scholarly journals Labour Market Adjustment in the Construction Industry 2001-2006

1970 ◽  
Author(s):  
Menaka Saravanaperumal
Keyword(s):  
Interest Rates ◽  
Construction Industry ◽  
Employment Growth ◽  
Average Wage ◽  
The Past ◽  
Percent Increase ◽  
Low Interest Rates ◽  
Job Growth ◽  
High Population Growth ◽  
Employee Data

The construction industry experienced heightened activity from 2001 to 2006 concurrent with low interest rates, high population growth, strong wage and job growth, and property investments from overseas. Following this heightened demand, there was a 41.4 percent increase in employment in the construction industry over the six-year period. This compared with a 15.5 percent increase across all other industries excluding construction. This study, uses the Linked Employer-Employee Data (LEED) to investigate how the market adjusted to the higher level of employment. Across the construction industry from 2001 to 2006, relative average wage growth was subdued. However, a change in the composition o f labour hired was evident. The majority of inflows into the construction industry came from alternative industries, with every six in ten workers previously engaged in an alternative industry in the past year. The construction industry continued to source its workers from the same industries. However, the composition o f workers flowing from these industries into construction shifted towards younger and hence less experienced workers. This shift suggests that there were concessions on quality in adjusting to the higher level of employment. The increased inflow of younger and less experienced individuals, together with the relatively higher inflow of self- employed individuals into the construction industry, explains the comparatively subdued growth in average wages across the construction industry at a time of strong employment growth.

Remaking Retirement

2020 ◽  
Keyword(s):  
Interest Rates ◽  
Older Workers ◽  
Older Persons ◽  
The United States ◽  
Older Population ◽  
The Past ◽  
Cost Of Education ◽  
The World ◽  
Low Interest Rates ◽  
Key Aspects

Around the world, people nearing and entering retirement are holding ever-greater levels of debt than in the past. This is not a benign situation, as many pre-retirees and retirees are stressed about their indebtedness. Moreover, this growth in debt among the older population may render retirees vulnerable to financial shocks, medical care bills, and changes in interest rates. Contributors to this volume explore key aspects of the rise in debt across older cohorts, drill down into the types of debt and reasons for debt incurred by the older population, and review policies to remedy some of the financial problems facing older persons, in the United States and elsewhere. The authors explore which groups are most affected by debt, and they also identify the factors causing this important increase in leverage at older ages. It is clear that the economic and market environments are influential when it comes to saving and debt. Access to easy borrowing, low interest rates, and the rising cost of education have had important impacts on how much people borrow, and how much debt they carry at older ages. In this environment, the capacity to manage debt is ever more important as older workers lack the opportunity to recover for mistakes.

US energy high-yield bonds spur default risk

2015 ◽  
Keyword(s):  
Interest Rates ◽  
Default Risk ◽  
Oil Price ◽  
High Yield ◽  
Content Type ◽  
The Past ◽  
The Us ◽  
Low Interest Rates ◽  
Investment Grade ◽  
Energy Companies

Subject Impact of the oil price drop on energy high-yield bonds. Significance The over 50% oil price drop since June 2014 is hitting bonds issued by energy companies, particularly those issued by sub-investment grade corporates. The US high-yield bond market has been growing rapidly over the past five years. The shale boom has generated considerable investment, mainly funded through the issuance of these bonds which benefit from historically low interest rates. As the oil price has plunged, the spread over Treasury yields paid by the average issuer in the energy subsector has more than doubled between July and the December 2014 peak. Impacts Yields currently offered by the energy subsector are not far from pricing in a default scenario. Persistently low oil prices will further darken the outlook for the energy subsector and the high-yield market generally. A possible default cycle in the energy sector could accelerate outflows, overstretching the sector further.

scholarly journals Industrial legislation in Australia, 2020

2021 ◽  
pp. 002218562110082
Author(s):  
Eugene Schofield-Georgeson
Keyword(s):  
Social Welfare ◽  
Labour Market ◽  
Federal Government ◽  
Construction Industry ◽  
Workers Compensation ◽  
State Governments ◽  
The Past ◽  
Wage Theft ◽  
Economic Stimulus ◽  
Liberal Government

In 2020, the Federal Morrison Liberal Government scrambled to respond to the effects of the international coronavirus pandemic on the Australian labour market in two key ways. First, through largescale social welfare and economic stimulus (the ‘JobKeeper’ scheme) and second, through significant proposed reform to employment laws as part of a pandemic recovery package (the ‘Omnibus Bill’). Where the first measure was administered by employers, the second was largely designed to suspend and/or redefine labour protections in the interests of employers. In this respect, the message from the Federal Government was clear: that the costs of pandemic recovery should be borne by workers at the discretion of employers. State Labor Governments, by contrast, enacted a range of industrial protections. These included the first Australia ‘wage theft’ or underpayment frameworks on behalf of both employees and contractors in the construction industry. On-trend with state industrial legislation over the past 4 years, these state governments continued to introduce industrial manslaughter offences, increased access to workers’ compensation, labour hire licensing schemes and portable long service leave.

scholarly journals Special Issue “Interplay between Financial and Actuarial Mathematics”

Risks ◽  
2021 ◽  
Vol 9 (8) ◽  
pp. 139
Author(s):  
Corina Constantinescu ◽  
Julia Eisenberg
Keyword(s):  
Machine Learning ◽  
Control Theory ◽  
Option Pricing ◽  
Interest Rates ◽  
Financial Mathematics ◽  
Special Issue ◽  
Actuarial Mathematics ◽  
Mortality Models ◽  
Low Interest Rates

The Special Issue aims to highlight the interaction between actuarial and financial mathematics, which, due to the recent low interest rates and implications of COVID-19, requires an interlace between actuarial and financial methods, along with control theory, machine learning, mortality models, option pricing, hedging, unit-linked contracts and drawdown analysis, among others [...]

