During the past five years or so, most East Asian economies including the Philippines experienced a rising level of foreign exchange reserves and rapidly appreciating currencies both in nominal and real terms. One cause has been the resurgence of capital flows, which makes the issue of how to...

The East Asian miracle of the 1960s up to the mid 1990s and the East Asian debacle in 1997 put into perspective two crucial factors that affect sustainable economic growth and development. The first is outward orientation necessary for increasing the competitiveness of an economy and second is...

After the onset of the East Asian financial crisis, the interest in early warning system has been revived. While there are different causes to which crises can be attributed, early warning system can be utilized to predict its emergence via monitoring of key economic variables. Thus,...

The basic framework of the PIDS Annual Macroeconometric Model is presented in this paper. After outlining the general philosophy of the model, the discussion focuses on the production sector of the model in order to trace the manner by which macroeconomic policies affect relative prices and...

Macroeconometric models may have lost its fame in the past decade; nevertheless it has remained useful in guiding policy decisions and forecasting. This paper is concerned with its estimation and its uses regarding stabilization policies. Improvement in the present Philippine macroeconomic models is...

Newly installed President Estrada is confronted by the same unenviable situation as his two predecessors. Former President Aquino has presided over an economy battered by the external debt crisis while President Ramos battled the aftermath of the Gulf war. The new administration, on the other...

Over the past sixty years, the concept of development has expanded from economic growth and investment, to poverty reduction, human development, sustainable development, and more recently to institutional development. There has also been a fresh look at industrial policy and the role of the...

Competitiveness is technically a firm level concept. However, it is oftentimes extended to the national level--the idea of a country's 'international competitiveness' with the following analogies: market share--export share of country; price--real effective exchange rate or unit labor cost;...

Using the interplay of saving, foreign exchange and fiscal constraints, this study determines the impact of trade liberalization, the tariff reduction in particular, on macroeconomic balances. This study then quantifies these effects using a smaller version of the PIDS Annual Macro econometric...

One result of the 1997 East Asian financial crisis was greater awareness of the need for closer financial and monetary cooperation. This paper makes an inventory of the institutional developments in this area in East Asia, with emphasis on Southeast Asia. The major issues that must resolve...