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The Determinants of Economic Growth in the Philippines

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  • Willa Boots J. Tolo
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    Abstract

    This paper uses a panel of 23 emerging markets for the period 1965?2008 to study the determinants of per capita GDP growth in the Philippines. The Philippines is an outlier in terms of agricultural exports, investment, research and development, population growth, and political uncertainty. Panel regressions reveal that these factors, along with the deficit, inflation, trade openness, the current account balance and the frequency of crisis episodes are siginificant determinants of growth. A growth index confirms that these determinants also capture the absolute and relative performance of each country over time and suggests that the Philippines has lacked a sustained period of relatively strong economic reforms.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/288.

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    Length: 25
    Date of creation: 01 Dec 2011
    Date of revision:
    Handle: RePEc:imf:imfwpa:11/288

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    Related research

    Keywords: Emerging markets; Agricultural sector; Current account balances; Economic growth; fixed capital formation; current account balance; agricultural exports; capital formation; gdp per capita; patent applications; gdp growth; real gdp; gross fixed capital formation; growth rate; growth rates; trade openness; global competitiveness; trade deficit; gdp growth rates; country of origin; external position; employment growth; growth diagnostics; investor confidence; intellectual property; trade liberalization; gnp; world trade organization; total factor productivity; balance of payments crises; trading partners; net inflows; world trade; transition economies; balance of payments; current account surplus;

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Ricardo Hausmann & Lant Pritchett & Dani Rodrik, 2005. "Growth Accelerations," Journal of Economic Growth, Springer, Springer, vol. 10(4), pages 303-329, December.
    2. Robert J. Barro, 1998. "Determinants of Economic Growth: A Cross-Country Empirical Study," MIT Press Books, The MIT Press, The MIT Press, edition 1, volume 1, number 0262522543, December.
    3. Ponciano S. Intal, Jr. & Ponciano S. Intal, Jr. & Ponciano S. Intal, Jr., 2008. "Sustaining the Philippine manufacturing sector," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 45(1), pages 15-48, June.
    4. P. J. Dawson, 2005. "Agricultural exports and economic growth in less developed countries," Agricultural Economics, International Association of Agricultural Economists, International Association of Agricultural Economists, vol. 33(2), pages 145-152, 09.
    5. Fabian Valencia & Luc Laeven, 2008. "Systemic Banking Crises," IMF Working Papers 08/224, International Monetary Fund.
    6. Magnoli Bocchi, Alessandro, 2008. "Rising growth, declining investment : the puzzle of the Philippines," Policy Research Working Paper Series 4472, The World Bank.
    7. Memon, Manzoor Hussain & Baig, Waqar Saleem & Ali, Muhammad, 2008. "Causal Relationship Between Exports and Agricultural GDP in Pakistan," MPRA Paper 11845, University Library of Munich, Germany.
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