Taking Institutions Seriously: Rethinking the Political Economy of Development in the Philippines
AbstractDespite the current fashion for issues such as institutional transparency or corruption, the modern policy development literature does too little to integrate the core ideas of modern political economy with standard economic theory. Little is done to distinguish the advice given to developing countries especially on macroeconomic aggregates from that given to richer nations with stronger institutional environments. The essay uses the Philippines as a case study to suggest what is wrong with leading prescriptions. It suggests a framework that starts from a basic analysis of sectoral distortions to identify the areas where ideal reforms are likely to have the most impact and then pairs such analysis with more institutionally consistent considerations to see which second best reforms are most likely to be implemented. The focus should be on incentive compatible, self-enforcing policy mechanisms which usually imply greater market access and decentralized competition.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoArticle provided by Asian Development Bank in its journal Asian Development Review.
Volume (Year): 28 (2011)
Issue (Month): 1 ()
development; institutional economics; Philippines; policy reform;
Find related papers by JEL classification:
- O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
- O43 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
- O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Yap, Josef T. & Abad, Anthony R.A. & Gonzales, Kathrina G. & Rosellon, Maureen Ane D., 2012. "Unfair Trade Practices in the Philippines," Discussion Papers DP 2012-39, Philippine Institute for Development Studies.
- Yap, Josef T. & Majuca, Ruperto P., 2013. "Aspirations and Challenges for Economic and Social Development in the Philippines Toward 2030," Discussion Papers DP 2013-27, Philippine Institute for Development Studies.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Maria Guia S. de Guzman).
If references are entirely missing, you can add them using this form.