiation of the strategic development of the coal industry on the basis of a SWOT analysis is of great importance. Purpose of the study is to substantiate the strategic vision for the development of the coal industry, priorities for the functioning of coal mining enterprises. Research methods are scientific generalization, method of system analysis and analogies. Results. In the course of the study, the possibilities of functioning of coal mining enterprises, threats to the coal industry, strengths and weaknesses of their activities were identified. The ability to function is determined by the presence of huge coal reserves in Russia, the leadership in its production and export, and a significant share of coking coal grades. The identified threats include: a significant decrease in prices on the world market and coal consumption in the domestic market, an increase in the average transportation distance and the risks of introducing environmental restrictions. The weaknesses in the activities of coal mining enterprises, requiring appropriate measures to be taken to liquidate them, come down to the following: increased operating costs, low labor productivity, a significant number of small mines and open-pit mines that hinder the effective development of the industry as a whole. At the same time, the strategy for further development should focus on the strengths of the coal mining enterprises. These include lower capital investments based on conventional fuel, significantly lower than in the oil and gas industry, therefore, during the period of ensuring sustainable development of the economy as a whole, the development of the coal industry will require lower costs, which creates conditions for the development of other related industries, the possibility of introducing an economic mechanism of inter-fuel competition, as well as the effective functioning of the market structure within the “free” oligopoly. Increasing the competitiveness of coal mining enterprises requires the use of accelerated depreciation methods at export-oriented enterprises, the introduction of problem-solving technology at large coal mining enterprises, the establishment of a rational ratio of the used imported and Russian equipment, and the containment of the growth in the cost of railway transport services. The focus on the implementation of the concept of creating a digital industrial enterprise in the industry plays a special role. A number of measures should be taken to improve financial stability. Conclusions. The identified opportunities and threats, as well as the strengths and weaknesses of the activities of coal mining enterprises, serve as the basis for substantiating the “Strategy for the development of the coal industry”, determine promising directions for the future of coal mining enterprises.

Topicality. Ukrainian export strategy for 2017-2021 determines food industry as one of the key elements of the country's foreign economic potential. Despite the secondary importance of wine in meeting the basic human needs, wine industry plays an important role in filling the budget of the country, ensuring the socio-economic development of regions. The wine sector is a perspective direction for the development of Ukrainian economy, an integral part of its foreign economic potential because of favourable natural and climatic conditions and existence of labour and other resources of high quality.Aim and tasks. The purpose of the article is to determine the foreign economic potential of Ukrainian wine industry in the world market. To achieve the goal, following tasks have been set and solved: definition of production potential of Ukrainian wine industry; assessment of consumer potential of Ukrainian wine market; study of trends of export-import activity of market operators (volumes of export, import, foreign trade turnover, balance of export and import operations, geographic structure of export and import).Research results. According to the research results of Ukrainian wine industry in 2014-2018, it is established that the production potential of Ukrainian wine market is decreasing. This can be explained by the decrease in the area of grape plantations in the fructiferous age, the declining dynamics of the index of industrial products, the growth of depreciation, the decrease in the average number of staff members, as well as the decline in consumer market potential (due to a decrease in the number of target consumer segment, in the share of spending on alcoholic beverages and tobacco products, the growth of average consumer prices, the prohibition of the promotion of wine etc.).According to the export-import activity in monetary terms Ukraine is a net importer of grape wines. However, in terms of volume, the volumes of wine exports are dominated by imports. Such contradictions in data in both physical and monetary terms can be explained by the low cost of Ukrainian exports. The average price of 1 litre of exported Ukrainian wine in 2018 is 3.5 times lower than the cost of 1 litre of imported one. The geographic structure of demand for Ukrainian wines varies: the share of CIS countries and Europe is decreasing and the share of Asian countries is increasing. The largest buyers of Ukrainian wine are: Russian Federation, Georgia, Azerbaijan, Kazakhstan, and China. The geography of the import of grape wines has the opposite structure: a significant proportion is being taken by the European countries, the smallest – by the “new wine regions”: America, Africa and Australia and Oceania.Conclusion. The analysis of the indicators of functioning of Ukrainian wine industry shows that at present, it can not claim the position of an influential player in the market. There is a significant natural and climatic potential, but there is a number of problems that hinder the development of foreign economic potential. These problems are: problems related to the political and legal environment; problems of production potential; problems of consumer potential; foreign trade problems; retail problems.

