The bicentennial of Marx’s birth (2018) and the earlier sesquicentennial of Capital ’s publication (2017) are opportunities to examine aspects of new institutional economics and incentive theory with an affinity to or origin in concepts first put forward by Marx. A major idea pertains to industrial organization and the theory of the firm. We compare Marxian and new-institutional insights and conversely attempt to interpret some of Marx’s ideas from a new-institutional viewpoint. JEL Codes: B14, B25, B52, D23
{"title":"What the new institutional economics owes Marx","authors":"E. D. Dios","doi":"10.37907/13erp9102jd","DOIUrl":"https://doi.org/10.37907/13erp9102jd","url":null,"abstract":"The bicentennial of Marx’s birth (2018) and the earlier sesquicentennial of Capital ’s publication (2017) are opportunities to examine aspects of new institutional economics and incentive theory with an affinity to or origin in concepts first put forward by Marx. A major idea pertains to industrial organization and the theory of the firm. We compare Marxian and new-institutional insights and conversely attempt to interpret some of Marx’s ideas from a new-institutional viewpoint. JEL Codes: B14, B25, B52, D23","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"56 1","pages":"257-278"},"PeriodicalIF":0.0,"publicationDate":"2020-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48222361","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 article tackles the efforts of the Bangko Sentral ng Pilipinas ( BSP ) to bring the achievement of its core mandates closer to the Filipino people. It examines the complex operating environment characterized by a narrowing policy space for central banks of advanced economies, the increasing scope of central bank objectives outside traditional monetary policy, greater global connectedness, and the rise of the Fourth Industrial Revolution. Moreover, it outlines the BSP ’s policy directions and priorities going forward. More importantly, the article also discusses how, even in a complex operating environment, the benefits of BSP ’s delivery of its mandates can be brought closer to the people. JEL classification: E02, E52, E58, E59
{"title":"A BSP closer to the people: spreading the benefits of monetary and financial stability","authors":"B. Diokno","doi":"10.37907/3erp9102jd","DOIUrl":"https://doi.org/10.37907/3erp9102jd","url":null,"abstract":"This article tackles the efforts of the Bangko Sentral ng Pilipinas ( BSP ) to bring the achievement of its core mandates closer to the Filipino people. It examines the complex operating environment characterized by a narrowing policy space for central banks of advanced economies, the increasing scope of central bank objectives outside traditional monetary policy, greater global connectedness, and the rise of the Fourth Industrial Revolution. Moreover, it outlines the BSP ’s policy directions and priorities going forward. More importantly, the article also discusses how, even in a complex operating environment, the benefits of BSP ’s delivery of its mandates can be brought closer to the people. JEL classification: E02, E52, E58, E59","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"56 1","pages":"28-41"},"PeriodicalIF":0.0,"publicationDate":"2020-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46546652","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}
In light of the renewed interest on the aid-growth connection spurred by the recent Sachs-Easterly debates, this note revisits the aid-growth nexus, hypothesizing that aid impacts on growth nonlinearly and that its particular effect conditions on the quality of policies and governance. Using the dynamic panel estimation method, Two-step system generalized method of moments, on more recent data involving an unbalanced panel of 106 countries for the period 1989-2013, we verify some key findings in the aid-growth literature. In particular, aid’s effect on growth is subject to diminishing returns, indicating that there are absorptive capacity constraints that may hinder the effectiveness of aid. However, these absorptive capacity constraints may be relaxed in environments of good governance and policy, enabling aid to have a positive impact on growth. JEL classification: C14, C23, F35, O11, O19
