As part of the assessment of the Aquino Administration, this paper investigates the Philippine management on external debt. The insights offered here is valuable to future steps the present and succeeding government might wish to undertake.

For the last 25 years, the government has been incurring heavy budgetary deficits. Yet, data on recent Philippine experience reveal that no well-established guidelines on how to finance a budget deficit have been formulated. This paper investigates the means and measures to finance a deficit,...

In this paper, we study the optimal mix of monetary and macroprudential policies in an estimated two-country model of the euro area. The model includes real, nominal and financial frictions, and hence both monetary and macroprudential policy can play a role. We find that the introduction of a...