Open Access. Powered by Scholars. Published by Universities.®

Growth and Development Commons™

Open Access. Powered by Scholars. Published by Universities.®

Singapore Management University

Discipline
Keyword
Publication Year
Publication
Publication Type

Articles 211 - 239 of 239

Full-Text Articles in Growth and Development

Education, Technological Progress And Economic Growth, Winston T. H. Koh, Hing-Man Leung Jan 2005

Education, Technological Progress And Economic Growth, Winston T. H. Koh, Hing-Man Leung

Research Collection School Of Economics

An important role of education – and the resultant accumulation of human capital – for a less-developed economy is to facilitate technology diffusion in order for it to catch up with developed economies. This paper presents a model linking education, the accumulation of physical capital and technological progress. In the model, investment in education and the accumulation of physical capital are complementary, and intertwine with the technology progress through related effects on technology diffusion and the expansion of the technology frontier. The allocation of effort to education, the optimal savings rate and the technology gap are endogenously determined in the …

Go to article

An Analytical Framework For Science Parks And Technology Districts With An Application To Singapore, Cher Chiew Francis Koh, Teow Hock Winston Koh, Feichin Ted Tschang Dec 2004

An Analytical Framework For Science Parks And Technology Districts With An Application To Singapore, Cher Chiew Francis Koh, Teow Hock Winston Koh, Feichin Ted Tschang

Research Collection Lee Kong Chian School Of Business

This paper analyzes the question: what does it take for science parks and technology districts to evolve and grow? We propose an analytical framework to examine the gestation, evolution and sustainability of science parks and regional phenomena at a broader scale such as technology districts. The framework comprises three aspects of a science park's development: growth mechanisms, level of technological capabilities, and integration with national or global markets. The main growth mechanisms we identify are government-led infrastructure provision, agglomeration effects and continual self-renewal through the creation of new businesses. We apply this framework to analyze Singapore's science park strategy and …

Go to article

From Efficiency-Driven To Innovation-Driven Economic Growth: Perspectives From Singapore, Kim Song Tan, Sock-Yong Phang May 2004

From Efficiency-Driven To Innovation-Driven Economic Growth: Perspectives From Singapore, Kim Song Tan, Sock-Yong Phang

Research Collection School Of Economics

The Singapore economy is going through a period of major restructuring. Economic stagnation since the 1997 Asia financial crisis (except for a brief recovery in 1999) has called into question the continued relevance of many fundamental policies that had worked well in the past. In 2002, a high-level Economic Review Committee (ERC) was convened by the government to chart new directions for the economy. A common thread that ran through the committee’s various reports was a call to enhance the economy’s innovative capacity, with the aim of making Singapore an innovation hub in the region. The call reflects an increased …

Go to article

Indonesian Economic Development: Miracle Or Mirage?, John Malcolm Dowling, Chin Fang Yap May 2004

Indonesian Economic Development: Miracle Or Mirage?, John Malcolm Dowling, Chin Fang Yap

Research Collection School Of Economics

This paper focuses on a few major developments that took place during the three decades from the late 1960s to the Asian financial crisis. The study finds, in retrospect, that many of the Indonesian economy's weaknesses--now so glaringly apparent--were there all the time. The paper concludes that the Indonesian banking crisis was primarily domestic in nature, more so than the crises in Korea and Thailand. The extent of the failure was much more widespread and probably resulted from a chain of bank runs and bank closings, reinforced by uncertainty and lack of faith in the government's commitment to the IMF …

Go to article

What Has Luck Got To Do With Economic Development? An Interpretation Of Resurgent Asia's Growth Experience, Hing-Man Leung, Swee Liang Tan, Zhenlin Yang Apr 2004

What Has Luck Got To Do With Economic Development? An Interpretation Of Resurgent Asia's Growth Experience, Hing-Man Leung, Swee Liang Tan, Zhenlin Yang

Research Collection School Of Economics

This paper critically reexamines the belief, currently gathering strength in the literature, that economic development depends on good luck rather than on good policy, and that Prometheus is unchained by chance. While it is impossible to disprove the role of luck in growth, we argue that luck is endogenous, and good luck is a function of good policy. Luck favours those who strive. Again contrary to common belief, we show that resurgent Asian economies have endured more, not less, than their fair share of economic volatility. They learned their lessons by success and failures, and luck is endogenous through learning-by-investing.

