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...

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 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...

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...