ABSTRACTWorkforce ageing is considered in the context of four Australian employing organisations which are each in the process of change. In these organisations, perceptions regarding the relationship between the declining body and productivity led to a depreciation of the value of older workers and their consignment to less productive edges of organisations. While this was viewed as benefiting older workers, it was also acknowledged that workforce ageing will place severe constraints on the use of such practices, already regarded with suspicion by operational managers responsible for cost containment. Policies which aim to restrain biological and psychological decline, by supporting individual functional capacity and health, workplace design and ergonomics and developing the work community are advocated.

The paper deals with the analysis on the innovative approaches in the accounting and audit of the book value of assets. The results of analyses proved that of the book value of assets in the accounting and audit, especially in the context of financial crises, implementation of the new or modified standard of accounting and reporting becomes an important part of the issues. Herewith, financial and management decision, which compare book and market value, trying to predict the future (fair) value of assets or even a company (firm). The main goal of the paper is analysed of the tendency in the scientific literature on the accounting and audit of the book value of assets to identify future research directions. For the analysis, the VOSviewer and Scopus tools were used. This study reviews 714 papers from the Scopus database. The time for analysis was all timeline of the Scopus database. The results showed the growing tendency in publishing the documents in the Scopus database focused on the accounting and audit of the book value of assets issues. It began to increase from 1997 to 1999, from 2007 to 2009, and from 2014 to 2017. Moreover, the focus of investigation moved from general issues to problem of the fair value of assets, implementation of modifying standards of reporting and accounting. In 2018, the number of documents increased by 1225% compared to 1997. It was the year with the biggest number of paper devoted to analysing the innovative approaches in the accounting and audit of the book value of assets. Mostly the innovative approaches in the accounting and audit of the book value of assets were analysed under the subject area as follows: Business, Management and Accounting; Economics, Econometrics and Finance; Social Sciences; Engineering. Besides, the biggest share of the scientists which investigated issues the innovative approaches in the accounting and audit of the book value of assets was from the USA, United Kingdom, Australia and China. In 2019 papers focused on analyses of the innovative approaches in the accounting and audit of the book value of assets were published in journals with high impact factor as follows: Contemporary Accounting Research, Accounting Review, International Journal of Accounting, Managerial Finance,Accounting And Business Research. Such results proved that theme on the innovative approaches in the accounting and audit of the book value of assets is actually in the ongoing trends of the modern accounting, finance, management and audit. The findings from VOSviewer identified 6 clusters of the papers which investigated innovative approaches in the accounting and audit of the book value of assets from the different points of views. The first most significant cluster merged the keywords as follows: accounting information, fair value, financial reporting, fair value accounting, firm value, intangible assets, intellectual capital etc. The second biggest cluster merged the keywords as follows: costs, cost accounting, accounting method, assets value, assets valuation, depreciation, cost-benefit analyse, balance sheet etc. The third biggest cluster focused on criminal aspects of value relevance, book value, the book value of equity, equity valuation, earnings, dividend etc. Such tendency allows making a conclusion, financial and management decision, which compare book and market value, trying to predict future (fair) value of assets or even a company (firm) are very close and popular in different issues. Keywords book value, asset value, accounting, financial accounting, audit, innovative approaches.

This study tests whether gold can effectively hedge exchange rate risks. We take into account the asymmetric characteristic of exchange rate fluctuations and use the dynamic panel threshold model in order to select gold prices in major gold-related currencies in the world: the Australian dollar, the Canadian dollar, the euro, the Indian rupee, the Japanese yen, the South African rand, and the British pound. Using monthly data from January 1999 to January 2010, with lagged one-period exchange rate returns (US dollar depreciation rate) as the threshold variable, the estimation results suggest that there are two thresholds at –7.5% and –3.7%. These can be divided into regime 1 (exchange rate returns ≤ –7.5%), regime 2 (–7.5% < exchange rate returns ≤ –3.7%), and regime 3 (exchange rate returns > –3.7%). Regarding the effectiveness of gold hedging, regime 2 is higher than is regime 3. The risk hedging effect of regime 1 is not significant because it might be caused by the excessive devaluation of the US dollar in the short-term and the overshooting of the exchange rate adjustment, making gold unable to hedge the devaluation risks of the US dollar.

