In May 2010, national elections in the Philippines saw front-runner presidential candidate Benigno “Noynoy†Aquino III win a landslide victory which set the stage for an orderly transition of power from the administration of Gloria Macapagal-Arroyo. This article argues that...

Southeast Asia in the twenty-first century is no longer what it used to be, at least not at its ASEAN core. By the 1990s, competitive elections had (re)emerged as the primary mechanism for the assumption of state office in the Philippines and Thailand. By the turn of the century, Indonesia had...

We estimate the extent to which idiosyncratic and disaggregate macro shocks (such as regional and industry shocks) are not shared in the economy. Comparing the degree to which idiosyncratic and disaggregate macro shocks are not shared grants a deeper understanding as to why the economy lacks in...

This paper looks at the advantages and disadvantages of mixing banking and commerce, using the "liquidity" approach to financial intermediation. Adding a commercial firm makes it easier for a bank to dispose of assets seized in a loan default. This 'internal market' increases the liquidity of...