This study estimates determinants of remittances to the Philippines. Remittance growth responds to real growth in the Philippines and in host countries, exchange rates, interest and deployment rates, inflation, as well as to immigration and employment policies. While most studies conclude that...

This study estimates determinants of remittances to the Philippines. Remittance growth responds to real growth in the Philippines and in host countries, exchange rates, interest and deployment rates, inflation, as well as to immigration and employment policies. While most studies conclude that...

This study updates earlier estimates of the sensitivity of regional investment flows in the Philippines to fiscal incentives – income tax holidays and other fiscal inducements provided by government. All other factors held constant, the strength and significance of the investment-inducing...

This study is literally about missing tax revenues. In an environment of declining public school quality and student test scores, classroom, textbook and teacher shortages, inadequate supplies of public health facilities, roads and ports, not to mention shortfalls in tax collections, where did...

Based on Soyoung Kim's previous work for non-US G6 countries, I use eveidence from recursive vector autoregressions (VARs) in order to analyze the international transmission mechanism of expansionary US monetary policy shocks to other countries. The method not only attempts to ascertain the...

This study estimates the individual responses of major Asian economies to an expansionary US monetary policy shock. The main result is that a US expansion leads to a real appreciation for several small, open Asian economies, with a negative impact on trade balances, eventually leading to a...

Optimal contracts are derived from a simple model where government guarantees two types of private investors participationg in infrastructure projects. With asymmetric information, investors are offered a pair of incentive-compatible contracts covering production, tariff, and guarantee coverage....

Over the last few years, multilateral lending institutions and governments have expressed increasing concern over the accumulation of contingent liabilities and their role in aggravating fiscal and financial fragility in developing economies. The accumulation of these contigent liabilities,...

The objective of the paper is to estimate a structural model of the Philippine economy using vector autoregression (VAR) methodology. The structural model being estimated is a traditional Keynesian AS-AD model of macroeconomic fluctuations. This model predicts that in the short-run, transitory...

The Asian financial crisis has impaired the flow of capital financing the construction of infrastructure crucial for sustaining development in the country. As such, one of the post-crisis challenges has been the development of new and alternative financing mechanisms in light of emerging fiscal...