Total factor productivity growth in Singapore's service industry

Article Abstract:

Government intervention in Singapore's service industries constitutes a major determinant in the latter's total factor productivity growth (TFPG). The industry's TFPG has been shown to be highly cyclical, with overpowering idiosyncrasies of outside demand. The varied roles that governments play with respect to their respective economies are therefore crucial in the comparison of their overall performances. TFPG is the gauge through which efficiency in factor utilization is measured. TFPG is a vital source of sustained growth particularly in Singapore where resources are scarce.

Productivity, Other, Singapore, Services industry, Service industries, Industrial productivity

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The sustainability of current account deficits: a test of the US intertemporal budget constraint

Article Abstract:

A method of evaluating the sustainability of a country's current account position without defaulting on debt is presented, involving the determination of satisfaction of a nation's intertemporal budget constraint (IBC). Distinction is needed between situations involving stationary and nonstationary trade deficits. The primary deficit is stated as an endogenous variable in the two-equation VAR.

Balance of payments, Deficit financing, Deficit spending

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