Template-Type: ReDIF-Article 1.0 Author-Name: Gwendolyn R. Tecson Author-Workplace-Name: University of the Philippines, School of Economics Title: Export Market for Philippine Diversified Agriculture and Labor-Intensive Industries Abstract: The paper examines the prospects for export expansion of the country’s diversified agricultural and labor-extensive industries. Initially it establishes the Philippines’ assumed competitiveness in these products by ranking them according to the normalized values of their net exports. An examination of the trend in import demand for such products in the country's major trading partners showed consistently high growth in specific (5-digit SITC) agro-based and labor-intensive commodities. The examination also revealed bright prospects for certain other products belonging to these categories where the country could be competitive but which are not yet being exported by her in any significant amount, Moreover the import demand for the commodities under study appeared to be generally income elastic, especially the labor-intensive ones. Given these income elasticity estimates, per capita import values for these products were projected for the years 1990 and 2000 for each of the trading partners considered, using high and low projected growth rates of per capita income. Journal: Philippine Review of Economics Pages: 01-56 Volume: 23 Issue: 1&2 Year: 1986 Month: March & June File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/download/309/687 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:23:y:1986:i:1&2:p:01-56 Template-Type: ReDIF-Article 1.0 Author-Name: Emmanuel S. de Dios Author-Workplace-Name: University of the Philippines, School of Economics Title: Protection, Concentration, and the Direction of Foreign Investments Abstract: This paper attempts mainly to substantiate the hypothesis that the pattern of tariff protection in the past contributed to the oligopolistic structure of Philippine manufacturing, and that such concentration included a distinct foreign element. Firstly, the paper presents a theory to illustrate the effects of foreign capital in?ows on the country's resource allocation assuming their tendency to be monopolistic, It then tested the following relationships: 1) between value-added concentration ratios and effective rate ofprotection as well as other standard variables explaining industrial concentration, 2 ) between levels of concentration and levels of industrial or ?rm pro?tability, and 3) between foreign capital and seller concentration. The findings imply that, for the periods covered, effective tariff protection did exert an in?uence in promoting seller concentration. Results also suggested that it influenced the degree of international investments as well; as significant degree of association emerged between those sectors which were characterized by heavy seller concentration, and those in which foreign capital found a hospitable niche. The study interprets these findings for their significance to policy making and development theory. Journal: Philippine Review of Economics Pages: 57-82 Volume: 23 Issue: 1&2 Year: 1986 Month: March & June File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/download/310/370 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:23:y:1986:i:1&2:p:57-82 Template-Type: ReDIF-Article 1.0 Author-Name: Dante B. Canlas Author-Workplace-Name: University of the Philippines, School of Economics Title: Monetary Policy and Economic Activity in a Low-Income Country: An Empirical Investigation Abstract: The paper is an empirical investigation of the output effects of some aspects of monetary policy in a low-income setting. It is argued that the existing political institutions render the fiscal authority dominant over the monetary authority. Using some parsimonious representations of output growth, there is evidence supporting the proposition that unanticipated monetary policy matters. Holding private credit constant, currency in circulation has negative output effects. The conometric evidence is rationalized by invoking choice-theoretic based models of monetary economies that deliver propositions consistent with the evidence. Journal: Philippine Review of Economics Pages: 83-99 Volume: 23 Issue: 1&2 Year: 1986 Month: March & June File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/download/311/369 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:23:y:1986:i:1&2:p:83-99 Template-Type: ReDIF-Article 1.0 Author-Name: Eli M. Remolona Author-Workplace-Name: Federal Reserve Bank of New York, and Philippine Institute for Development Studies Author-Name: Mario B. Lamberte Author-Workplace-Name: Federal Reserve Bank of New York, and Philippine Institute for Development Studies Title: Financial Reforms and the Balance-of-Payments Crisis: The Case of the Philippines: 1980-83 Abstract: In the Philippines, financial reforms began in earnest in July 1981 with the deregulation of bank interest rates. But within two years; a crisis in the balance-of-payments intervened. This paper addresses two major issues. First, to what extent did the financial reforms contribute to the balance-of-payments crisis? The findings indicate that while the reforms do seem to have made it more difficult to finance the budget deficits in 1981 and 1982, they did so only in a minor way. Given the enormity of the budget deficits and the rate at which foreign exchange reserves were depleted, it does not look as if the balance-of-payments crisis would have been prevented had the reforms not been introduced. The second issue is: To what extent did the reforms weaken the financial sector's ability to weather the external crisis? The findings show that the sudden increase in deposit rates in 1981 and 1982 while the interest rates on outstanding loans remained the same hurt many banks. Even the increase in the interest rate on new loans contracted in 1984 was not enough to compensate for the interest rate loss incurred on medium- and long-term loans contracted in the previous years, Indeed, this has severely weakened the banking system’s ability to weather the balance-of-payments crisis. Journal: Philippine Review of Economics Pages: 101-141 Volume: 23 Issue: 1&2 Year: 1986 Month: March & June File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/download/312/371 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:23:y:1986:i:1&2:p:101-141 Template-Type: ReDIF-Article 1.0 Author-Name: Dante B. Canlas Author-Workplace-Name: University of the Philippines, School of Economics Title: Some Preliminary Evidence on the Short-Run Aggregate Demand Effects of Fiscal Policy Abstract: The crowding out of private consumption by fiscal policy is examined using a short-run consumption function. There is evidence of a one-for-one crowding out of consumption by government purchases of goods and services. The effects of debt financing on consumption are mixed. Internal debt exerts a negative effect while external debt, a positive one. Journal: Philippine Review of Economics Pages: 143-150 Volume: 23 Issue: 1&2 Year: 1986 Month: March & June File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/download/313/368 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:23:y:1986:i:1&2:p:143-150