Go to article

From Efficiency-Driven To Innovation-Driven Growth: Perspectives From Singapore, Kim Song Tan Feb 2004

From Efficiency-Driven To Innovation-Driven Growth: Perspectives From Singapore, Kim Song Tan

Research Collection School Of Economics

No abstract provided.

Go to article

What Has Luck Got To Do With Economic Development? An Interpretation Of Resurgent Asia's Growth Experience, Hing-Man Leung, Swee Liang Tan, Zhenlin Yang Jul 2003

What Has Luck Got To Do With Economic Development? An Interpretation Of Resurgent Asia's Growth Experience, Hing-Man Leung, Swee Liang Tan, Zhenlin Yang

Research Collection School Of Economics

This paper critically reexamines the belief, currently gathering strength in the literature, that economic development depends on good luck rather than on good policy, and that Prometheus is “unchained by chance”. While it is impossible to disprove the role of luck in growth, we argue that luck is endogenous, and good luck is a function of good policy. Luck favours those who strive. Again contrary to common belief, we show that resurgent Asian economies have endured more, not less, than their fair share of economic volatility. They learned their lessons by success and failures, and luck is endogenous through learning-by-investing.

Go to article

Catch-Up Growth Based On International Talent Mobility In An Idea-Based World, Yu Quan, Hian Teck Hoon May 2003

Catch-Up Growth Based On International Talent Mobility In An Idea-Based World, Yu Quan, Hian Teck Hoon

Research Collection School Of Economics

We show how catch-up growth can result when immigrant ties of talented people to their home countries facilitate technology diffusion from world technological leaders to developing countries. The aspect of immigrant link we focus on is knowledge spillover through various programs of international exchange to draw upon the expertise of the individuals who have migrated—a type of externality effect on the home country. In our model, we distinguish between public technology and private technology, both of which differ across countries. The size of the talent pool in each country determines the number of skilled workers and indigenous technology levels. The …

Go to article

Market Structure And Performance: An Anti-Trust Story Of Endogenous Growth, Hing-Man Leung Mar 2003

Market Structure And Performance: An Anti-Trust Story Of Endogenous Growth, Hing-Man Leung

Research Collection School Of Economics

Since Schumpeter, a major concern has been: what monopoly does to growth? Monopoly’s static, allocative inefficiency is well established. How much this is offset by its dynamic progressiveness is unclear. First, using the empirical literature, we argue that the presumed progressiveness of monopoly must be rejected. Second, we extend the endogenous growth model to obtain a full Pareto ranking of competition, monopoly, Cournot and Bertrand. Competition beats Cournot, which in turn beats monopoly. Growth rate is invariant with structures, which accords well with empirical evidence. Bertrand happens to share the ranking with competition. The findings have a strong anti-trust overtone.

Go to article

Strategic Development Of Airport And Rail Infrastructure: The Case Of Singapore, Sock-Yong Phang Jan 2003

Strategic Development Of Airport And Rail Infrastructure: The Case Of Singapore, Sock-Yong Phang

Research Collection School Of Economics

This article recounts how a number of strategic infrastructure investment decisions in airport and rail development taken by the Singapore government were at variance with recommendations emerging from cost-benefit analysis, but were considered necessary to support external competitiveness. This link between infrastructure provision and economic development may require decision makers to assess the trade-off between prudent macro-economic planning and efficient micro-economic management for major projects. In the case of airport hubs, the most difficult assessment might be the game consideration of how much, and how far ahead, excess capacity is needed to ensure the dominance of the hub.