{"title":"Revisiting the aid-growth nexus in light of the Sachs-Easterly debate","authors":"S. L. Daway‐Ducanes, Irene Jo Arzadon","doi":"10.37907/11erp9102jd","DOIUrl":"https://doi.org/10.37907/11erp9102jd","url":null,"abstract":"In light of the renewed interest on the aid-growth connection spurred by the recent Sachs-Easterly debates, this note revisits the aid-growth nexus, hypothesizing that aid impacts on growth nonlinearly and that its particular effect conditions on the quality of policies and governance. Using the dynamic panel estimation method, Two-step system generalized method of moments, on more recent data involving an unbalanced panel of 106 countries for the period 1989-2013, we verify some key findings in the aid-growth literature. In particular, aid’s effect on growth is subject to diminishing returns, indicating that there are absorptive capacity constraints that may hinder the effectiveness of aid. However, these absorptive capacity constraints may be relaxed in environments of good governance and policy, enabling aid to have a positive impact on growth. JEL classification: C14, C23, F35, O11, O19","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"56 1","pages":"219-235"},"PeriodicalIF":0.0,"publicationDate":"2020-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49244148","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}
M. Conchada, Dominique Hannah Sy, M. Tiongco, A. Paloyo
We use linear and nonlinear decomposition methods to explore recent trends in male-female differentials in labor market performance in the Philippines. Using the 2018 Labor Force Survey, we calculate an unadjusted wage gap of 5.77 percent, an employment rate gap of 0.36 percentage points, and a labor force participation rate gap of 19 percentage points. We provide further context by showing the evolution of these figures over time (2002-2018), which indicates that women generally perform worse in the labor market than men as measured by the pay gap and the gap in labor force participation ( LFP ). The decomposition exercise reveals that the pay and LFP -rate differentials are largely due to women receiving lower returns to their observable characteristics relative to men. The gender gap in employment status is not significant. JEL classification: J16, J21, J71
{"title":"Recent trends in the gender gap in the labor market in the Philippines","authors":"M. Conchada, Dominique Hannah Sy, M. Tiongco, A. Paloyo","doi":"10.37907/9erp9102jd","DOIUrl":"https://doi.org/10.37907/9erp9102jd","url":null,"abstract":"We use linear and nonlinear decomposition methods to explore recent trends in male-female differentials in labor market performance in the Philippines. Using the 2018 Labor Force Survey, we calculate an unadjusted wage gap of 5.77 percent, an employment rate gap of 0.36 percentage points, and a labor force participation rate gap of 19 percentage points. We provide further context by showing the evolution of these figures over time (2002-2018), which indicates that women generally perform worse in the labor market than men as measured by the pay gap and the gap in labor force participation ( LFP ). The decomposition exercise reveals that the pay and LFP -rate differentials are largely due to women receiving lower returns to their observable characteristics relative to men. The gender gap in employment status is not significant. JEL classification: J16, J21, J71","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"56 1","pages":"173-186"},"PeriodicalIF":0.0,"publicationDate":"2020-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42322685","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 establishes a model of public debt as a strategic instrument in preventing secession. Using a dynamic game with perfect information, it shows that debt can be used to pre-empt a country’s separation if the seceding region’s potential gain from independence is strictly decreasing in debt. If so, the national government can prevent this region from leaving the union by setting higher levels of debt so that it reaches a certain threshold level. When the debt level is sufficiently high, this region will find it more beneficial to stay with the union rather than to become an independent state. This paper also finds that the majority region may use debt as a strategic instrument to preserve the union if it is better off in a country with debt than as a separate state with savings. JEL classification: H77, H63, H30
