This paper considers the present issues surrounding the role of workers remittances and its contribution/effect on economic growth and development. In particular, this paper examines how such remittances have been able to spur development and growth in the countryside. As a case study, the paper focuses on the regions of the Philippines. The Philippines is one of the countries in the world with a long history of sending workers abroad. In 2007, the Philippines received approximately US$15Bn of remittances, more than 12% of its GDP. It ranks as the 3rd largest recipient of remittances in the world, after India and Mexico. Along this line, the paper looks into the following areas: (a) linkages between remittances and microfinance; (b) tracing the contribution of remittances to countryside development; and (c) the relationship between worker remittances and structural reform policies. We hypothesize that workers' remittances have not been properly utilized into productive and investment uses in the Philippines. There are strong anecdotal evidences that show that most of these remittances are being used to fund conspicuous consumption. Hence, we would like to find ways to harness these resources to funding development needs of the country. We find that remittances contribute to national growth; however, it also makes worse income inequalities among regions.
{"title":"Workers’ Remittances and its Impact on Rural Development in the Philippines","authors":"Alvin P. Ang","doi":"10.3860/APSSR.V9I2.1462","DOIUrl":"https://doi.org/10.3860/APSSR.V9I2.1462","url":null,"abstract":"This paper considers the present issues surrounding the role of workers remittances and its contribution/effect on economic growth and development. In particular, this paper examines how such remittances have been able to spur development and growth in the countryside. As a case study, the paper focuses on the regions of the Philippines. The Philippines is one of the countries in the world with a long history of sending workers abroad. In 2007, the Philippines received approximately US$15Bn of remittances, more than 12% of its GDP. It ranks as the 3rd largest recipient of remittances in the world, after India and Mexico. Along this line, the paper looks into the following areas: (a) linkages between remittances and microfinance; (b) tracing the contribution of remittances to countryside development; and (c) the relationship between worker remittances and structural reform policies. We hypothesize that workers' remittances have not been properly utilized into productive and investment uses in the Philippines. There are strong anecdotal evidences that show that most of these remittances are being used to fund conspicuous consumption. Hence, we would like to find ways to harness these resources to funding development needs of the country. We find that remittances contribute to national growth; however, it also makes worse income inequalities among regions.","PeriodicalId":39323,"journal":{"name":"Asia-Pacific Social Science Review","volume":"39 5 1","pages":"1-1"},"PeriodicalIF":0.0,"publicationDate":"2010-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82834230","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"From the Editor: Vol.9(2)","authors":"Cristela Goce-Dakila","doi":"10.3860/APSSR.V9I2.1457","DOIUrl":"https://doi.org/10.3860/APSSR.V9I2.1457","url":null,"abstract":"","PeriodicalId":39323,"journal":{"name":"Asia-Pacific Social Science Review","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2010-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86149063","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Ambivalent Cultural Identities of Alangan Mangyans in the Context of Mining Exploration","authors":"D. P. Café","doi":"10.3860/APSSR.V9I2.1461","DOIUrl":"https://doi.org/10.3860/APSSR.V9I2.1461","url":null,"abstract":"","PeriodicalId":39323,"journal":{"name":"Asia-Pacific Social Science Review","volume":"9 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2010-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89067366","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Department of Labor and Employment’s Response to the Impact of the Financial Crisis","authors":"Maria Teresa M. Soriano","doi":"10.3860/APSSR.V9I1.1061","DOIUrl":"https://doi.org/10.3860/APSSR.V9I1.1061","url":null,"abstract":"","PeriodicalId":39323,"journal":{"name":"Asia-Pacific Social Science Review","volume":"183 1","pages":"1-1"},"PeriodicalIF":0.0,"publicationDate":"2009-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77720742","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Global Economic Imbalances Triggering the Financial Crisis","authors":"Tereso S. Tullao","doi":"10.3860/APSSR.V9I1.1054","DOIUrl":"https://doi.org/10.3860/APSSR.V9I1.1054","url":null,"abstract":"","PeriodicalId":39323,"journal":{"name":"Asia-Pacific Social Science Review","volume":"15 1","pages":"1-1"},"PeriodicalIF":0.0,"publicationDate":"2009-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82053834","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Normal 0 false false false MicrosoftInternetExplorer4 The source of the global financial crisis of 2008 may be viewed from two ideological perspectives: regulatory failure in the credit risk transfer (CRT) market; and monetary laxity, pointing to the inherent nature of financial regulation. This paper is an exposition of the regulatory factors that contributed to the global financial crisis by highlighting the weaknesses in the CRT market believed to have catalyzed the present economic slowdown. These factors include active involvement of unregulated entities in the market; divergent regulatory treatment of CRT transactions across different financial institutions; insufficient supervisory data on CRT transactions; and insufficient capital requirement for CRT transactions. The paper addresses the presence of monetary laxity evidenced by the procyclical nature of some policies that reinforced the market downturn. It looks into each factor closely before concluding that regulations are by no means, an easy task. They have to constantly strike a balance between allowing innovations for the development of the financial markets to support further development in the real economy and ensuring a stable financial system. The bottom line is for regulators to caution themselves against over-regulation that would inhibit innovation which is a tempting proposition amidst all these issues on regulatory failure.
