This study examines the channels through which net cross-border bank flows and VIX, working through the domestic banking system, could potentially lead to the creation or exacerbation of credit and asset booms that may threaten financial stability. It uses bank firm-level data for the Philippines over the period 1991-2018. Among the study’s significant findings are the following: bank lending to the real estate and housing sector is consistently and significantly affected by net cross-border bank flows (NCBF); non-core bank liabilities is an important variable as it consistently affects the amount of total loans and loans to the commercial and industrial sector as well as bank asset growth and bank leverage; net cross-border flows lower bank asset growth; and banks’ cost of loans tends to be reduced by NCBF and by a reduction in global risk appetite. The use of macroprudential measures-including monitoring bank non-core liabilities and lending to sectors such as real estate-as well as capital flow management measures is warranted in order to prevent bank credit and asset booms from being created or exacerbated, which may threaten growth and financial stability.
{"title":"Global liquidity, global risk appetite, and the risk of credit and asset booms","authors":"M. Gochoco‐Bautista","doi":"10.37907/8erp0202d","DOIUrl":"https://doi.org/10.37907/8erp0202d","url":null,"abstract":"This study examines the channels through which net cross-border bank flows and VIX, working through the domestic banking system, could potentially lead to the creation or exacerbation of credit and asset booms that may threaten financial stability. It uses bank firm-level data for the Philippines over the period 1991-2018. Among the study’s significant findings are the following: bank lending to the real estate and housing sector is consistently and significantly affected by net cross-border bank flows (NCBF); non-core bank liabilities is an important variable as it consistently affects the amount of total loans and loans to the commercial and industrial sector as well as bank asset growth and bank leverage; net cross-border flows lower bank asset growth; and banks’ cost of loans tends to be reduced by NCBF and by a reduction in global risk appetite. The use of macroprudential measures-including monitoring bank non-core liabilities and lending to sectors such as real estate-as well as capital flow management measures is warranted in order to prevent bank credit and asset booms from being created or exacerbated, which may threaten growth and financial stability.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70202892","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}
This paper develops and discusses an open-economy growth model in a modi!ed Arrow learning-by-doing framework, in which workers learn through experience on the job, thereby increasing their productivity. Applying optimal control to maximize the discounted stream of intertemporal consumption, the model yields domestic saving rates of 18-22 percent of GDP, which are feasible targets in developing and emerging market economies. Sustainable gross foreign debt is in the range of 39-50 percent of GDP. Saving, debt, and growth policies are suggested.
{"title":"Optimal saving and sustainable foreign debt","authors":"D. Villanueva, R. Mariano","doi":"10.37907/9erp0202d","DOIUrl":"https://doi.org/10.37907/9erp0202d","url":null,"abstract":"This paper develops and discusses an open-economy growth model in a modi!ed Arrow learning-by-doing framework, in which workers learn through experience on the job, thereby increasing their productivity. Applying optimal control to maximize the discounted stream of intertemporal consumption, the model yields domestic saving rates of 18-22 percent of GDP, which are feasible targets in developing and emerging market economies. Sustainable gross foreign debt is in the range of 39-50 percent of GDP. Saving, debt, and growth policies are suggested.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70202970","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}
This paper examines the evolution of monetary policy framework in the country. It starts the journey with the establishment of the central bank after the Second World War, when there was still no active monetary policy as the country operated on a fixed exchange rate system and supply-led credit programs. The paper describes the challenges with the implementation of monetary policy reforms in the 1980s, particularly the shift to a “managed float” exchange rate system and the adoption of monetary aggregate targeting framework in the context of deregulation and liberalization. It further discusses the development of monetary policy framework and operations, following the creation of an independent Bangko Sentral ng Pilipinas (BSP) in 1993, with the primary mandate of maintaining price stability. It provides a narrative on how the monetary aggregate targeting framework was modified to its eventual shift to an inflation targeting (IT) framework. It highlights the relative success of IT and discusses the innovative approaches undertaken by the BSP to further enhance liquidity management. Moving forward, the BSP’s monetary policy framework and operations will likely continue evolving and serving as steady anchors of macroeconomic stabilization. This will be guided by foresight, commitment to action and helpful lessons from the past, in the context of increased uncertainty.
