Xx,t. Yi,t –1 = (α – 1)Yi,t –1 + βXi ,t + γZi + xx ,x . Evidence from Growth Regressions Having advocated a return to growth regressions, I now use this method- ology to offer circumstantial evidence that NAFTA has indeed had a pos- itive effect on Mexico’s growth performance. The exercise supports Easterly, Fiess, and Xxxxxxxx’x conclusion that Mexico has approached the U.S. in terms of per capita income after NAFTA started. The evidence I would like to present is taken from a recent paper on economic growth in Latin America and the Caribbean, written by Xxxxx Xxxxxxxx, Xxxxx Xxxxxxxxxx, and myself.3 There, we estimate a growth regression using panel data on a worldwide sample of countries and nonoverlapping five-year periods spanning 1960–99. We consider a large variety of growth determinants, which we group into categories related to transitional convergence, cyclical reversion, structural reforms (including institutional factors), stabilization policies, and external conditions. We control for unobserved country-specific effects and the likely endogeneity of the explanatory variables. We use the estimated parameters to explain the growth changes experienced by individual Latin American countries in recent decades. This model can be applied to account for the change in growth rates from 1991–95 to 1996–99, that is, roughly before and after NAFTA. Table 8 shows the results for Mexico.
Xx,t. Parent, Sellers, AlliedSignal and Buyer shall keep each other apprised of the status of any communications with, and inquiries or requests for additional information from, any Governmental Entity, including the FTC and the Antitrust Division, and shall comply promptly with any such inquiry or request. Each of Parent and AlliedSignal shall use its reasonable efforts to obtain any clearance required under the HSR Act for the purchase and sale of the Purchased Assets in accordance with the terms and conditions hereof. Nothing contained in this Agreement, including under this Section 4.3 and Sections 4.8 and 4.13, will require or obligate (a) Parent, the Sellers, AlliedSignal, Buyer or their respective Affiliates to initiate, pursue or defend any litigation to which any Governmental Entity (including the Antitrust Division and the FTC) is a party or (b) AlliedSignal, Buyer or their respective Affiliates (i) to agree or otherwise become subject to any limitations on (x) the right of AlliedSignal, Buyer or their respective Affiliates effectively to control or operate the Business, (y) the right of AlliedSignal, Buyer or their respective Affiliates to acquire or hold the Business, or (z) the right of AlliedSignal or Buyer to exercise full rights of ownership of the Business or all or any portion of the Purchased Assets, or (ii) to agree or otherwise be required to sell or otherwise dispose of, hold separate (through the establishment of a trust or otherwise), or divest itself of all or any portion of the business, Assets or operations of AlliedSignal, Buyer, any Affiliate of AlliedSignal or Buyer or the Business. The parties agree that no representation, warranty or covenant of Parent, Sellers, AlliedSignal or Buyer contained in this Agreement shall be breached or deemed breached as a result of the failure by any party hereto or any of its Affiliates to take any of the actions specified in the preceding sentence.
Xx,t
