During the latter part of 2007 and early 2008, it became obvious that Pakistan's macroeconomic situation was deteriorating rapidly, and that unless immediate measures were taken, the country may slip into a balance of payments crisis. This paper analyzes Pakistan's current macroeconomic economic...

In recent years, some developing Asian countries claim to have started shifting emphasis from export-led to domestic-demand-led growth policies with a view to achieving a more balanced growth strategy. This paper evaluates empirically how far this shift has gone. The evaluation - based on an...

This study resulted from UNDP’s interest in the Philippine proposal for debt-to-MDG financing presented to the United Nations in September 2005. It is based on an analysis of the problem and the processes involved as well as consultations with key Philippine stakeholders, and views of creditor...

Since the late 1960s, there has been strong resistance from several quarters against any form of devaluation. While many empirical studies corroborate their sentiments, this paper attempts to show that if exchange rates were fixed, then it would be misleading to use them in macro-supply...

The paper focuses on the relationship between overall macroeconomic policy and rural finance to cover the credit gap for agricultural production. Several laudable measures have been proposed by the Agricultural Credit Policy Council (ACPC), including intensifying rural savings mobilization,...

This paper presents a three-gap model that allows the writers to do exercises which will determine how much foreign inflows (or reduction of foreign outflows) will be required to sustain a satisfactory growth rate for the Philippines given the binding foreign exchange and fiscal constraints. The...