Accounting performance measures such as earnings per share growth and return on equity and their related valuation measures (price to earnings and price to book ratios) have severe limitations in comparing the economic performance of companies and explaining how the market prices stocks. Although the traditional cash flow-based valuation methodologies as taught in business schools are, in theory, more sound approaches, they suffer problems in practical implementation. In particular, the large number of forecasts and arbitrary decisions that need to be made in deciding upon an appropriate discount rate prevent meaningful back testing of the approach. Hence the validity of the assumptions being made are always open to question. This approach also fails to provide a measure of a company's actual current performance but rather measures forecasted performance.Cash flow return on investment (CFROI) overcomes many of these limitations. It measures the rate at which assets are generating cash flow while explicitly taking into account the distortions caused by inflation, asset age, asset life, and different mixes of depreciating and non-depreciating assets. CFROI spread, the difference between a firm's performance and its market-derived cost of capital, has a much higher correlation with how the market values companies. It has provided a useful insight into Santos' share price performance as well as the efficiency with which the company utilises its asset base relative to other Australian and US oil and gas companies. The CFROI also lends itself to the valuation of individual companies in such a way that it enables meaningful back testing to be performed. Using Santos as an example it was found that the assumptions implicit in this approach are applicable to oil and gas companies.

Aim A dairy farm in south-west Victoria was analysed to discern the impact on profit and risk of changing from a feeding system in the base case where grain was fed in the dairy and forage in the paddock, to a partial mixed ration (PMR) or a formulated grain mix (FGM) feeding system. Context A PMR feeding system involves feeding a well formulated mixed ration to a grazing dairy herd and typically requires the use of specialised machinery to mix and feed out the forage and grain components of the ration together onto a feed pad. In a FGM feeding system, the same formulated ration fed in the PMR system is used, but the grain component of the ration is fed using the existing feeding system in the dairy with the hay component fed in the paddock. Method The analysis used data from experiments recently performed to establish milk responses to mixed ration feeding under Australian conditions. The case study farm comprised 244 ha and a herd of 420 self-replacing Holstein-Friesian cows that calved from May to July. The herd feeding system was based on grazed pasture, grain fed in the dairy at milking and hay fed in the paddock. Supplementary feed comprised ~50% of metabolisable energy in the diet of the milking cows. The pre-existing feeding system was altered to incorporate either a PMR system or a FGM system. An increased herd size of an extra 100 cows, plus the PMR or FGM systems, was also tested. Key results All systems analysed were more profitable than the base case. Increasing the herd by 100 cows was the most profitable option for both the PMR and FGM systems, but intensifying the system by increasing cow numbers also had the most variability in profit. Conclusions and implications The FGM system was the most profitable system because milk production could be increased without the costs of extra labour, depreciation and repairs and maintenance associated with using a mixer wagon to feed the ration. The FGM system presents an option for farmers to expand or intensify their systems without needing to construct a feed pad or invest in extra machinery and equipment.

