This paper introduces a novel approach for dealing with the 'curse of dimensionality' in the case of large linear dynamic systems. Restrictions on the coefficients of an unrestricted VAR are proposed that are binding only in a limit as the number of endogenous variables tends to infinity. It is...

Taiwan's remarkable growth record has been the result of an outward-looking, export propelled development strategy. Recently unfavourable political and economic events have adversely affected Taiwan’s economy. This article analyses the country's economic development and appraises its future...

This paper introduces a novel approach for dealing with the "curse of dimensionality" in the case of large linear dynamic systems. Restrictions on the coefficients of an unrestricted VAR are proposed that are binding only in a limit as the number of endogenous variables tends to infinity. It is...

Hong Kong’s metamorphosis from an entrepot to an industrial economy during the past quarter of a century gives a good example of how a developing country can achieve remarkable growth through international trade.