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Managing Surges in Capital Inflows: The Philippine Case

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  • Lamberte, Mario B.

Abstract

The Philippines is one of the countries in Southeast Asia that has experienced massive capital inflows. Being a latecomer in this arena, it can avoid the undesirable effects of these inflows by drawing lessons from the experiences of Latin American and other Asian countries. This paper provides a background and characteristics of capital inflows to developing countries and discusses the issues associated with it. Analysis shows that full sterilization deprives the country of higher investment and growth associated with foreign exchange inflows. This article has been published as a 1994 PIDS discussion paper.

Suggested Citation

  • Lamberte, Mario B., 1995. "Managing Surges in Capital Inflows: The Philippine Case," Philippine Journal of Development JPD 1995 Vol. XXII No. 1-, Philippine Institute for Development Studies.
    • Handle: RePEc:phd:pjdevt:jpd_1995_vol__xxii_no__1-b
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    File URL: https://www.pids.gov.ph/publication/philippine-journal-of-development/managing-surges-in-capital-inflows-the-philippine-case
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    References listed on IDEAS

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    1. Mr. Robert Brandon Kahn & Mr. Adam Bennett & Ms. María Vicenta Carkovic S. & Ms. Susan M Schadler, 1993. "Recent Experiences with Surges in Capital Inflows," IMF Occasional Papers 1993/010, International Monetary Fund.
    2. Gooptu, Sudarshan, 1993. "Portfolio investment flows to emerging markets," Policy Research Working Paper Series 1117, The World Bank.
    3. Mr. Donald J Mathieson & Ms. Liliana Rojas-Suárez, 1992. "Liberalization of the Capital Account: Experiences and Issues," IMF Working Papers 1992/046, International Monetary Fund.
    4. Vittorio Corbo & Leonardo Hernández, "undated". "Macroeconomic Adjustment to Capital Inflows: Rational and Some Recent Experiences," Documentos de Trabajo 164, Instituto de Economia. Pontificia Universidad Católica de Chile..
    5. Claessens, S. & Gooptu, S., 1993. "Portfolio Investment in Developing Countries," World Bank - Discussion Papers 228, World Bank.
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    Cited by:

    1. Josef T. Yap, 2010. "Managing Capital Flows: The Case of the Philippines," Chapters, in: Masahiro Kawai & Mario B. Lamberte (ed.), Managing Capital Flows, chapter 13, Edward Elgar Publishing.
    2. Lamberte, Mario B. & Yap, Josef T., 1999. "Scenarios for Economic Recovery: The Philippines," Discussion Papers DP 1999-05, Philippine Institute for Development Studies.
    3. Mercado, Rogelio, 2020. "Are capital inflows expansionary or contractionary in the Philippines?," Journal of Asian Economics, Elsevier, vol. 67(C).
    4. David, Cristina C., 1998. "Towards an Efficient Path to Food Security: The Philippine Case," Discussion Papers DP 1998-39, Philippine Institute for Development Studies.
    5. Josef T. Yap, 2008. "Managing Capital Flows : The Case of the Philippines," Development Economics Working Papers 22703, East Asian Bureau of Economic Research.
    6. Cororaton, Caesar B., 1997. "Exchange Rate Movements in the Philippines," Discussion Papers DP 1997-05, Philippine Institute for Development Studies.
    7. Amando M Tetangco, Jr, 2005. "The composition and management of capital flows in the Philippines," BIS Papers chapters, in: Bank for International Settlements (ed.), Globalisation and monetary policy in emerging markets, volume 23, pages 242-59, Bank for International Settlements.
    8. Mark M. Spiegel, 1995. "Sterilization of capital inflows through the banking sector: evidence from Asia," Economic Review, Federal Reserve Bank of San Francisco, pages 17-34.
    9. David, Cristina C., 1999. "Constraints to Food Security: The Philippine Case," Philippine Journal of Development JPD 1999 Vol. XXVI No.2-a, Philippine Institute for Development Studies.
    10. Lamberte, Mario B., 1999. "Currency Crisis: Where Do We Go From Here?," Discussion Papers DP 1999-10, Philippine Institute for Development Studies.
    11. David, Cristina C., 1999. "Constraints to Food Security: The Philippine Case," Discussion Papers DP 1999-31, Philippine Institute for Development Studies.

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