Problems of indebtedness in developing countries are not isolated occurrences. The example of the Philippines, however, is for many reasons a most interesting one. On the one hand, borrowing already once culminated in a debt crisis at the end of the 60s. On the other, the Philippine foreign debt...

Several countries around the world have adopted the inflation targeting regime for monetary policy. Despite the growing literature on the issue, it is not clear whether developing and emerging countries can improve their economic performance by adopting inflation targeting. This working paper...