By Arsenio M. Balisacan, Hal Hill
This e-book examines all significant aspects of the Philippine financial system and improvement coverage. members to this quantity glance either to the prior and to the long run, and their methods are variously descriptive, analytical, interpretive, and comparative. The ebook assesses traits because the Nineteen Eighties, identifies significant coverage concerns, and gives a stability sheet of achievements and deficiencies over the last decade and past. It highlights destiny demanding situations that must be addressed if the rustic is to embark on a sustainable, sturdy, and equitable progress trajectory. The e-book additionally deals classes from the country's improvement event that could be proper for lots of international locations this day. the amount has specific relevance for the country's policymakers, lecturers and the enterprise neighborhood, and also will attract a broader overseas viewers.
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Additional resources for The Philippine Economy: Development, Policies, and Challenges
The latter was an important consideration. The low global inflation of the 1990s facilitated their policy objectives. But opening up to international financial markets was a major challenge, because the country had effectively been closed to private capital until 1992 (owing to its protracted debt crisis), and because short-term capital flows to "emerging markets" were increasing dramatically throughout the decade. There was also some ambivalence about objectives, with a mixture of inflation and exchange rate targets being formally or informally pursued.
10 Much of that work was located at the University of the Philippines and the Philippine Institute of Development Studies. Foreign inputs helped, but the domestic impetus was the critical factor. The rising level of agricultural protection may be explained by several factors. One is the voice of the rural constituency with the return of democracy. Powerful landlords have played on this factor, together with sentimental notions of food selfsufficiency, to engage in pork barrel politics with Congress.
As David documents in Chapter 6, agriculture's record has been mixed. The sector achieved respectable growth in the 1970s, much of it driven by yield increases in the wake of the Green Revolution of the 1960s, and notwithstanding the high levels of manufacturing protection. But since then growth has been sluggish, and has failed to keep up with population growth. There have been notable differences between subsectors and crops. The livestock and poultry industry has grown quite quickly and appears to be internationally competitive.
The Philippine Economy: Development, Policies, and Challenges by Arsenio M. Balisacan, Hal Hill