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Using a panel cointegration approach, this study examines the relationship between aggregate consumption and GDP in colonial Malaya (1900–39) and post-independence Malaysia (1970–2009). The findings suggest that private consumption and GDP are cointegrated across the two forty-year periods,...
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Does GDP composition affect GDP growth and volatility? Typically, economies at advanced stages of development grow … theory of development consistent with these three facts. I show that even when total factor productivity (TFP) growth and … gross output production in manufacturing implies a larger growth and volatility of TFP at the value added level in …
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