Philippines: Background Papers
December 19, 1995
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This Background Paper analyzes the Philippines's experience with capital inflows. It compares the episode of 1993–95 with the pre-debt crisis period, and makes the case that the recent inflows are in important respects more benevolent than in the past. The paper concludes that inflows are consistent with a balanced and sustainable revival in the Philippines economy, and indeed are most likely contributing to recovery. This paper also examines financial reintermediation and new challenges to monetary policy. Requirements and plans for the fiscal reform in the medium term are also described.
Subject: Asset and liability management, Balance of payments, Capital inflows, Demand for money, Expenditure, Liquidity, Money, Production, Total factor productivity
Keywords: Asia and Pacific, Capital inflows, CR, deficit, Demand for money, East Asia, GNP, ISCR, Liquidity, liquidity growth, monetary policy, money demand, nominal exchange rate, Philippines, productivity growth, reform proposal, tax, TFP estimate, Total factor productivity
Pages:
72
Volume:
1995
DOI:
Issue:
114
Series:
Country Report No. 1995/114
Stock No:
1PHLEA0021995
ISBN:
9781451831252
ISSN:
1934-7685
Notes
This paper was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with this member country. As such, the views expressed in this document are those of the staff team and do not necessarily reflect the views of the Government of the Philippines, or the Executive Board of the IMF.
