We examine the influence of global and regional factors on the conditional distribution of stock returns from six Asian markets, using factor models in which unexpected returns comprise global, regional and local shocks. The models allow for conditional heteroskedasticity and time-varying...

Below-replacement fertility is a common problem among the rich countries with far-reaching economic and social implications. The problem is more acute in some economically fast-growing Asian countries where the fertility decline has been more rapid and the current fertility rates have reached...

I reexamine the inverted-U relationship between competition and innovation (modeled and tested by Aghion et al. (2005)) by using data from publicly traded manufacturing firms in the United States. I control for the possible endogeneity of competition by using a trade-weighted average of industry...

We first estimate a dynamic game for the global automobile industry and then compute a Markov Perfect equilibrium to study the equilibrium relationship between market structure and innovation. The key state variable in the model is the efficiency level of each firm and the market structure is...

Prior to the Asian economic crisis in 1997, Singapore's official projected medium-term GDP growth target was set at 7% per annum. Since then, the targeted growth rate has been reduced to 5%. This paper examines the implications of the 5% growth target on the labor requirements of the Singapore...

I add intangible capital to a variant of the neoclassical growth model and study the implications of this extension for cross-country income differences. I calibrate the parameters associated with intangible capital by using new estimates of investment in intangibles by Corrado et al. [2006]. I...