This study provides a new explanation of total factor productivity growth of Taiwanese industry. Besides the channels identified in the literature, this study finds that the venture capital (VC) industry development significantly promotes productivity growth. In addition, an indicator of legal...

Along the line of a linear endogenous growth model, we provide an economic rationale for two empirical evidence: the positive correlation between export growth and income growth, and the association of rapid structural changes with fast income growth. In the benchmark case, the small open...

This paper compares the stylized facts of international real business cycles between developed and developing economies. A two-sector, two-country neoclassical macroeconomic model has been constructed in this paper to examine the cyclical behaviors of domestic as well as international...

This paper attempts to empirically investigate the mechanisms underlying growth in Hsinchu high-tech clusters. We emphasize knowledge spillovers as one of the potential factors contributing to agglomeration benefits. This paper sheds light on the impact of external and internal spillovers on...

Because of the huge fluctuation in the semiconductor business, it has been a challengingwork for the industry researchers to predict the turning points of the semiconductor industry cycles. To catch the cyclical behavior of the semiconductor business, we propose a Markov Regime-Switching model...