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I would like to thank Professor Kazuo Nishimura for organizing a Kyoto workshop on growth and indeterminacy during which the idea of this paper was conceived. I am grateful to Saleh M. Nsouli, Sergio Rebelo, Guofii Tan, Reza Vaez-Zadeh, Eden Yu, and seminar participants at CUHK for helpful comments. Financial support from HKUST DAG and a grant from Research Grants Council of the HKSAR (Project No HKUST6004/99H) are gratefully acknowledged.