{"title":"The BSP’s journey towards a progressive monetary policy framework","authors":"Eloisa T. Glindro, Marites Oliva","doi":"10.37907/6erp0202d","DOIUrl":"https://doi.org/10.37907/6erp0202d","url":null,"abstract":"This paper examines the evolution of monetary policy framework in the country. It starts the journey with the establishment of the central bank after the Second World War, when there was still no active monetary policy as the country operated on a fixed exchange rate system and supply-led credit programs. The paper describes the challenges with the implementation of monetary policy reforms in the 1980s, particularly the shift to a “managed float” exchange rate system and the adoption of monetary aggregate targeting framework in the context of deregulation and liberalization. It further discusses the development of monetary policy framework and operations, following the creation of an independent Bangko Sentral ng Pilipinas (BSP) in 1993, with the primary mandate of maintaining price stability. It provides a narrative on how the monetary aggregate targeting framework was modified to its eventual shift to an inflation targeting (IT) framework. It highlights the relative success of IT and discusses the innovative approaches undertaken by the BSP to further enhance liquidity management. Moving forward, the BSP’s monetary policy framework and operations will likely continue evolving and serving as steady anchors of macroeconomic stabilization. This will be guided by foresight, commitment to action and helpful lessons from the past, in the context of increased uncertainty.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70202751","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}
This paper examines social institutions and norms related to cooperative big game hunting by introducing these explicitly into the basic economic model used to analyze moral hazard in teams [Holmstrom 1982]. Features built into Holmstrom’s basic model include effort to locate and acquire game, trophy taking and carcass sharing among members of a hunting party. The insights offered here are inspired by the norms of the Dumagat of Tanay in hunting, meat sharing and trophy taking. Among the Dumagat, the individual who acquires the game takes the head and the feet as trophy. The rest of the carcass is divided up along the lines described by Fabella’s [1988] natural team sharing formula. JEL classification: J23, J24
{"title":"A note on cooperative hunting (Holmstrom and Fabella meet the Dumagat of Tanay)","authors":"O. Solon","doi":"10.37907/5erp9102jd","DOIUrl":"https://doi.org/10.37907/5erp9102jd","url":null,"abstract":"This paper examines social institutions and norms related to cooperative big game hunting by introducing these explicitly into the basic economic model used to analyze moral hazard in teams [Holmstrom 1982]. Features built into Holmstrom’s basic model include effort to locate and acquire game, trophy taking and carcass sharing among members of a hunting party. The insights offered here are inspired by the norms of the Dumagat of Tanay in hunting, meat sharing and trophy taking. Among the Dumagat, the individual who acquires the game takes the head and the feet as trophy. The rest of the carcass is divided up along the lines described by Fabella’s [1988] natural team sharing formula. JEL classification: J23, J24","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"56 1","pages":"73-79"},"PeriodicalIF":0.0,"publicationDate":"2020-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47798261","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}
Jahm Mae Guinto, Charlotte May Amante, F. Carlos, Arlene Daro, Mariella Jasmin Marasigan, J. Capuno
Following previous studies that found individuals with shorter index fingers relative to ring fingers (low digit ratio) exhibit aggressive behavior in adulthood, in this study we use the left digit ratio, a putative marker for in-utero testosterone exposure [Manning et al. 1998], as an indicator of predisposition towards aggression to investigate its relation to prosocial behavior in the context of economic games. First, we ask if aggressive individuals and not-aggressive ones inherently differ in their prosocial behavior, independent of the features of the game. Second, we ask if the differences in their initial or subsequent prosocial behavior, if any, are conditioned by their respective experiences as the game progresses. Applying regression analyses on sample observations from two classroom experiments of modified public-goods games and trust games (by Carlos and Marasigan [2017] and Amante and Daro [2018], respectively), our results show that innate aggression per se is not associated with prosocial behavior. We find some evidence that innately aggressive, prosocial players who have experienced unfavourable or unfair outcomes in previous rounds tend to punish more intensely the non-cooperative players in public goods games, but continue to be generous towards selfish co-players in trust games. Thus, we posit that aggressive individuals who want to establish their perceived dominance (status) in a team behave prosocially initially, then later either elicit the cooperation of other players through aggressive punishment in the public goods game or unilaterally improve social welfare even at a personal cost to them in the trust game. JEL classification: C71, C91, C92, D91