Go to article

Education, Technological Progress And Economic Growth, Winston T. H. Koh, Hing-Man Leung Jan 2003

Education, Technological Progress And Economic Growth, Winston T. H. Koh, Hing-Man Leung

Research Collection School Of Economics

An important role of education – and the resultant accumulation of human capital – for a less-developed economy is to facilitate technology diffusion in order for it to catch up with developed economies. This paper presents a model linking education, the accumulation of physical capital and technological progress. In the model, investment in education and the accumulation of physical capital are complementary, and intertwine with the technology progress through related effects on technology diffusion and the expansion of the technology frontier. The allocation of effort to education, the optimal savings rate and the technology gap are endogenously determined in the …

Go to article

The Elasticity Of Substitution And Endogenous Growth, Hing-Man Leung Jan 2003

The Elasticity Of Substitution And Endogenous Growth, Hing-Man Leung

Research Collection School Of Economics

The endogenous growth literature focuses exclusively on Cobb-Douglas. Elasticities other than unity are ignored. A recent paper by Klump and Grandville (2000) examined other elasticities but assumed an exogenous saving rate. By contrast, this paper studies elasticity and endogenous growth. Endogeneity is important since elasticity preserves capital’s productivity and encourages saving. Two models are presented. The first assumes exogenous technological change. We find elasticity to have a positive level effect on income. No rate of growth effect is found. The second model allows learning by doing from capital accumulation. In addition to the level effect, rate of growth effects are …

Go to article

Venture Capital And Economic Growth: An Industry Overview And Singapore's Experience, Francis Koh, Winston T. H. Koh Nov 2002

Venture Capital And Economic Growth: An Industry Overview And Singapore's Experience, Francis Koh, Winston T. H. Koh

Research Collection School Of Economics

This paper provides an overview of the venture capital industry, and its development in Asia and Singapore. Venture capital plays an important role in innovation and economic growth. Indeed, the resurgence of the United States as a technology leader is intimately linked to the success of Silicon Valley. As Singapore enters the next phase of economic development, the creation of internal engines of growth is an urgent task. The Singapore government has done much to provide an environment for entrepreneurship to thrive. Its success at replicating the Silicon Valley culture will be important for Singapore’s future economic success.

Go to article

Venture Capital And Economic Growth: An Industry Overview And Singapore's Experience, Francis Koh, Winston T. H. Koh Nov 2002

Venture Capital And Economic Growth: An Industry Overview And Singapore's Experience, Francis Koh, Winston T. H. Koh

Research Collection Lee Kong Chian School Of Business

This paper provides an overview of the venture capital industry, and its development in Asia and Singapore. Venture capital plays an important role in innovation and economic growth. Indeed, the resurgence of the United States as a technology leader is intimately linked to the success of Silicon Valley. As Singapore enters the next phase of economic development, the creation of internal engines of growth is an urgent task. The Singapore government has done much to provide an environment for entrepreneurship to thrive. Its success at replicating the Silicon Valley culture will be important for Singapore's future economic success.

Go to article

Bulgaria Poverty Assessment (Report No. 24516-Bul), Dena Ringold, Gero Carletto, Tomoki Fujii, Et Al Oct 2002

Bulgaria Poverty Assessment (Report No. 24516-Bul), Dena Ringold, Gero Carletto, Tomoki Fujii, Et Al

Research Collection School Of Economics

No abstract provided.

Go to article

The Implications Of Technology Networks On Diffusion And Economic Growth, Hing-Man Leung Jul 2002

The Implications Of Technology Networks On Diffusion And Economic Growth, Hing-Man Leung

Research Collection School Of Economics

After the record-breaking run of high-speed growth in the United States during the late 1990s, a pressing question is Has anything fundamental changed in our growth engine? This paper examines an IT-led endogenous growth model driven by technology diffusion. Diffusion is in turn driven by network effect embodied in new technologies. The equilibrium long-term growth rate is however found to be independent of such technology networks. A novelty in our model is that innovation is discontinuous and it is separated by periods of diffusion. This (IT) network-diffusion is shown to be Sigmoid, and diffusion speed is slower than socially optimal.

Go to article

Growth And Volatility, Hing-Man Leung Jun 2002

Growth And Volatility, Hing-Man Leung

Research Collection School Of Economics

This paper has two objectives. First, to establish empirically a U-shaped relation between GDP growth rate and income volatility. The backward as well as the fast-growing countries have had extensive volatility; but developed nations by contrast have enjoyed much more stable income. Second, to present a macroeconomic model to study how growth and volatility evolve together. The twin endogenous variables are financial liberalization interacting with liquidity constraints. Opening LDC financial markets could raise or lower their long-term income and growth rates, depending on the severity of existing liquidity constraints. Financial liberalization and removing financial market imperfections unambiguously worsen income volatility.