{"title":"Regulatory Factors that Contributed to the Global Financial Crisis","authors":"Nestor A. Espenilla","doi":"10.3860/APSSR.V9I1.1057","DOIUrl":"https://doi.org/10.3860/APSSR.V9I1.1057","url":null,"abstract":"Normal 0 false false false MicrosoftInternetExplorer4 The source of the global financial crisis of 2008 may be viewed from two ideological perspectives: regulatory failure in the credit risk transfer (CRT) market; and monetary laxity, pointing to the inherent nature of financial regulation. This paper is an exposition of the regulatory factors that contributed to the global financial crisis by highlighting the weaknesses in the CRT market believed to have catalyzed the present economic slowdown. These factors include active involvement of unregulated entities in the market; divergent regulatory treatment of CRT transactions across different financial institutions; insufficient supervisory data on CRT transactions; and insufficient capital requirement for CRT transactions. The paper addresses the presence of monetary laxity evidenced by the procyclical nature of some policies that reinforced the market downturn. It looks into each factor closely before concluding that regulations are by no means, an easy task. They have to constantly strike a balance between allowing innovations for the development of the financial markets to support further development in the real economy and ensuring a stable financial system. The bottom line is for regulators to caution themselves against over-regulation that would inhibit innovation which is a tempting proposition amidst all these issues on regulatory failure.","PeriodicalId":39323,"journal":{"name":"Asia-Pacific Social Science Review","volume":"120 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2009-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79431711","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Normal 0 false false false MicrosoftInternetExplorer4 Some of the current financial issues and problems besetting the world economies may be traced to the rise of neoliberalism in the 1980s which centered on free markets and free trade with the consequent less government regulation. Liberalization led to global prosperity and innovation after two decades but extreme market fundamentalism also contributed to the present financial crisis. Is the problem one of governance, of market failure or of people? It is all of these. Markets failed to allocate resources into an efficient manner; governments failed to curb the excesses of the markets. Policy analyses and the presentation of the speakers in the conference reveal that the possible solution is not limited to economics but should also include political adjustments in terms of policy pronouncements. There is a need to look into the equity issues, especially the safety nets of people who will be displaced by the ill effects of the financial crisis. A balance between politics, the experts, the players, the markets and everyone else is emphasized.
{"title":"Synthesis and Distillation of Policy Issues: What Should Governments Do? The Global Financial Crisis as a Market and Government Failure","authors":"J. Teehankee","doi":"10.3860/APSSR.V9I1.1065","DOIUrl":"https://doi.org/10.3860/APSSR.V9I1.1065","url":null,"abstract":"Normal 0 false false false MicrosoftInternetExplorer4 Some of the current financial issues and problems besetting the world economies may be traced to the rise of neoliberalism in the 1980s which centered on free markets and free trade with the consequent less government regulation. Liberalization led to global prosperity and innovation after two decades but extreme market fundamentalism also contributed to the present financial crisis. Is the problem one of governance, of market failure or of people? It is all of these. Markets failed to allocate resources into an efficient manner; governments failed to curb the excesses of the markets. Policy analyses and the presentation of the speakers in the conference reveal that the possible solution is not limited to economics but should also include political adjustments in terms of policy pronouncements. There is a need to look into the equity issues, especially the safety nets of people who will be displaced by the ill effects of the financial crisis. A balance between politics, the experts, the players, the markets and everyone else is emphasized.","PeriodicalId":39323,"journal":{"name":"Asia-Pacific Social Science Review","volume":"59 1","pages":"85"},"PeriodicalIF":0.0,"publicationDate":"2009-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78033212","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Unemployment Threat of the Financial Crisis","authors":"P. J. Castillo","doi":"10.3860/APSSR.V9I1.1059","DOIUrl":"https://doi.org/10.3860/APSSR.V9I1.1059","url":null,"abstract":"","PeriodicalId":39323,"journal":{"name":"Asia-Pacific Social Science Review","volume":"4 1","pages":"1-1"},"PeriodicalIF":0.0,"publicationDate":"2009-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80328794","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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