Template-Type: ReDIF-Article 1.0 Author-Name: Mitsuo Ezaki Author-Workplace-Name: University of the Philippines Title: Oil Price Declines and Structural Adjustment Policies in Indonesia: A Static CGE Analysis for 1980 and 1985 Abstract: This paper presents a static Computable General Equilibrium (CGE) model of Indonesia constructed for 1980 and 1985, and applies the model to the analysis of comparative statics by which the impacts of oil price declines are compared between the two years and the effects of structural adjustment policies are evaluated for the two cases of ?nancial and tax reforms in 1983. The model has been applied to the analysis of comparative statics in the case of a 10% decline in oil price for both years (1980 and 1985) independently and the results of the two years compared. A notable outcome from the comparisons is the fact that negative impacts of the 10% price decline are fairly smaller in 1985 than in 1980. This means that there should have occurred some structural changes or structural adjustments in the Indonesian economy between the two years to mitigate the negative effects of the ‘reverse oil shock‘ which began in March 1983. Actually, two major policy reforms were introduced in 1 983 to cope with the reverse oil shock, aiming at a full mobilization of domestic resources. One was ?nancial reform, and the other was the tax reform. Comparative statics based on the model clearly indicates that the two policy reforms, especially the ?nancial reform, contributed signi?cantly to the mitigation of negative effects caused by the reverse oil shock. Journal: Philippine Review of Economics Pages: 173-207 Volume: 26 Issue: 2 Year: 1989 Month: December File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/download/279/435 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:26:y:1989:i:2:p:173-207 Template-Type: ReDIF-Article 1.0 Author-Name: Ramon C. Clarete Author-Workplace-Name: University of the Philippines and Department of Agriculture Title: The Economic Effects of Trade Liberalization on Philippine Agriculture Abstract: This paper evaluates the economic effects of the trade liberalization program on the Philippine agricultural sector, using a 25-sector computable general equilibrium model of the Philippine economy. The paper discusses the extent of the tariff reforms and the import liberalization program in agriculture, indicating the bias of these reform against the agricultural sector. Their economic effects are computed using the CGE model. In addition to these reforms, the study also assesses the economic effects of alternative tariff policy reforms including uniform tariff rates, higher agricultural tariffs, and lower industrial tariffs. Journal: Philippine Review of Economics Pages: 208-235 Volume: 26 Issue: 2 Year: 1989 Month: December File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/download/280/432 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:26:y:1989:i:2:p:208-235 Template-Type: ReDIF-Article 1.0 Author-Name: Haejin Yoon Author-Workplace-Name: University of the Philippines School of Economics (UPSE) Title: A Korean Agricultural General Equilibrium Model of Trade Abstract: This study represents an attempt to analyze the effect of Korea‘s agricultural trade liberalization on resource allocation and welfare. For this purpose, this study has constructed a computable general equilibrium model which is tailored to study the agricultural aspect of the Korean economy. The Korean Agricultural General Equilibrium Model (KAGEM) allows one to simulate and examine various economic policies such as internal and external tax policies. The KAGEM has two different versions: Walrasian and non-Walrasian. Generally, results show that tariff reduction discourages agricultural production activity more than other sector's. However, agricultural protection through the subsidy program seems to have a positive effect on output and national welfare. It is observed that trade liberalization may reduce welfare level in the short run. As expected, wage ?xity brings more loss of consumer surplus and of output and employment under trade liberalization. Throughout the study, a strong general equilibrium effect seems to prevail when external policy changes are introduced. Thus the KAGEM is shown to be fully equipped to provide the general equilibrium effect of agricultural trade liberalization on activities of various economic agents. Journal: Philippine Review of Economics Pages: 236-261 Volume: 26 Issue: 2 Year: 1989 Month: December File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/download/282/434 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:26:y:1989:i:2:p:236-261 Template-Type: ReDIF-Article 1.0 Author-Name: Osman H. Chowdhury Author-Workplace-Name: University of the Philippines Title: Equity and Efficiency Tradeoff in Bangladesh Tax Policy Reform: A Computable General Equilibrium Model Abstract: This study has employed a computable general equilibrium (CGE) tax model for Bangladesh to directly assess the efficiency and equity effects of a set of proposed tax reforms, particularly excise tax, import tariff, direct tax and value-added tax. It has been found that pure excise tax reforms in the short run for resource mobilization have undesirable consequences on both efficiency and equity grounds. Tariff liberalization may enhance welfare even in the short run. But it is only through simultaneous reforms in all taxes that both equity and e?iciency can be improved. A limited VAT stands out as a better alternative to excise taxes on e?iciency ground but may not be a desirable policy option on equity ground in the short run. The overall results would point out that any single indirect tax reform can not be relied upon for favorable income redistribution in the short run. Journal: Philippine Review of Economics Pages: 262-286 Volume: 26 Issue: 2 Year: 1989 Month: December File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/download/283/431 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:26:y:1989:i:2:p:262-286 Template-Type: ReDIF-Article 1.0 Author-Name: Fidelina B. Natividad Author-Workplace-Name: University of the Philippines Title: The Concept and Estimation of Direct, Indirect and Abstract: This paper reviews briefly the literature on currency substitution and presents two alternative speci?cations of money demand function which take into account different forms of currency substitution. It demonstrates that the money demand function which separates direct currency substitution from indirect currency substitution is mathematically equivalent to one that combines the two effects. Journal: Philippine Review of Economics Pages: 287-301 Volume: 26 Issue: 2 Year: 1989 Month: December File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/download/875/433 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:26:y:1989:i:2:p:287-301 Template-Type: ReDIF-Article 1.0 Author-Name: Carlos C. Bautista Author-Workplace-Name: University of the Philippines Title: Numerical Exercise on Devaluation and Debt Repudiation Abstract: The paper extends the Gylfason and Schmid model to analyze the effects of devaluation and debt repudiation on a post—crisis economy. Simulation experiments were conducted using this model. The numerical results indicate that devaluation can be contractionary but repudiation can dampen the negative effects of a devaluation. Devaluation can be expansionary in the model depending on the amount of imported intermediate input use and/or on the value of the substitution elasticity. Journal: Philippine Review of Economics Pages: 302-305 Volume: 26 Issue: 2 Year: 1989 Month: December File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/download/284/430 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:26:y:1989:i:2:p:302-305