Go to article

Less Developed Country Business Cycles, Hing-Man Leung Mar 2002

Less Developed Country Business Cycles, Hing-Man Leung

Research Collection School Of Economics

Less developed countries (LDCs) have experienced considerable business cycles in recent decades. This coincides with significant increases in their external debt to GDP ratios. Recent theoretical credit cycles literature suggests that indebtedness, and the resulting liquidity constraints, could explain LDC business cycles. This paper builds a macroeconomic model to trace the LDC income paths. In this model indebtedness and liquidity constraints reduce aggregate investment. We use the World Data (1995) to calibrate for the convergence parameter. It is found that LDC cycles are convergent and non-oscillatory, and indebtedness delays the return to long-term steady state income.

Go to article

Networked Growth, Hing-Man Leung Mar 2002

Networked Growth, Hing-Man Leung

Research Collection School Of Economics

This paper searches for a new growth engine in the new Info-Tech economy. IT-network effects are incorporated into Romer’s (1990) framework. Network effects support long-term steady state growth in per capita variables even without innovation, and growth rate increases with network externalities. Networked growth is sub-optimal, so should we break up an IT monopoly? To answer this we compare monopoly, Cournot and Bertrand set-ups. Cournot always ranks last socially, but Bertrand can be superior to monopoly if network effects are strong. When network interacts with Romer’s endogenous innovation, growth rate increases, probably by up to a percentage point per year.

Go to article

Endogenous Growth And The Manufacturing Revolution, Hing-Man Leung Mar 2002

Endogenous Growth And The Manufacturing Revolution, Hing-Man Leung

Research Collection School Of Economics

Manufacturing is undergoing a revolution. Teamwork, job-rotation, multitasking are superseding the Taylorist mode of organization. The skilled workforce, armed with automated machines, is gradually substituting and replacing the unskilled. At the same time the U.S. economy is experiencing record breaking growth. Is faster growth a consequence of this manufacturing revolution? We study this by inserting dynamic career choice into endogenous growth by human capital accumulation. The answer is affirmative: The gradual substitution of the unskilled by the skilled boosts the long-term growth trend. The model also explains worsening wage inequality between as well as within the skilled groups.

Go to article

Endogenous Growth And Equilibrium Unemployment In A North-South Model Of The World Economy, Hian Teck Hoon Feb 2002

Endogenous Growth And Equilibrium Unemployment In A North-South Model Of The World Economy, Hian Teck Hoon

Research Collection School Of Economics

A North-South model is developed which incorporates an endogenous rate of equilibrium unemployment in the North in the context of long-run growth. It is shown how increases in the size of public debt and unemployment compensation financed by payroll taxation, all measured relative to productivity, raise the Northern natural rate of unemployment and, consequently, reduce the global rate of long-run growth. The effect of the shocks is also to drive down the rate of employment expansion in the South. A set of the fundamental determinants of the world terms of trade is obtained, which includes policy parameters.

Go to article

How Does Spousal Education Matter? Some Evidence From Cambodia, Tomoki Fujii, Sophal Ear Jan 2002

How Does Spousal Education Matter? Some Evidence From Cambodia, Tomoki Fujii, Sophal Ear

Research Collection School Of Economics

An econometric analysis of the World Food Programme Civil Insecurity Baseline Survey (1998) and Cambodia Socio-Economic Survey (1999) data is undertaken to examine the role of education and literacy in explaining household expenditure, as hypothesized in human capital theory where education is an investment with returns in the form of income. Explanatory variables were selected from a large set of observed variables by a systematic procedure to avoid the bias arising from arbitrary model selection. Spousal education and literacy are found to be significant explanatory variables in the determination of household expenditure, exceeding even the coefficients attached to the head …

Go to article

Information And Communication Technology And Poverty: An Asian Perspective, M. G. Quibria, Feichin, Ted Tschang Jan 2001

Information And Communication Technology And Poverty: An Asian Perspective, M. G. Quibria, Feichin, Ted Tschang

