Restructuring Korean Economy After the IMF Crisis

This paper examines the current state of corporate and financial sector restructuring in Korea, primarily focused on their debt workout programs. The paper raises the following major issues. Since the IMF crisis, foreign capital has been advancing rapidly into the domestic market- into the domestic financial industry, including non-bank sectors such as securities firms. Negative […]

Proceedings of the International Workshop on Capital Flows

The Asian financial crisis that exploded in 1997 exposed serious flaws in the marketdominated economic and fiscal policies pursued by governments and international financial institutions (IFIs) in the era of economic liberalization. The massive flight of capital, which deepened the crisis in the affected economies, made it apparent that mechanisms to regulate short-term capital flows […]

Financing Education: Trends and Prospects

The paper presents an analysis of public expenditure patterns over the last four decades, showing how changing priorities of different administrations impact heavily on education spending. While allocation for education has grown tremendously over the years, real per capita spending has actually stagnated.

Bad Economics to Protect Erap

In the midst of a weakening economy and a political upheaval, Mr.
Estrada is adopting economic measures that will only throw us from the
frying pan into the fire. In just one week, the government has adopted
measures that have serious and adverse effects on the economy.

The Last Thing We Need Is Another “Interest Cure” Episode

We express our most vigorous opposition to the return of the “interest rate cure” to address the economic turmoil besetting the country in the aftermath of the explosion of the jueteng scandal. Recently, the Bangko Sentral ng Pilipinas (BSP) increased reserve requirements and jacked up its overnight borrowing rate by four percent. As an immediate result, prime lending rates have sharply increased, with some banks even charging prime rates above 20 percent. Worse, the BSP is contemplating a higher increase in interest rates to insulate the peso from further attacks.