This paper examines a two-sector aggregative growth model with human capital and educated unemployment. In the model, a tuition subsidy may lead to a long-run decline in the educated fraction of the population, because it may decrease the long-run per capita stock of physical capital in the...

Income distribution in the Philippines is highly uneven, and poverty rates are higher than in other ASEAN countries. In addition, although the poverty rate has declined over time, the rate of decline has been lower than in other countries, and income inequality has been persistent. These facts...

The increased budget deficit caused by the privatization of a public pension plan does not imply a relaxation of the stance of fiscal policy. The reform''s impact on the fiscal stance and national saving depends primarily on its effect on the sum of explicit and implicit public debt and on the...