Research Collection Lee Kong Chian School Of Business

Many commentators have extolled the virtues of new information and communication technologies (ICTs) in reducing poverty and improving the quality of life. While such arguments have been used before in relation to many predecessor technologies, including other earlier communications technologies, the promise has often floundered. This paper attempts to provide a more balanced analysis of the question, by exploring the linkages between the new ICTs and poverty reduction. It examines the linkages in two ways: the potential for direct impacts of ICTs on various areas of poverty and development, and the indirect impacts of ICTs on economic growth, exports and …

Go to article

Assessing Export Platforms: The Case Of Singapore, Kong Weng Ho, Hian Teck Hoon Apr 2000

Assessing Export Platforms: The Case Of Singapore, Kong Weng Ho, Hian Teck Hoon

Research Collection School Of Economics

The aim of this paper is to try to understand how Singapore was generally successful in its export promoting strategy. Historically, Singapore experimented with an import-substituting strategy in the first half of the sixties in anticipation of forming a common market with Malaysia and also briefly after its independence in 1965. The level of protection, however, was relatively low during its import-substituting phase.

Go to article

Productivity Growth And Public Sector Employment, Kong Weng Ho, Hian Teck Hoon Oct 1998

Productivity Growth And Public Sector Employment, Kong Weng Ho, Hian Teck Hoon

Research Collection School Of Economics

Our model endogenizes the share of public sector employment in a neoclassical growth model. Under the assumptions that public sector production is labor intensive and the elasticity of substitution between capital and labor is less than one, the public share of employment is shown to decline with a rise in capital per effective worker. Our theory predicts that periods of high productivity growth are associated with a rising trend of the public share of employment. This prediction conforms well with U.S. experience from 1950–1995.

Go to article

Productivity Growth And Public Sector Employment, Kong Weng Ho, Hian Teck Hoon Sep 1998

Productivity Growth And Public Sector Employment, Kong Weng Ho, Hian Teck Hoon

Research Collection School Of Economics

Our model endogenizes the share of public sector employment in a neoclassical growth model. Under the assumptions that public sector production is labor intensive and the elasticity of substitution between capital and labor is less than one, the public share of employment is shown to decline with a rise in capital per effective worker. Our theory predicts that periods of high productivity growth are associated with a rising trend of the public share of employment. This prediction conforms well with U.S. experience from 1950-1995.

Go to article

From Entrepot To Nic: Economic And Structural Policy Aspects Of Singapore's Development, Jochen Wirtz, Thomas Menkhoff Jan 1998

From Entrepot To Nic: Economic And Structural Policy Aspects Of Singapore's Development, Jochen Wirtz, Thomas Menkhoff

Research Collection Lee Kong Chian School Of Business

This paper describes the development of Singapore from an entrepot to an industrialized economy and analyzes the role of its structural and industrial policies as one important factor in this success story. The advance of Singapore to an industrialized economy can be structured into four phases. Phase I, the early phase from 1959 to the mid-1960s is characterized by an import substitution policy followed together with Malaysia. Phase II describes the enhanced export-orientation and industrialization from 1967 to 1973. Phase III includes the industrial restructuring from 1973 to 1984. Phase IV describes the development towards diversification of the industrial base …

Go to article

Tourism Growth In Singapore: An Optimal Target, Habibullah Khan, Sock-Yong Phang, Rex S. Toh Jan 1996

Tourism Growth In Singapore: An Optimal Target, Habibullah Khan, Sock-Yong Phang, Rex S. Toh

Research Collection School Of Economics

No abstract provided.

Go to article

The Multiplier Effect: Singapore's Hospitality Industry, Habibullah Khan, Sock-Yong Phang, Rex S. Toh Feb 1995

The Multiplier Effect: Singapore's Hospitality Industry, Habibullah Khan, Sock-Yong Phang, Rex S. Toh

Research Collection School Of Economics

Tourism's contribution to Singapore's economy has increased over time. Tourism contributed 11.9% to Singapore's GDP in 1992, about half of that from direct revenues. Indirect and induced sources contributed about equally to the other half. While the direct effect of tourist expenditures on the Singapore economy are predominant, the indirect and induced effects are also significant, indicating strong sectoral linkages within the local economy, especially with respect to the hospitality industry.

Go to article

First Prev