{"title":"Public debt and the threat of secession","authors":"Rhea Molato-Gayeres","doi":"10.37907/12erp9102jd","DOIUrl":"https://doi.org/10.37907/12erp9102jd","url":null,"abstract":"This paper establishes a model of public debt as a strategic instrument in preventing secession. Using a dynamic game with perfect information, it shows that debt can be used to pre-empt a country’s separation if the seceding region’s potential gain from independence is strictly decreasing in debt. If so, the national government can prevent this region from leaving the union by setting higher levels of debt so that it reaches a certain threshold level. When the debt level is sufficiently high, this region will find it more beneficial to stay with the union rather than to become an independent state. This paper also finds that the majority region may use debt as a strategic instrument to preserve the union if it is better off in a country with debt than as a separate state with savings. JEL classification: H77, H63, H30","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43062397","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 discusses two topics that frequently surface in conversations about the Fourth Industrial Revolution ( 4IR ): the threat of labor displacement due to automation and the growth of alternative employment arrangements. Using the “task approach” to review recent research on the “future of work” in the Philippines, the paper argues that predictions not informed by the task intensity of jobs are less compelling. The “job polarization” thesis is also examined and the observation made that changes in the occupational distribution of employment seem to be more closely associated with a structural transformation explanation. In the second part, the “gig economy” is discussed in the broader context of work arrangements that have emerged and disrupted the standard employment relationship. The limitations of household-based labor force surveys as a source of data on gig activity are noted. The paper concludes with a brief discussion of 4IR challenges in terms of human resource development, unemployment protection, and the reform of labor laws. JEL codes: J20, J24, J41, J48, J88, K31, O33
{"title":"\"Automation, gigs, and other labor market tales: the Philippines in the Fourth Industrial Revolution\"","authors":"E. F. Esguerra","doi":"10.37907/10erp9102jd","DOIUrl":"https://doi.org/10.37907/10erp9102jd","url":null,"abstract":"The paper discusses two topics that frequently surface in conversations about the Fourth Industrial Revolution ( 4IR ): the threat of labor displacement due to automation and the growth of alternative employment arrangements. Using the “task approach” to review recent research on the “future of work” in the Philippines, the paper argues that predictions not informed by the task intensity of jobs are less compelling. The “job polarization” thesis is also examined and the observation made that changes in the occupational distribution of employment seem to be more closely associated with a structural transformation explanation. In the second part, the “gig economy” is discussed in the broader context of work arrangements that have emerged and disrupted the standard employment relationship. The limitations of household-based labor force surveys as a source of data on gig activity are noted. The paper concludes with a brief discussion of 4IR challenges in terms of human resource development, unemployment protection, and the reform of labor laws. JEL codes: J20, J24, J41, J48, J88, K31, O33","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"56 1","pages":"187-218"},"PeriodicalIF":0.0,"publicationDate":"2020-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44992697","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 attempts to explore the use of an OECD Multi-Dimensional Country Review (MDCR) framework in understanding the long-term development history of the Philippines. The MDCR recognizes the multiplicity of development objectives countries usually pursue and therefore the associated multiplicity of challenges and opportunities. Following a conventional dichotomy of explaining the country’s development dynamics into economic and non-economic factors, the paper reviews the historical economic record and examines more recent non-economic hypotheses. While the latter is mostly political explanations it tries to link them to economic outcomes yet it is weak in tracing the mechanisms of the linkage despite using more rigorous methodologies. The paper then proceeds with hypothesizing that the long-term (political) behavior of breaking the country into finer geographical (and political) entities has been inimical to its sustainable long-term (economic) growth. The splitting of provinces, creation of new ones, of legislating more congressional districts, and further break-up of even the lowest government levels clearly fragment markets, raise real financial and transactions costs, bloat government budgets and the bureaucracy, and add burden to the private sector environment. Partial evidence is explored showing this behavior along the country’s long-term development history and some policy directions are suggested.