I have Danish parents, grown up in France, lived in the UK for 10 years and now living in Holland for the past 9 years. I am a different person in each language, adapting myself to the culture of the people who speak it. I have always wondered how the language could affect the message so much. It also affects my tone of voice and my emotions. [Christina, on July 27th, 2011]I find myself being more self-depreciating and less likely to accept praise when speaking in Japanese than when speaking English. Furthermore, a colleague once told me that even if he can't hear, he can tell which language I am using from 10-15 metres away, by looking at my posture, gestures and general body language. [Tim, on July 27th, 2011]My friends once told me that when I switch to Russian even my facial features change, becoming colder and harsher – set jaw, narrow eyes, speaking in a low voice, but with an intensity that makes everyone else listen. [Julia, on July 30th, 2011]The above quotations represent just a small portion of blogosphere postings from bilingual and multilingual individuals commenting on how they perceive and appear to have very distinct and separate personalities when speaking the different languages in their linguistic repertoires. Many such postings, like the first one above by Christina, explicitly attribute this phenomenon to attempts on the part of speakers to assimilate to the cultural norms of the countries where the languages are traditionally spoken. Scholarly treatments of the same phenomenon (e.g., Bryant, 1984; Hu & Reiterer, 2009; Zukowski/Faust, 1997) generally do likewise, often citing Schumann's (1978, 1986) Acculturation Model, which equates L2 proficiency with the extent to which a learner is able to adopt the culture of a target language group, and Guiora's (1967, 1979) concept of Language Ego, in which the permeability of one's L1 identity determines receptiveness to taking on new linguistic identities. According to these theories, a learner of Korean, for example, would be likely to develop a distinctly Korean L2 persona (as well as linguistic proficiency) if he or she has both a high level of affinity for Korean culture and a very permeable L1 language ego. Such arguments still, no doubt, apply to languages such as Korean or Japanese that are intrinsically associated with specific countries and cultures. Given the status of English as an international lingua franca in today's world, however, it can no longer be assumed that learners of English have any motive or desire to acculturate into traditionally English-speaking cultures, such as those of the US, England, or Australia. If learners/users of English associate the language not with such traditionally English-speaking cultures, but instead with an imagined global community of English users, do they still develop English L2 personas that are distinct from their L1 personas and feel ‘like a different person’ when speaking English?

Abstract The objective of this paper is to test empirically the effect of a devaluation of a currency on the trade account of the country, the J-curve effect, by using the trade between the U.S. and six countries (Euro-zone, Canada, United Kingdom, Switzerland, Japan, and Australia). A devaluation (depreciation) of the U.S. dollar is increasing the spot exchange rate ($/FC) and increases the price of imports and reduces the price of exports. Then, imports are falling and exports are increasing and the trade account is improved in the long-run. In the short-run, the trade account is deteriorated because imports are pre-arranged and continue to increase with the higher spot rate. This J-curve hypothesis is tested by using a regression and a VAR model, where the volatility of the real exchange rate (TOT) is specified with a GARCH-M process. The empirical results mostly are supporting the J-curve effect. JEL classification numbers: E4, F31, F32, F47, G14, G15. Keywords: Demand for Money and Exchange Rate, Foreign Exchange, Current Account Adjustment, Forecasting and Simulation, Information and Market Efficiency, International Financial Markets.

PurposeThis study compares the impact of the COVID-19 pandemic on stock returns in the first two waves of infection across selected markets, given built-in corporate immunity before the global outbreak.Design/methodology/approachThe data are collected from listed firms in five markets that have experienced the second wave of COVID-19 contagion, namely the United States (US), Australia, China, Hong Kong and South Korea. The period of investigation in this study ranges from January 24 to August 28, 2020 to cover the first two COVID-19 waves in selected markets. The study estimates the research model by employing the ordinary least square method with fixed effects to control for the heterogeneity that may confound the empirical outcomes.FindingsThe analysis reveals that firms with larger size and more cash reserves before the COVID-19 outbreak have better stock performance under the first wave; however, these advantages impede stock resilience during the second wave. Corporate governance practices significantly influence stock returns only in the first wave as their effects fade when the second wave emerges. The results also suggest that in economies with greater power distance, although stock price depreciation was milder in the first wave, it is more intense when new cases again surge after the first wave was contained.Practical implicationsThis paper provides practical implications for corporate managers, policymakers and governments concerning crisis management strategies for COVID-19 and future pandemics.Originality/valueThis study is the first to evaluate built-in corporate immunity before the COVID-19 shock under successive contagious waves. Besides, this study accentuates the importance of cultural understanding in weathering the ongoing pandemic across different markets.

Time consistency refers to situations where a policy that is optimal ex ante proves not to be optimal ex post, creating the risk of opportunistic policy reversals. While the threat of such reversals has received widespread attention in the theoretical literature, testing whether policy is indeed time consistent is challenging. This paper implements such a test by comparing the depreciation profile established by the Australian telecommunications regulator at the outset of a regulatory period with the actual path of allowed recovery, and finds that the regulator acted in a time-inconsistent manner.