之前的研究发现，相对于无名指而言，食指较短的个体(手指比例较低)在成年后表现出攻击性行为，在本研究中，我们使用左手手指比例作为子宫内睾酮暴露的一个假定标志[Manning et al. 1998]，作为攻击倾向的指标，来调查其与经济游戏背景下的亲社会行为之间的关系。首先，我们会问攻击性个体和非攻击性个体在亲社会行为上是否存在内在差异，而这与游戏的特征无关。其次，我们询问他们最初或随后的亲社会行为的差异(如果有的话)是否受到他们在游戏进程中各自经历的制约。通过对两个改进的公共物品游戏和信任游戏的课堂实验(分别由Carlos和Marasigan[2017]和Amante和Daro[2018]进行)的样本观察进行回归分析，我们的结果表明，先天攻击本身与亲社会行为无关。我们发现一些证据表明，在前几轮中经历了不利或不公平结果的天生具有攻击性、亲社会的参与者倾向于在公共物品博弈中更强烈地惩罚非合作参与者，但在信任博弈中继续对自私的合作参与者慷慨。因此，我们假设攻击性个体想要在团队中建立自己的感知优势(地位)，最初表现为亲社会行为，然后在公共物品博弈中通过攻击性惩罚来吸引其他参与者的合作，或者在信任博弈中单方面提高社会福利，甚至以个人成本为代价。JEL分类:C71、C91、C92、D91
{"title":"Digit ratio and prosocial behavior: the role of innate aggression in public goods and trust games","authors":"Jahm Mae Guinto, Charlotte May Amante, F. Carlos, Arlene Daro, Mariella Jasmin Marasigan, J. Capuno","doi":"10.37907/4erp9102jd","DOIUrl":"https://doi.org/10.37907/4erp9102jd","url":null,"abstract":"Following previous studies that found individuals with shorter index fingers relative to ring fingers (low digit ratio) exhibit aggressive behavior in adulthood, in this study we use the left digit ratio, a putative marker for in-utero testosterone exposure [Manning et al. 1998], as an indicator of predisposition towards aggression to investigate its relation to prosocial behavior in the context of economic games. First, we ask if aggressive individuals and not-aggressive ones inherently differ in their prosocial behavior, independent of the features of the game. Second, we ask if the differences in their initial or subsequent prosocial behavior, if any, are conditioned by their respective experiences as the game progresses. Applying regression analyses on sample observations from two classroom experiments of modified public-goods games and trust games (by Carlos and Marasigan [2017] and Amante and Daro [2018], respectively), our results show that innate aggression per se is not associated with prosocial behavior. We find some evidence that innately aggressive, prosocial players who have experienced unfavourable or unfair outcomes in previous rounds tend to punish more intensely the non-cooperative players in public goods games, but continue to be generous towards selfish co-players in trust games. Thus, we posit that aggressive individuals who want to establish their perceived dominance (status) in a team behave prosocially initially, then later either elicit the cooperation of other players through aggressive punishment in the public goods game or unilaterally improve social welfare even at a personal cost to them in the trust game. JEL classification: C71, C91, C92, D91","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"56 1","pages":"42-72"},"PeriodicalIF":0.0,"publicationDate":"2020-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46792584","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}
When a sovereign state vouches for the anti-competitive behaviour of its producers, it is incumbent upon the courts to abstain from adjudicating and allow economic diplomacy to take its course. The recent decision of the US Supreme Court on a cartel case involving Chinese exporters of vitamin C appears to favour pro-active judicial enforcement of antitrust law, however. Comity among nations calls for giving due deference to the legitimate choices of others with respect to regulating competition in their own industries. But a state harmed by the anti-competitive conduct of foreign producers faces the difficult choice between protecting its own interest and avoiding intrusion into the conduct of another sovereign state. This paper explores this conundrum, which has implications on states with a development agenda that subordinates competition to industrial goals. JEL classification: L52, F1
