Template-Type: ReDIF-Article 1.0 Author-Name: Maria Claret M. Mapalad Author-Email: mapalad@alfred.edu Author-Workplace-Name: College of Business, Alfred University, Alfred, New York, USA Title: Japan's ODA and Philippine Saving and Growth Abstract: This paper assesses the impact of Japan's ODA on Philippine saving and growth over the period of 1956-95 using regression and simulation methods. The approach taken here reflects a deliberate attempt to correct for specific weaknesses in the existing literature on economic assistance and its impact on the recipient country. In particular, the study focuses on a one donor-one recipient relation, employs systematic quantitative methods, and takes account of the role of policy environment in the recipient country. This paper finds that Japan's ODA over the 40 years span complemented Philippine saving and increased income growth. The TSLS model finds no support for the possibility that Japan's ODA was simply substituting for Philippine saving, while the simulation model finds Japan's ODA generated additional income for the Philippines. This paper also highlights the importance of complementarity between private and public sector investments in the Philippines, with Japan's ODA providing significant funding for the latter. Keywords: ODA, economic assistance, TSLS model Journal: Philippine Review of Economics Pages: 1-25 Volume: 37 Issue: 2 Year: 2000 Month: December File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/33/531 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:37:y:2000:i:2:p:1-25 Template-Type: ReDIF-Article 1.0 Author-Name: Emmanuel S. de Dios Author-Workplace-Name: Department of Economic Research, Bangko Sentral ng Pilipinas Title: From Sanciano to Encarnacion : Footnotes to a Genealogy of Economics in the Philippines Abstract: While much has been written about the political ideas of the revolution, little if anything has been written about its economic ideas. This paper is an attempt to provide an intellectual background to the economic policies and directives emanating from the Malolos Republic. It traces the source of the revolution’s economics to cameralist ideas, as handed down by liberal Spanish thinkers and practical policy reformers. It documents these influences in the revolution's policies towards public finance in general, personal taxation, trade, and the important agrarian question. Keywords: economic history, Philippines, political economy Journal: Philippine Review of Economics Pages: 26-67 Volume: 37 Issue: 2 Year: 2000 Month: December File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/34/686 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:37:y:2000:i:2:p:26-67 Template-Type: ReDIF-Article 1.0 Author-Name: Mak Yuen Teen Author-Name: Phillip H. Phan Author-Workplace-Name: National University of Singapore Title: Corporate Governance in Singapore : Recent Developments For the Next Millennium Abstract: This paper surveys the regulatory and structural environment as it relates to corporate governance in Singapore, and present empirical evidence on corporate governance practices in areas such as ownership structure, disclosure, board and directors, the use of share option schemes, and the impact of government corporate ownership. It reviews corporate governance reforms that have been implemented or proposed, and assesses their likely impact on future corporate governance practices in Singapore. Remaining concerns with the future of corporate governance in Singapore are also discussed. Keywords: corporate governance, Singapore Journal: Philippine Review of Economics Pages: 68-91 Volume: 37 Issue: 2 Year: 2000 Month: December File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/35/532 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:37:y:2000:i:2:p:68-91 Template-Type: ReDIF-Article 1.0 Author-Name: Prasetijono Widjojo Malang Joedo Author-Workplace-Name: Indonesian Economist Association Title: Market and Corporate Governance in the New International Environment : Indonesian Experiences Abstract: The economic crises in Indonesia were only rooted in financial sector fragilities. It was also related to poor managerial performance in both public and private institution. The implementation of public and corporate governance indicates several weaknesses. First, the Indonesia economy, shocked by market sentiment combined with inefficiency in the micro policy implementation, has caused the lack of coordination in conducting macroeconomics policies. Second, the culture of corruption, collusion and nepotism found in most level in public and private institutions across regions and sectors has proliferated. This has accelerated the deterioration process of the political and economic situation, which was also worsened by the lack of discipline and poor implementation of law and order. Specifically, poor implementation of public and corporate governance has caused economic problems even more difficult to solve. Finally, lack of transparency in almost every aspect of administrative and decision-making process creates uncertainty and raises the country risk. This paper discusses the progress of efforts in establishing good corporate governance in Indonesia in the context on an international environment. Globalization and decentralization ideologies give challenge and opportunities for Indonesia for implementing good corporate governance. However, social and political pressures still play a more important role in determining the directions of successful corporate governance. In order to reach the optimum economic and social solutions to this dilemma, diversities across the regions and culture should be taken into account. The government is expected to play an important role as facilitator in establishing good corporate governance by considering technical and economic efficiency grounds. The government, in the cooperation with the legislature includes law and regulatory infrastructure to resolve agency or moral hazard problems. Control in the macro and micro levels is also important to establish and facilitate efficient mechanisms at various levels of management. However, this condition requires a clear and applicable law and regulatory framework depicting horizontal and vertical power sharing. This requirement is very important to determine the revenue sharing across regions and levels of government. Keywords: corporate governance, Indonesia Journal: Philippine Review of Economics Pages: 92-106 Volume: 37 Issue: 2 Year: 2000 Month: December File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/36/530 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:37:y:2000:i:2:p:92-106 Template-Type: ReDIF-Article 1.0 Author-Name: Deuden Nikomborirak Title: Market and Corporate Governance in the New Environment : The Challenge Facing Thai Companies Abstract: No abstract Keywords: corporate governance, Thailand Journal: Philippine Review of Economics Pages: 107-128 Volume: 37 Issue: 2 Year: 2000 Month: December File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/37/534 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:37:y:2000:i:2:p:128 Template-Type: ReDIF-Article 1.0 Author-Name: Cesar G. Saldaña Title: Philippine Corporate Governance : Environment and Policy and their Impact on Performance and Finance Abstract: The Asian Development Bank initiated a study of Corporate Governance and Finance in Selected developing Member Countries in November 1998. The objectives of the study for the Philippines are to evaluate the history and current state of corporate governance in the Philippines; establish a sound analytic basis for policy and regulatory reform measures to strengthen corporate governance of Philippine companies and recommend reform measures for the Philippine government and the Bank. It analyzes the historical developments of the corporate sector, the legal and regulatory framework for the corporate governance, the ownership and control of publicly listed companies, and corporate performance and financing relative to corporate governance factors. The study addresses weaknesses in corporate governance by introducing reforms in the policy and regulatory framework and by actively promoting the development of both capital market and product-factor markets. The two major areas for reforms can be divided into the two traditional classes of controls of corporate governance-internal control system and external controls and discipline. Internal controls are the corporate governance systems within the company that are mandated by the Corporation Code and enforced within the company. External controls and discipline emanate from actions by customers and investors in the product and capital markets, respectively. The government, acting in the public interest, regulates companies to prevent malpractice and to promote the development of markets. Keywords: corporate governance, Philippines Journal: Philippine Review of Economics Pages: 129-140 Volume: 37 Issue: 2 Year: 2000 Month: December File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/38/533 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:37:y:2000:i:2:p:129-140