First Author:   Andrew Wait University of Sydney a.wait@econ.usyd.edu.au   Economics, University of Sydney Sydney, 2045, AUSTRALIA   61-2-93513060(Phone) 61-2-93513060(Fax) Second Author: Vladimir Smirnov University of Sydney v.smirnov@econ.usyd.edu.au   Economics, University of Sydney Sydney, 2045, AUSTRALIA   61-2-90369297(Phone) 61-2-93514341(Fax)