Investment demand in early stages of growth: The case of Philippine manufacturing

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• G. P. S. is Professor of Economics, University of Philippines. R. H. is Associate Professor of Economics and Social Development at the University of Pittsburgh. Research for this paper was supported by a Rockefeller grant. Earlier versions were presented at seminars at the University of the Philippines and at the Economic Growth Centre at Yale University. The authors acknowledge helpful suggestions received at those seminars, and from J. Encarnacion and J. G. Williamson.
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