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The Determinants of Economic Growth in the Philippines: A New Look

  • Willa Boots J. Tolo
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    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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    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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    1. Ricardo Hausmann & Lant Pritchett & Dani Rodrik, 2005. "Growth Accelerations," Journal of Economic Growth, Springer, vol. 10(4), pages 303-329, December.
    2. Fabian Valencia & Luc Laeven, 2008. "Systemic Banking Crises: A New Database," IMF Working Papers 08/224, International Monetary Fund.
    3. P. J. Dawson, 2005. "Agricultural exports and economic growth in less developed countries," Agricultural Economics, International Association of Agricultural Economists, vol. 33(2), pages 145-152, 09.
    4. 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.
    5. Magnoli Bocchi, Alessandro, 2008. "Rising growth, declining investment : the puzzle of the Philippines," Policy Research Working Paper Series 4472, The World Bank.
    6. Robert J. Barro, 1996. "Determinants of Economic Growth: A Cross-Country Empirical Study," NBER Working Papers 5698, National Bureau of Economic Research, Inc.
    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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