{"title":"Sovereign determination or disguised protectionism?: the vitamin C case","authors":"M. J. Abrenica","doi":"10.37907/8erp9102jd","DOIUrl":"https://doi.org/10.37907/8erp9102jd","url":null,"abstract":"When a sovereign state vouches for the anti-competitive behaviour of its producers, it is incumbent upon the courts to abstain from adjudicating and allow economic diplomacy to take its course. The recent decision of the US Supreme Court on a cartel case involving Chinese exporters of vitamin C appears to favour pro-active judicial enforcement of antitrust law, however. Comity among nations calls for giving due deference to the legitimate choices of others with respect to regulating competition in their own industries. But a state harmed by the anti-competitive conduct of foreign producers faces the difficult choice between protecting its own interest and avoiding intrusion into the conduct of another sovereign state. This paper explores this conundrum, which has implications on states with a development agenda that subordinates competition to industrial goals. JEL classification: L52, F1","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"56 1","pages":"147-172"},"PeriodicalIF":0.0,"publicationDate":"2020-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41870917","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}
The literature advises central banks to provide forward guidance so as to make themselves predictable to markets. If possible, forward guidance should be Odyssean, in which the central bank commits itself to a clear course of action in the future. Central banks, however, often find themselves defying the theory by offering forward guidance that is rather reticent. Sometimes, the central bank may even deliberately surprise the markets. These departures from theory make sense in markets that behave as Keynesian beauty contests, in which some signals carry inordinate weight and thus lead markets astray. A degree of reticence compels market participants to do their own analysis and offer an independent view that can be useful to central banks. Otherwise, the central bank would find itself merely watching itself in the mirror. In some circumstances, the market may get stuck in a deleterious equilibrium, one born out of a false but well-told narrative. This may call for a “shock and awe” strategy, in which the central bank acts to surprise the market to force a rethinking of the narrative. JEL classification: E52, E58, G1, G4
{"title":"The monkey in the mirror and other tales of central bank forward guidance","authors":"Eli M. Remolona","doi":"10.37907/2erp9102jd","DOIUrl":"https://doi.org/10.37907/2erp9102jd","url":null,"abstract":"The literature advises central banks to provide forward guidance so as to make themselves predictable to markets. If possible, forward guidance should be Odyssean, in which the central bank commits itself to a clear course of action in the future. Central banks, however, often find themselves defying the theory by offering forward guidance that is rather reticent. Sometimes, the central bank may even deliberately surprise the markets. These departures from theory make sense in markets that behave as Keynesian beauty contests, in which some signals carry inordinate weight and thus lead markets astray. A degree of reticence compels market participants to do their own analysis and offer an independent view that can be useful to central banks. Otherwise, the central bank would find itself merely watching itself in the mirror. In some circumstances, the market may get stuck in a deleterious equilibrium, one born out of a false but well-told narrative. This may call for a “shock and awe” strategy, in which the central bank acts to surprise the market to force a rethinking of the narrative. JEL classification: E52, E58, G1, G4","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"56 1","pages":"16-27"},"PeriodicalIF":0.0,"publicationDate":"2020-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45041393","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}
Rising inequality poses a serious threat to sustained growth and poverty reduction in developing Asia. Many countries in the region have adopted competition policy—also known as antitrust—to promote economic welfare by protecting competitive processes, as well as in consideration of public interests, including social equity. This paper uses the Philippine experience to illustrate the conceptual and institutional issues in operationalising competition policy for development. Competition policy in the Philippines has historical roots in its struggle for economic and social reforms aimed at achieving inclusive development. Properly framing competition policy to stay close to its core guiding principle is key to its effectiveness in contributing to inclusive development. The paper concludes that, in the Philippine context, adhering to consumer welfare standards in competition policy promotes a fairer social outcome (i.e., reduction of income inequality and poverty) while improving economic efficiency.
