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Full-Text Articles in Macroeconomics
Growing Through The Merger And Acquisition, Jianhuan Xu
Growing Through The Merger And Acquisition, Jianhuan Xu
Research Collection School Of Economics
The paper studies with an endogenous growth model how the merger and acquisition (M&A) affects the aggregate growth rate. We model the M&A as a capital reallocation process, which can increase both productivity and growth rates of firms. The model is tractable and greatly consistent with patterns observed in the M&A at the micro level. Matching our model to the data, we find that prohibiting the M&A would lead to the reduction of the aggregate growth rate of US economy by 0.1% and the reduction of the aggregate TFP by 5%.
Central Asia's Transition After Fifteen Years: Growth And Policy Choices, Malcolm Dowling, Ganeshan Vignaraja
Central Asia's Transition After Fifteen Years: Growth And Policy Choices, Malcolm Dowling, Ganeshan Vignaraja
Research Collection School Of Economics
This paper presents a coherent and systematic analysis of the collapse and subsequent revival of the Central Asian Republics (CARs) since 1990. The focus is on the pattern of growth and structural change during the cycle of decline and subsequent revival in the CARs which have been inadequately analyzed in the literature on transition. The paper relates economic performance to initial conditions, country characteristics and policies. Within this framework, it proposes a simple typology of policies (including a new Type III set of policies on regional cooperation and industrial competitiveness) and relates them to the cycle of decline and revival …
Factor Substitution And Endogenous Growth, Hing-Man Leung
Factor Substitution And Endogenous Growth, Hing-Man Leung
Research Collection School Of Economics
We argue that the degree of substitutability between skilled and unskilled workers in production increases long-term income growth rate. Growth rate reaches its maximum when such factors are perfect substitutes, but falls to zero when they are perfect complements. This model brings together the diverging relative wage and the human-capital-growth literature. Easier substitution absorbs more workers into the skilled profession, and their training fuels human capital accumulation and growth. Our result implies, among other things, that growth is positively related to between-and within-group inequality.