Multiple transitional growth paths in endogenously growing open economies |
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Authors: | Qinglai Meng |
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Affiliation: | Department of Economics, Chinese University of Hong Kong, Shatin, N.T., Hong Kong |
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Abstract: | This paper extends research in indeterminacy literature to a small open economy, two-sector endogenous growth model. It shows that a continuum of equilibria exist in two situations, (i) the production functions exhibit social constant returns to scale with very small or even negligible externalities; and (ii) the production functions are standard constant returns to scale without externalities but the government implements asymmetric tax policies across sectors. |
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Keywords: | F4 O4 |
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