The central argument of this study is that the segmented and
oligopolistic financial and commodity markets, large income
inequalities, and diverging accumulation behaviour of public and
private sector agents are the structural and institutional features
underlying the persistent macroeconomic imbalances. These factors
also explain why, despite the similarity in initial economic
structure and economic policies, the Philippines was systematically
outperformed by many of its East Asian neighbours. Several
quantitative techniques are applied including a Macroeconomic
Social Accounting Framework and Computable General Equilibrium
modelling. This provides an integrated and robust framework for
policy analysis that is absent in other studies.
General
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