The Determinants of Economic Growth in the Philippines : A New Look

Author/Editor: Willa Boots J. Tolo
Publication Date: December 01, 2011
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
Summary: This paper uses a panel of 23 emerging markets for the period 1965?2008 to study the determinants of per capita GDP growth in the Philippines. The Philippines is an outlier in terms of agricultural exports, investment, research and development, population growth, and political uncertainty. Panel regressions reveal that these factors, along with the deficit, inflation, trade openness, the current account balance and the frequency of crisis episodes are siginificant determinants of growth. A growth index confirms that these determinants also capture the absolute and relative performance of each country over time and suggests that the Philippines has lacked a sustained period of relatively strong economic reforms.
Series: Working Paper No. 11/288
Frequency: Monthly
Subject(s): Agricultural sector | Current account balances | Economic growth | Emerging markets

Author's Keyword(s): growth divergence | emerging markets | Philippines
Publication Date: December 01, 2011
ISBN/ISSN: 9781463927226/1018-5941 Format: Paper
Stock No: WPIEA2011288 Pages: 25
US$18.00 (Academic Rate:
US$18.00 )
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