<p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt; mso-pagination: none;"><span style="font-size: x-small;"><span style="font-family: Times New Roman;"><span style="layout-grid-mode: line;" lang="EN-AU">Accounting for goodwill and identifiable intangibles is one of the most controversial issues in financial reporting. Preliminary evidence suggests that the materiality of goodwill and identifiable intangible assets in corporate statements of financial position for a large number of firms is the reason for the considerable attention given to goodwill and identifiable intangibles. The present study analyses the Australian market perception of goodwill and identifiable intangibles in the determination of firm's market valuation. It also explores the market perception of assets goodwill and identifiable intangibles relative to other tangible assets. </span><span lang="EN-AU">Evidence suggests that there is a strong positive association between reported goodwill and identifiable intangible asset values and equity market values, concluding that the market appears to perceive reported goodwill and identifiable intangibles as assets in the determination of firms' market valuation. Evidence also suggests that the highest coefficient value among the variables of the study model (the asset-based model) belong to reported asset goodwill and to a lesser extent, other net assets. Thus, it is concluded that, on average, the market perceives reported goodwill as having a higher weight than other financial position statement items in the asset-based model, whereas the market appears to discount reported identifiable intangible assets relative to other items in the model when valuing firms. Further, evidence suggests that there is a negative and inconsistently significant association between equity market values and write-offs of goodwill and identifiable intangibles, concluding that such associations may vary substantially across firms, thus, the use of standardised amortisation requirement may be appropriate. </span></span></span></p><p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt; mso-pagination: none;"><span style="layout-grid-mode: line; font-size: 9pt;" lang="EN-AU"><span style="font-family: Times New Roman;">&nbsp;</span></span></p><p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt; mso-pagination: none;"><span style="layout-grid-mode: line;" lang="EN-AU"><span style="font-size: x-small;"><span style="font-family: Times New Roman;">Accounting for intangibles has been subjects of controversy in Australia and in many other countries (Grant, 1996). The central issue appears to be in the recognition of intangibles as assets. If intangibles are presumably recognised as assets, further controversy exists on the measurement of intangibles and the accounting treatment that best represent the resources and performance of the company. The Australian goodwill standard (AASB 1013/AAS 18) requires goodwill, comprising the future benefits from unidentifiable assets, to be recognised as an asset in the statement of financial position only when it has been purchased in a business acquisition. Goodwill is then to be amortised over its expected useful life, subject to a maximum of twenty years. However, there has been no specific accounting standard governing accounting for identifiable intangible assets in Australia. The issue is so contentious that in 1992 an exposure draft on identifiable intangible assets, ED 49 "Accounting for Identifiable Intangible Assets", was withdrawn three years after issue.</span></span></span></p><p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt; mso-pagination: none;"><span style="layout-grid-mode: line; font-size: 9pt;" lang="EN-AU"><span style="font-family: Times New Roman;">&nbsp;</span></span></p><p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt; mso-pagination: none;"><span style="layout-grid-mode: line;" lang="EN-AU"><span style="font-size: x-small;"><span style="font-family: Times New Roman;">Goodwill and identifiable intangibles have been the subject of considerable attention by the Australian Accounting Standards Board (AASB). For instance, the AASB recently considered a paper titled "Strategy Paper: Intangible Assets" (AASB, 2000). This paper outlines the key issues to be addressed in a project to review accounting for intangible assets. The strategy calls for the issue of recognition and measurement for intangibles among other issues. In 1999, the Australian Accounting Research Foundation (AARF) issued Accounting Interpretation AI 1 "Amortisation of Identifiable Intangible Assets" that was prepared by the Public Sector Accounting Standards Board (PSASB) and the AASB. AI 1 outlines the Boards' view that identifiable intangible assets including brandnames, mastheads, licences and trademarks fall within the scope of Accounting Standards AASB 1021/AAS 4 "Depreciation of Non-Current Assets" and that in most instances such assets have depreciable amounts. </span></span></span></p><p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt; mso-pagination: none;"><span style="layout-grid-mode: line;" lang="EN-AU"><span