Growth in the 1970s seemed, at that time, to have brought the Philippines to a rather high equilibrium growth path. But the foreign debt and political crisis in the early and mid-1980s had brought the economy down to a lower equilibrium path. The recovery years (1987 to 1990) did not prove to be...

This paper estimates a demand for money function on household panel data from a national sample in the United States and constructed cross section interest rates. Its principal focus is the problem of truncation bias from a set of observations, which include zero observations of the dependent...

The rational expectations hypothesis presents the challenge that estimates of permanent income should be calculated from the statistical expectation of such income. This study reports on basic research undertaken on this proposition as it applies to the demand for money, a relation generally...

This paper proposes a symbolic model that parameterizes some of the elements of Kurnets Inverted-U hypothesis. The model incorporates the following important factors in the development process: savings rate, the capital-output ration, the speed of labor absorption and the rate of growth of...

A macroeconomic, instead of microeconomic, analysis of the role of rent carried out in this study. In the sphere of production, a Ricardian process of rent generation, as formalized by Pasinetti, is utilized. Rent extraction induces supply-side declines. Attemps to overcome economic slowdown...

This article has been delivered during the Central Bank Diamond Jubilee celebration on November 21,1988. It reviews the issues of Philippine structural adjustments with a focus on the identification of elements in the past Philippine efforts that appear to be critical in the future adjustment...

Since the debt crisis of the 1980s, Philippine economic performance has been an outlier in East Asia, in spite of reform policies that generally have conformed to worldwide norms of trade liberalization and deregulation. In the 20-year period since 1980, the proportion of GDP attributed to...

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