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IMF Stabilization Program and Economic Growth: The Case of the Philippines

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  • Balbosa, Joven Zamoras

Abstract

The beginning of 1970s has witnessed the country’s political and economic predicament. To address these, the 1989 government has succumbed with the IMF program. For a better understanding of the immediate short-run impact of the adjustment programs, this article tests simple models that show the supply-side effects of IMF policies, the results of which indicate that the primary determinant of output and domestic price level is the lending rate. Hence, the task of 1990s is to arrive with policies that focus on the stagflationary effect of contractionary policies, the role of real exchange rate on output and prices and the importance of investment and capital stock.

Suggested Citation

  • Balbosa, Joven Zamoras, 1992. "IMF Stabilization Program and Economic Growth: The Case of the Philippines," Philippine Journal of Development JPD 1992 Vol. XIX No. 2-b, Philippine Institute for Development Studies.
    • Handle: RePEc:phd:pjdevt:jpd_1992_vol__xix_no__2-b
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    References listed on IDEAS

    as
    1. Florian A. Alburo, 1985. "Philippine Trade in Manufactures Structural Change and Adjustment," UP School of Economics Discussion Papers 198509, University of the Philippines School of Economics.
    2. Morris Goldstein & Peter Montiel, 1986. "Evaluating Fund Stabilization Programs with Multicountry Data: Some Methodological Pitfalls (Evaluation des programmes de stabilisation du Fonds à partir de données sur divers pays: quelques écueils," IMF Staff Papers, Palgrave Macmillan, vol. 33(2), pages 304-344, June.
    3. Mr. Malcolm D. Knight & Mr. Mohsin S. Khan, 1985. "Fund Supported Adjustment Programs and Economic Growth," IMF Occasional Papers 1985/009, International Monetary Fund.
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