style="font-size: x-small;"><span style="font-family: Times New Roman;">The Australian Securities and Investment Commission (ASIC) has also addressed goodwill and identifiable intangibles. The ASIC issued the Media Release (99/219), concerning the ASIC's view with respect to 1998 financial reports of 111 listed companies identified a number of instances where intangible assets, including tradenames, customer databases and licences, were not amortised (ASIC, 1999). The release reported that ASIC expects companies to amortise intangible assets in accordance with AASB 1021/AAS 4 and has already requested some companies to review and revise their approaches for their intangibles. In 1993, ASIC issued the Practice Note (PN 39) and indicated that the amortisation method of "inverted sum of the years digits" (ISOYD), only in rare cases, satisfies the requirements of AASB 1013. Moreover, the Full High Court of Australia included goodwill and identifiable intangibles in its legislation agenda. The recent decision of the Full High Court in the case of FC of T v Murry 98 ATC 4585 has made some important observations that relate to the issues of identifying and valuing goodwill. While there is now recognition that identifiable intangible assets, such as a tax license, do not give rise to goodwill, it needs to be recognised that such assets contribute to the generation of goodwill insofar as they add to the forces which attract customs (Nethercott, 1998).<span style="mso-spacerun: yes;">&nbsp;&nbsp; </span></span></span></span></p><p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt; mso-pagination: none;"><span style="layout-grid-mode: line;" lang="EN-AU"><span style="font-family: Times New Roman; font-size: x-small;">&nbsp;</span></span></p><p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt; mso-pagination: none;"><span style="layout-grid-mode: line;" lang="EN-AU"><span style="font-size: x-small;"><span style="font-family: Times New Roman;">The IASC, the UK Accounting Standards Board (ASB) and the US Financial Accounting Standards Board (FASB) have included goodwill and identifiable intangibles on their agendas. The issue of goodwill recognition is especially contentious in the US because the FASB recently issued Statement of Financial Accounting Standards (SFAS 142) "Goodwill and Other Intangible Assets", that eliminates amortisation of goodwill and establishes an accounting treatment to recognise goodwill impairment. The source of conflict is that the US tradition treatment of accounting for goodwill was to capitalise and amortise over a period not to exceed 40 years. The alleged advantages for the non-amortisation and impairment model to US firms have been the favourable earnings and the increase in earnings per share that result from avoiding future amortisation expenses (Schneider et al, 2001). </span></span></span></p><p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt; mso-pagination: none;"><span style="layout-grid-mode: line;" lang="EN-AU"><span style="font-family: Times New Roman; font-size: x-small;">&nbsp;</span></span></p><p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt; mso-pagination: none;"><span style="layout-grid-mode: line;" lang="EN-AU"><span style="font-size: x-small;"><span style="font-family: Times New Roman;">Based on the above discussion, it is apparent that goodwill and identifiable intangibles are important and pervasive issues for the accounting standard-setters and other interested parties. The considerable attention is attributable to the increased reporting and materiality of goodwill and identifiable intangible assets on corporate statements of financial position. </span></span></span></p>

The paper aims to analyze the Ukrainians income structure, to study of the ratio of real, nominal wages and the consumer prices index; to draw a scatter diagram, which makes it possible to make assumptions about a logarithmic nature of the relationship between indicators of average annual wages and GDP growth per capita by countries; to study the correlation between average annual rates GDP growth per capita and wages based on correlation-regression analysis; to determine the ways to improve the well-being in modern conditions. The living standard of the population is one of the main socio-economic categories that not only characterizes the material well-being of a person, but determines the overall result of the country's economy for a certain period as well. Satisfaction of needs has always been a vital condition of people's life. Material well-being with the income as focal point is a key factor in the population living standard analysis. All people work for the sake of obtaining an income that satisfies their needs, and, under favorable conditions – enjoy saving some income, investing in assets, being engaged in charity. The amount of income is often insufficient to meet the most important human needs. Currently, the majority of Ukrainians live below the poverty line, and the skilled workforce has emigrated abroad. Therefore, there arises the need for state regulation of wages, for reducing the disparity in income between the rich and the