IMF Staff Country Reports

Philippines: Background Papers

Publication Date:

December 19, 1995

Summary:

This Background Paper analyzes the Philippines's experience with capital inflows. It compares the episode of 1993–95 with the pre-debt crisis period, and makes the case that the recent inflows are in important respects more benevolent than in the past. The paper concludes that inflows are consistent with a balanced and sustainable revival in the Philippines economy, and indeed are most likely contributing to recovery. This paper also examines financial reintermediation and new challenges to monetary policy. Requirements and plans for the fiscal reform in the medium term are also described.

Series:

Country Report No. 1995/114

Subject:

Asset and liability management Balance of payments Capital inflows Demand for money Expenditure Liquidity Money Production Total factor productivity

Notes:

This paper was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with this member country. As such, the views expressed in this document are those of the staff team and do not necessarily reflect the views of the Government of the Philippines, or the Executive Board of the IMF.