1,720,986 research outputs found
Capital Flight and the Hollowing Out of the Philippine Economy in the Neoliberal Regime
Full text linkCapital flight is the movement of capital from a resource-scarce developing country to avoid social controls, and measured as net unrecorded capital outflow. Capital flight from the Philippines was 36 billion in the 1980s, and $43 billion in the 1990s. Indeed these figures are significant amounts of lost resources that could have been utilized in the country to generate additional output and jobs. Capital flight from the Philippines followed a revolving door process – that is, capital inflows were used to finance the capital outflows. This process became more pronounced with financial liberalization in the 1990s. With these results, we argue that capital flight resulted in the hollowing out of the Philippine economy and, more important, neoliberal policies underpinned the process.Capital flight; external debt; revolving door; Philippines
Forensic Accounting: Hidden balance of payments of the Philippines
Full text linkAn examination of the available data between 1990 and 2005 reveals that the balance of payments of the Philippines does not record large amounts of international transactions. Unrecorded international transactions for the 16-year period amount to US$ 192 billion (in 1995 prices). The results suggest a serious problem in the government’s macroeconomic management of the Philippines, and expose a weak or weakening capacity in the governance of international transactions
Rebuilding the Philippine economy
Full text linkThis articple presents a historical macroeconomic perspective to present a brief analysis on why the Philippines is performing the way it does today
Yet, two more revisions to the Human Development Index
Full text linkThe Inequality-adjusted Human Development Index (IHDI) was presented in the 20th anniversary edition of the Human Development Reports, in 2010. In using a penalty setup for the calculations of the IHDI, however, the results overestimate the adjustments on the HDI. This paper suggests a revision to the current procedure in order to make the calculations of the IHDI consistent with the attainment setup of the HDI. In turn, the paper also suggests another inequality adjustment that is based on the self-reported evaluations of domains
Things are different when you open up: Economic openness, domestic economy, and income
Full text link“What is the contribution of economic openness and the domestic economy to income?” is tested using quantity measures of trade, finance, and domestic economic base. The short answer is: “It depends”. Africa and the Americas lose from both trade and financial openness. Asia gains from trade openness but not from financial openness. The industrialized region benefits from both trade and financial openness. In all regions, the domestic economic base compensates for any adverse effects of economic openness. The overall experience with openness could still be enhanced with healthier external and domestic engagements, especially with the latter increasing its relative role in economies. The case study on the Philippines finds that its economy gains from trade and financial openness but not from its domestic economic base. In this case, economic progress is difficult because the gains from external engagement are wiped out by the losses from domestic economy disengagement.Economic openness, trade openness, financial openness, domestic economy, income
Playful Dragon: Messing and missing trade
Full text linkAn examination of available data reveals large trade misinvoicing between the People’s Republic of China and identified trade partners. The analysis finds a net trade misinvoicing of US 1.4 trillion. Further analysis also finds that there is an accounted misinvoicing or missing trade of US$ 53.7 billion for the same period. China needs to have more effective management of its trade flows. At the same time, the international community needs to contribute to put up more effective governance mechanisms to address trade misinvoicing
Subjective well-being approach for testing money illusion: Evidence using data from Social Weather Stations
Full text linkThis paper tests money illusion using measures for subjective well-being, nominal income, and price. It tests the hypothesis that there is no money illusion when proportional changes in both nominal income and price do not bring about a change in subjective well-being. The study uses food poverty data from Social Weather Stations as proxy measure for nominal income and food CPI inflation from the Philippine Statistics Authority as proxy measure for price. The findings suggest no money illusion in general. More specifically, the findings provide conclusive evidence of no money illusion for the food-poor but not for the food-nonpoor
Capital Flight and Economic Performance
Full text linkCapital flight aggravates resource constraints and contributes to undermine long-term economic growth. Counterfactual calculations on the Philippines suggest that capital flight contributed to lower the quality of long-term economic growth. Sustained capital flight over three decades means that capital flight had a role for the Philippines to lose the opportunities to achieve economic takeoff. Unless decisive policy actions are taken up to address enduring capital flight and manage the macroeconomy more effectively, the Philippines remains caught in the perpetuity of crises, its economy hollowed-out, the people trapped in poverty, and once again, the country is frustrated from realizing a takeoff.Capital flight; economic growth; Philippines
Playful Dragon: Messing and missing trade
Full text linkAn examination of available data reveals large trade misinvoicing between the People’s Republic of China and identified trade partners. The analysis finds a net trade misinvoicing of US 1.4 trillion. Further analysis also finds that there is an accounted misinvoicing or missing trade of US$ 53.7 billion for the same period. China needs to have more effective management of its trade flows. At the same time, the international community needs to contribute to put up more effective governance mechanisms to address trade misinvoicing.International trade; trade misinvoicing; China
Drawing out the Satisficer from the Maximizer
Full text linkHow a full glass is sketched by a person is used as an identification of a maximizer/satisficer-type personality. There is evidence that students who interpret the “full glass” description as, in fact, a glass that is filled up to the brim as the maximizer-types and those who draw their glass just filled below the brim as the satisficer-types. Analysis of self-reported subjective well-being indicates that the satisficer-types enjoy higher school domain satisfaction than the maximizer-types
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