{"title":"Toward a fairer society: inequality and competition policy in developing Asia","authors":"A. Balisacan","doi":"10.37907/7erp9102jd","DOIUrl":"https://doi.org/10.37907/7erp9102jd","url":null,"abstract":"Rising inequality poses a serious threat to sustained growth and poverty reduction in developing Asia. Many countries in the region have adopted competition policy—also known as antitrust—to promote economic welfare by protecting competitive processes, as well as in consideration of public interests, including social equity. This paper uses the Philippine experience to illustrate the conceptual and institutional issues in operationalising competition policy for development. Competition policy in the Philippines has historical roots in its struggle for economic and social reforms aimed at achieving inclusive development. Properly framing competition policy to stay close to its core guiding principle is key to its effectiveness in contributing to inclusive development. The paper concludes that, in the Philippine context, adhering to consumer welfare standards in competition policy promotes a fairer social outcome (i.e., reduction of income inequality and poverty) while improving economic efficiency.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42475041","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}
This paper reviews some salient aspects of the state of development economics, from the early post-war pioneers through the major 1989 survey by Nicholas Stern, to contemporary experiences and lessons. The latter is illustrated with references to five South and Southeast Asian countries. While the techniques of economic analysis have become ever more sophisticated and the data bases larger and richer, significant analytical puzzles remain. The central question of why some countries perform well and others indifferently is still imperfectly understood. Because many factors—economic, political, institutional, as well as random events— shape countries’ development trajectories, country economic forecasting over the medium to longer run continues to be as much art as science. JEL classification: B20, N15, O53
{"title":"Some reflections on the state of development economics in Asia","authors":"Hal Hill, S. Jayasuriya","doi":"10.37907/1erp9102jd","DOIUrl":"https://doi.org/10.37907/1erp9102jd","url":null,"abstract":"This paper reviews some salient aspects of the state of development economics, from the early post-war pioneers through the major 1989 survey by Nicholas Stern, to contemporary experiences and lessons. The latter is illustrated with references to five South and Southeast Asian countries. While the techniques of economic analysis have become ever more sophisticated and the data bases larger and richer, significant analytical puzzles remain. The central question of why some countries perform well and others indifferently is still imperfectly understood. Because many factors—economic, political, institutional, as well as random events— shape countries’ development trajectories, country economic forecasting over the medium to longer run continues to be as much art as science. JEL classification: B20, N15, O53","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"56 1","pages":"1-15"},"PeriodicalIF":0.0,"publicationDate":"2020-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70202932","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}
The paper reviews the pros and cons of land reform with particular attention to the Philippines. We find a repeated theme in supporting arguments for land-to-the-tiller reform and the outlawing of share tenancy: that land reform will improve efficiency by lowering transaction costs. We show that this is logically incorrect and fails to draw appropriate lessons from the evidence. More generally, the arguments for land reform suffer from misplaced exogeneity, in particular by implicitly regarding farm size and organizational form as exogenous. JEL classification: O13, R52
{"title":"The case against the case for land reform: transactioncosts and misplaced exogeneity","authors":"K. Jandoc, J. Roumasset","doi":"10.37907/6erp9102jd","DOIUrl":"https://doi.org/10.37907/6erp9102jd","url":null,"abstract":"The paper reviews the pros and cons of land reform with particular attention to the Philippines. We find a repeated theme in supporting arguments for land-to-the-tiller reform and the outlawing of share tenancy: that land reform will improve efficiency by lowering transaction costs. We show that this is logically incorrect and fails to draw appropriate lessons from the evidence. More generally, the arguments for land reform suffer from misplaced exogeneity, in particular by implicitly regarding farm size and organizational form as exogenous. JEL classification: O13, R52","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"56 1","pages":"80-126"},"PeriodicalIF":0.0,"publicationDate":"2020-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47839584","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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