The Determinants of Economic Growth in the Philippines: A New Look
December 1, 2011
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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.
Subject: Agricultural exports, Balance of payments, Current account balance, Emerging and frontier financial markets, Financial crises, Financial markets, Gross fixed investment, International trade, National accounts
Keywords: Agricultural exports, Asia and Pacific, Current account balance, East Asia, Emerging and frontier financial markets, emerging market, emerging market average, emerging market group, emerging market norm, emerging markets, fast-growing emerging markets, GDP, GDP growth, Gross fixed investment, growth divergence, growth rate, Philippines, real GDP, relative index, trade freedom index, WP
Pages:
25
Volume:
2011
DOI:
Issue:
288
Series:
Working Paper No. 2011/288
Stock No:
WPIEA2011288
ISBN:
9781463927226
ISSN:
1018-5941
