Many have argued that the major source of the existing global macroeconomic imbalances are the twin deficits of the United States (US). However, there is still a debate about whether the global imbalances indeed pose a significant threat to the world economy. This paper analyzes whether current...

This article is part of the seminar on “Science Technology Policies in the Philippines" jointly sponsored by PIDS and DOST on May 5, 1989. Several issues are discussed in this paper: the nature of various types of technology, the various ways to develop them, the present state of Philippine...

Currency substitution implies the greater share of foreign currency in the asset holdings of domestic residents. Dollarization is the complete replacement of the local currency- in this case, the peso- by a foreign currency, most likely the US dollar. The paper finds that dollarization or...

Using a three-gap model, it can be shown that a reduction in the tariff level will lead to an unambiguous decline in the GDP growth rate if it results in a reduction of the surplus of the government’s primary account. Empirical results using Philippine data show that this condition is...

This article deals with the concept of competitiveness. 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;...

Based largely on the work of Funke and Hall, estimation results indicate non-causality between money and price level attributed to the interplay of factors such as unstable political and economic environment. P* vector has no significance on potential output since Q instead of Q* has been used.