{"title":"Risk Management and Coping Strategies: Climate Change and Agriculture in the Philippines","authors":"Majah-Leah V. Ravago, J. Roumasset, K. Jandoc","doi":"10.22004/AG.ECON.284858","DOIUrl":"https://doi.org/10.22004/AG.ECON.284858","url":null,"abstract":"This paper attempts to explore the use of an OECD Multi-Dimensional Country Review (MDCR) framework in understanding the long-term development history of the Philippines. The MDCR recognizes the multiplicity of development objectives countries usually pursue and therefore the associated multiplicity of challenges and opportunities. Following a conventional dichotomy of explaining the country’s development dynamics into economic and non-economic factors, the paper reviews the historical economic record and examines more recent non-economic hypotheses. While the latter is mostly political explanations it tries to link them to economic outcomes yet it is weak in tracing the mechanisms of the linkage despite using more rigorous methodologies. The paper then proceeds with hypothesizing that the long-term (political) behavior of breaking the country into finer geographical (and political) entities has been inimical to its sustainable long-term (economic) growth. The splitting of provinces, creation of new ones, of legislating more congressional districts, and further break-up of even the lowest government levels clearly fragment markets, raise real financial and transactions costs, bloat government budgets and the bureaucracy, and add burden to the private sector environment. Partial evidence is explored showing this behavior along the country’s long-term development history and some policy directions are suggested.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"53 1","pages":"66-104"},"PeriodicalIF":0.0,"publicationDate":"2015-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68534737","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}
Pub Date : 2015-06-22DOI: 10.1017/9781316136119.006
R. Terme
{"title":"Piketty’s Capital in the Twenty-First Century","authors":"R. Terme","doi":"10.1017/9781316136119.006","DOIUrl":"https://doi.org/10.1017/9781316136119.006","url":null,"abstract":"","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"52 1","pages":"143-156"},"PeriodicalIF":0.0,"publicationDate":"2015-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/9781316136119.006","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"56928658","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}
Pub Date : 2006-01-01DOI: 10.31390/gradschool_theses.1723
Lorna E. Amrinto, Héctor O. Zapata
The export-led growth (ELG) hypothesis for the Philippines is examined by adopting a semiparametric approach under two levels of temporal aggregation. To assess the impact of model specification on the ELG hypothesis, parametric and semiparametric error-correction models (ECMs) are estimated using Philippine annual and quarterly data on gross domestic product (GDP), exports, exchange rates, and gross fixed-capital formation, focusing on the role of exchange rates. The causal relationship between exports and economic growth is examined using the Granger-causality procedure. It can be concluded that for the Philippines, the ELG hypothesis is (a) sensitive to model specification and (b) affected by different levels of temporal aggregation and by the inclusion or exclusion of exchange rates. The general results on bidirectional causality between exports and economic growth suggest that the Philippines could enjoy economic prosperity by strengthening its trade and investment policy and gearing it toward opening up the economy.
{"title":"A semiparametric assessment of export-led growth in the Philippines","authors":"Lorna E. Amrinto, Héctor O. Zapata","doi":"10.31390/gradschool_theses.1723","DOIUrl":"https://doi.org/10.31390/gradschool_theses.1723","url":null,"abstract":"The export-led growth (ELG) hypothesis for the Philippines is examined by adopting a semiparametric approach under two levels of temporal aggregation. To assess the impact of model specification on the ELG hypothesis, parametric and semiparametric error-correction models (ECMs) are estimated using Philippine annual and quarterly data on gross domestic product (GDP), exports, exchange rates, and gross fixed-capital formation, focusing on the role of exchange rates. The causal relationship between exports and economic growth is examined using the Granger-causality procedure. It can be concluded that for the Philippines, the ELG hypothesis is (a) sensitive to model specification and (b) affected by different levels of temporal aggregation and by the inclusion or exclusion of exchange rates. The general results on bidirectional causality between exports and economic growth suggest that the Philippines could enjoy economic prosperity by strengthening its trade and investment policy and gearing it toward opening up the economy.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"43 1","pages":"1-22"},"PeriodicalIF":0.0,"publicationDate":"2006-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69690957","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}
Pub Date : 2002-01-01DOI: 10.1007/978-94-010-0257-8_9
M. Mangahas
{"title":"Subjective Poverty and Affluence in the Philippines","authors":"M. Mangahas","doi":"10.1007/978-94-010-0257-8_9","DOIUrl":"https://doi.org/10.1007/978-94-010-0257-8_9","url":null,"abstract":"","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":"38 1","pages":"123-135"},"PeriodicalIF":0.0,"publicationDate":"2002-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1007/978-94-010-0257-8_9","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"51594068","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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