While the Philippines has enjoyed a sharp increase in non-trade financial inflows since 1980s, analysis shows that the experience is not unique, as it has been observed to occur in most developing countries. By conducting regression experiments relating the remittances of personal income with...

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...

This study reviews the economic policies and performance of the Philippine economy in the 1990s, briefly assesses the macro- and microeconomic impacts of the Asian financial crisis, describes the measures adopted by the government in response to the Asian financial crisis, and discusses the...

This study is a quantitative assessment of regional development performance in terms of economic growth and convergence (described simply as the minimization of disparities in regional income) during the period 1975-1997. The study not only takes stock of how far the goals of regional...

Can a large-scale defcit spending program speed up recovery after recession? To answer that question we calibrate a standard neoclassical growth model with US data and assume that an exogenous shock has driven aggregate output far below steady-state level. We calibrate the model such that a...

Can a large-scale deficit spending program speed up recovery after recession? To answer that question we calibrate a standard neoclassical growth model with US data and assume that an exogenous shock has driven aggregate output far below steady-state and that the economy is expected to recover...

This paper identifies tax policy that both speeds recovery from the current economic crisis and contributes to long-run growth. This is a challenge because short-term recovery requires increases in demand while long-term growth requires increases in supply. As short-term tax concessions can be...

The economy is fundamentally sound but inhibiting factors have contributed to a substandard recovery. While sustained strong productivity gains have lifted profits and real wages, consumer spending has grown only modestly, businesses are maintaining low inventories and have been hesitant to...

Una vez superada la etapa más aguda de la crisis del Covid-19, que ha supuesto una respuesta inmediata y contundente de la política económica, el gobernador plantea las medidas económicas prioritarias en la fase siguiente a la hibernación y la puesta en marcha, de manera urgente, de una...

The COVID-19 crisis has elicited an immediate and forceful economic policy response. With the height of the crisis behind us, the Governor has set out priority economic measures for the post-lockdown phase. He calls for the urgent launch of an ambitious, comprehensive, permanent and assessable...