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 […]
The severe repercussions of the series of financial crises since the 1997 Asian financial crisis have sparked intense debate on capital flows in emerging market economies leading to numerous studies on the internal and external factors that led to the different crisis episodes as well as the policy responses before, during, and after a crisis. […]
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.
This paper presents an analysis of the factors that confront poverty reduction in the Philippines. It asserts that the challenge of poverty reduction is both a challenge of growth and a challenge of equity.
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.
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.
This time we speak from our heart and soul, and we do so very sadly. Recent revelations–the jueteng scandal– give us no choice but to ask you, President Estrada, to resign and save the country, the people from further harm. In the minds and hearts of the people, you have lost the credibility and the moral ascendancy to lead us.