Counter-cyclical public venture capital: Debt-funding as an anti-austerity innovation strategy

2017 ◽  
Vol 56 (3) ◽  
pp. 477-495 ◽  
Author(s):  
Alex Etzkowitz ◽  
Henry Etzkowitz
Keyword(s):  
Venture Capital ◽  
Interest Rates ◽  
Innovation Strategy ◽  
Productive Capacity ◽  
Knowledge Based ◽  
Low Interest Rates ◽  
The Usa ◽  
The Business Cycle ◽  
Smart Specialization ◽  
Private Venture

This article outlines a counter-cyclical innovation strategy to achieve prosperity, derived from an innovative project, the California Institute for Regenerative Medicine (CIRM). We identify an ‘innovation paradox’ in that the very point in the business cycle, when legislators are tempted to view austerity as a cure for economic downturns and to reduce innovation spend, is when an increase is most needed to create new industries and jobs and innovate out of recession or depression. It is both desirable and possible that policymakers resist the urge to capitulate to the innovation paradox. During periods that exhibit subdued inflation, elevated spare productive capacity, and low government borrowing rates, governments should increase their borrowings and use the proceeds to boost investment targeted towards innovation. We show how the State of California successfully utilized debt financing, traditionally reserved for physical infrastructure projects, to stimulate the development of intellectual infrastructure. Finally, we recommend a halt to European austerity policies and a ‘triple helix’ broadening of narrow ‘smart specialization’ policies that chase a private venture capital chimera. Europe should seize the present macroeconomic opportunity of low interest rates, borrow for innovation and be paid back manifold by ‘picking winners’, similarly to what the USA has been doing through DARPA (Defense Advanced Research Projects Agency) with GPS, as a response to Sputnik, the Internet and artificial intelligence, or the driverless car, formerly known as the ‘autonomous land vehicle’ in its military guise. Proactively targeted macroscopic investments in innovation are needed to solve the productivity/employment puzzle and foster the transition to a knowledge-based society.

A benchmarking approach to the progress of green materials and systems’ use in the UAE construction industry

2016 ◽  
Vol 13 (4) ◽  
pp. 315-327 ◽  
Author(s):  
Aly Elgayar ◽  
Salwa Mamoun Beheiry ◽  
Alaa Jabbar ◽  
Hamad Al Ansari
Keyword(s):  
Construction Industry ◽  
United Arab Emirates ◽  
Design Methodology ◽  
Construction Materials ◽  
Relative Importance ◽  
Content Type ◽  
The Past ◽  
Green Materials ◽  
Importance Index ◽  
Regulatory Guidelines

Purpose Over the past decade, the United Arab Emirates (UAE) introduced several green regulatory guidelines, federal decrees, and a considerable number of environmentally friendly initiatives. Hence, the purpose of this paper is to investigate the top green materials and systems used currently in the UAE construction industry as per the new laws dictate as well as see if professionals are switching over to incorporate more green materials, systems, and/or designs. Design/methodology/approach The work involved reviewing internationally popular green materials and systems for construction, developing a questionnaire based on the literature review, surveying professionals in the seven UAE emirates, and ranking the findings based on the relative importance index. Findings Findings found the top used green materials and system in the UAE’s construction industry. As well as identified that there is a communication gap between the design and implementation phases that is possibly hindering the use of more green materials and systems. Originality/value This study sets a baseline to measure the UAE’s progress over the coming years in terms of integrating more green construction materials, systems, methodologies, and trends.

scholarly journals When Low Interest Rates Cause Low Inflation

2015 ◽  
Vol 50 (6) ◽  
pp. 350-355 ◽  
Author(s):  
Markus Demary ◽  
Michael Hüther
Keyword(s):  
Interest Rates ◽  
Low Interest Rates

Australia budget keeps defence spending commitments

2021 ◽  
Keyword(s):  
South China Sea ◽  
Interest Rates ◽  
Fiscal Year ◽  
National Politics ◽  
Content Type ◽  
Defence Spending ◽  
Low Interest Rates ◽  
Defence Expenditure ◽  
Conducive Environment ◽  
Made In

Significance With an election due soon, the governing Liberal-National Coalition’s pledge to ring-fence the defence spending commitments made in 2016 was under some pressure. However, defence spending in fiscal year 2021/22 will grow by over 4% in real terms and stay above the symbolic level of 2% of GDP. Impacts Growing popular and bipartisan concern with Chinese aggression is a conducive environment for increased defence spending. Low interest rates and a stronger Australian dollar are also supporting sustained levels of defence expenditure. Washington may increase pressure on Australia to conduct freedom of navigation exercises in the South China Sea. Major business groups are concerned that increased criticism of China in national politics will produce yet more punitive backlash.

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