poor, for searching other sources of income for the population. The issue of the formation of incomes has been studied by many outstanding scientists, but the issue of formation of the population income as one of the factors of the population well-being has not lost its relevance and needs further study and research. The income of the population is one of the population welfare factors determining the level of their life activity. Periodicals, scientific papers, Internet sources, statistical information, scientific and methodical literature make the information base of the research. A scatter diagram of population incomes distribution in the world's countries by average annual growth rates wages and GDP per capita, correlation-regression model dependencies between average annual growth rates of GDP per capita and salary is used as one of the research methods. The economic-mathematical, calculation-constructive and correlation-regression methods were used in the study was well. Incomes of the population are the main source of satisfying their needs for consumer goods and services, and the level of population life quality is measured in quantity and quality of goods that they can purchase with their incomes. the quality of housing conditions and medical services depend on the income level. Wages make the main source of Ukrainian population income. In 2020, it made 62,3% in the total income structure of the population of Ukraine. In 2020, the nominal salary of the population amounted to 110,4% compared to the previous year, and real wages, made 107,4% taking into account the price factor. That is, the average rate of nominal wage growth is 13,4 percent ahead of the average real wages growth rates which indicates deterioration of the material situation of the population, inflationary processes in economy leading to wage depreciation and purchasing capability decline. The average salary in Ukraine in 2021 was UAH 14,577. Compared to 2020, it increased by 40% (UAH 10,340). The highest level of the average monthly salary in 2021 was in the industrial developed regions (Kyiv - UAH 21,347, Donetsk oblast - UAH 15,480, Kyiv oblast - UAH 15,152, Zaporizhzhia oblast - UAH 14,510 and Dnipropetrovsk oblast – 14,479 UAH. The lowest level is observed in the Volyn oblast (UAH 11,735), Kirovohrad oblast (UAH 11,658), Ternopil oblast (UAH 11,455) and Chernivtsi oblast (UAH 11,326). This differentiation of wages is predetermined by the specifics of these regions and the structure of their economic development. The indicator of the wages share in GDP was 46.2% in 2021 (to be compared with the average in the EU, salaries make up 50% of GDP). This is a good indicator for Ukraine, but the size of the GDP is low. In 2021, GDP of Ukraine made only 2.7% of the analogue for the USA, 12,1 – for Germany, 17,3% - for Great Britain and 41,4% for Poland that indicates the poverty of our country. Income growth during the studied period by almost exceeds the level of inflation by 27,9-31,4% and indicates an increase in well-being population. However, according to the IMF data regarding the rating of GDP volumes per capita in 2019, Ukraine ranked last among the world countries. During 2020-2021, Ukraine ranked 101st among the 199 world countries. The scatter diagram makes it possible to assume the presence of a logarithmic nature of the relation between the average annual wages growth and GDP per capita by country. Ukraine, Iceland, Estonia, Latvia, Lithuania, Hungary and Poland are among the countries with high GDP and wages growth rates. A low GDP and wages growth rate is observed in Australia, the Netherlands, Greece and Belgium. The correlation-regression model of the dependence between the average annual GDP growth rates per capita and wages confirms that the size of GDP per capita affects the average annual wages and this dependence must be high. Unfair distribution of national income in the country, tax evasion, and a high level of the shadow economy can be the reasons for the lack of a high correlation between the change in GDP per capita and wages in Ukraine. Ukraine is among the countries with the lowest average wages compared to developed countries. Therefore, Ukrainians have to go abroad in search of more acceptable conditions and wages. In addition, the part of the population that has remained living in the country is paid "under the table", they work in unfavorable conditions and are socially unprotected. Therefore, in order to improve the level of welfare of the population, the state should set the minimum wage corresponding to the level of the real living wage; to legalize the payment of wages; to provide benefits and subsidies to the poor and low-income segment of the population with examining their living standard; attract investments and innovations in production processes that will result in wage growth; reduce and simplify the level of taxation, which affects the reduction of the shadow sector of the economy; restrain the level of inflation; create conditions for the development of small and medium-sized businesses which will further create new jobs; reduce the corruption level, etc