The Economics of Harmonisation: Implications for Reform of Commercial Law and Regulation in New Zealand
This paper provides an economic assessment of the costs and benefits of harmonising New Zealand's commercial laws and regulations with those in Australia or with an OECD norm. It argues that unless the definition of harmonisation is limited to mutual recognition the economics literature surveyed does not support a general presumption in favour of harmonisation of commercial laws.The absence of any presumption in favour of harmonisation is based on the infeasibility of full harmonisation while New Zealand maintains political independence and on the overall requirement for an assessment of the efficiency of any law in the context of the New Zealand economy
Liquidity, Stock Returns and Ownership Structure - An Empirical Study of the Bombay Stock Exchange
In recent years, globalization of capital flows has lead to the growing relevance of "Emerging Capital Markets". In particular, India is one of the countries with an expanding stock market that has started attracting foreign funds. The Indian capital market has grown phenomenally due to the recently initiated liberalization process. For instance, between 1985 and 1992 the number of listed companies on the Bombay Stock Exchange (B.S.E.) increased from 4,344 to 6,480. Over the corresponding period, the market value of capital of the listed companies went up from Rs.253 billion to Rs.3,541 billion (approximately $ 110 billion). As a percentage of the G.N.P., the market capitalization of the listed companies increased from 9.7% in 1985-86 to 57% in 1991-92. However, the stock markets in India are plagued by severe illiquidity with the trading being very infrequent and concentrated in only a few stocks.
Neuronal uptake inhibitors, nisoxetine and fluoxetine on rat vascular contractions.
The importance of neuronal uptake processes in rat arteries and veins was compared using nisoxetine and fluoxetine, selective inhibitors for neuronal uptake of norepinephrine and serotonin, respectively. Nisoxetine (10(-7) - 10(-5) M) increased the sensitivity to exogenous norepinephrine in the portal and mesenteric veins (10-fold) and in the mesenteric artery (2.5-fold). Responses to field stimulation were also increased afternisoxetine in all three vessels. After nisoxetine, aortic responses to norepinephrine were unaltered and in all tissues, serotonin-induced contractions were reduced. Fluoxetine did not potentiate responses to norepinephrine or to field stimulation except in the mesenteric vein where sensitivity to norepinephrine was increased and the relaxation rate after field stimulation was prolonged. Although serotonin has been detected in blood vessels, fluoxetine did not increase vascular responses to serotonin. These studies suggest that rat mesenteric veins have a highly sensitive neuronal uptake mechanism of norepinephrine. Furthermore, these data provide indirect evidence against a functionally important serotonergic uptake process in rat blood vessels and suggest that neuronal uptake of serotonin does not exert a major role in terminating the vascular action of this biogenic amine.