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Asia's Underachiever: Deep Constraints in Philippine Economic Growth

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  • Briones, Roehlano M.

Abstract

Numerous studies have tried to explain the poor growth performance of the Philippines. This paper critically reviews related literature on constraints to long-run growth, as it applies to the Philippines. We evaluate several factors, namely: culture, corruption, and institutions. The last offers the most convincing explanation for mediocre growth. Hence, to raise the country’s growth trajectory, I recommend: sustained policy reform; less hand-wringing over Filipino culture and corruption; and above all, focused and sustained development of functional capitalistic institutions.

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Bibliographic Info

Paper provided by Philippine Institute for Development Studies in its series Discussion Papers with number DP 2009-04.

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Length: 19
Date of creation: 2009
Date of revision:
Handle: RePEc:phd:dpaper:dp_2009-04

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Keywords: Philippines; development; institutions; growth constraints;

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  1. Edward L. Glaeser & Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer, 2004. "Do Institutions Cause Growth?," NBER Working Papers 10568, National Bureau of Economic Research, Inc.
  2. Raul V. Fabella, 2000. "The Soft State : The Market and Governance," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 37(1), pages 1-11, June.
  3. Oliver E. Williamson, 2000. "The New Institutional Economics: Taking Stock, Looking Ahead," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 595-613, September.
  4. Joana Naritomi & Rodrigo R. Soares & Juliano J. Assunção, 2007. "Rent Seeking and the Unveiling of 'De Facto' Institutions: Development and Colonial Heritage within Brazil," NBER Working Papers 13545, National Bureau of Economic Research, Inc.
  5. Acemoglu, Daron & Johnson, Simon & Robinson, James A., 2005. "Institutions as a Fundamental Cause of Long-Run Growth," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 6, pages 385-472 Elsevier.
  6. Douglass C. North, 1993. "The New Institutional Economics and Development," Economic History 9309002, EconWPA.
  7. Balisacan, Arsenio M. & Fuwa, Nobuhiko, 2004. "Going beyond Crosscountry Averages: Growth, Inequality and Poverty Reduction in the Philippines," World Development, Elsevier, vol. 32(11), pages 1891-1907, November.
  8. Magnoli Bocchi, Alessandro, 2008. "Rising growth, declining investment : the puzzle of the Philippines," Policy Research Working Paper Series 4472, The World Bank.
  9. McCleary, Rachel & Barro, Robert, 2003. "Religion and Economic Growth across Countries," Scholarly Articles 3708464, Harvard University Department of Economics.
  10. Zak, Paul J & Knack, Stephen, 2001. "Trust and Growth," Economic Journal, Royal Economic Society, vol. 111(470), pages 295-321, April.
  11. Naritomi, Joana & Soares, Rodrigo R. & Assunção, Juliano J., 2012. "Institutional Development and Colonial Heritage within Brazil," The Journal of Economic History, Cambridge University Press, vol. 72(02), pages 393-422, June.
  12. Sjoerd Beugelsdijk & Henri L.F. de Groot & Anton B.T.M. van Schaik, 2004. "Trust and economic growth: a robustness analysis," Oxford Economic Papers, Oxford University Press, vol. 56(1), pages 118-134, January.
  13. Hal Hill & Budy P. Resosudarmo, 2012. "Introduction," Bulletin of Indonesian Economic Studies, Taylor & Francis Journals, vol. 48(2), pages 129-142, August.
  14. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-37, October.
  15. Frederic L. Pryor, 2005. "National Values and Economic Growth," American Journal of Economics and Sociology, Wiley Blackwell, vol. 64(2), pages 451-483, 04.
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