The Philippines in the Asian Financial Crisis

The Philippines has long been regarded as the weak sister of Asia, but in the Asian financial crisis it performed relatively well. This is not simply a matter of not being able to fall out of the basement, either—in mid-1997 the Philippines economy was forecasted to grow at more than six percent in 1998, and both the post-crisis forecasts revisions, and the degree of the eventual contraction were less in the Philippines than elsewhere in Asia. Rather, the Philippines crisis experience offers valuable lessons for the Philippines, the rest of Asia, and indeed, emerging markets around the world. The lesson is that policies matter: economic reform, particularly of the financial system, can have a demonstrable impact on a country's ability to weather a crisis, even if the crisis originates elsewhere and is spread by contagion

Business · Development economics · Economic policy · Economics · Financial crisis · Financial system · Keynesian economics · Macroeconomics · Pneumonia · Asian Studies and History · Global Financial Crisis and Policies · Internal Medicine · Medicine · Philippine History and Culture

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• An Introduction to the Key Issues

  Arsenio M Balisacan, Hal Hill•The Philippine economy•2003

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• Political Economy

  Emmanuel S de Dios, Paul D Hutchcroft•The Philippine economy•2003

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  Arsenio M Balisacan, Hal Hill•Southeast Asian affairs•2002

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• Routledge handbook of the contemporary Philippines

  Martha Alter Chen, Françoise J Carré et al.•Routledge Handbook of the…•2018

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  Renato Cruz De Castro•Asian Survey•2007

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  Open Access•Xiaoke Zhang•Studies in Comparative…•2003

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• Neither Dynamo nor Domino

  Paul Hutchcraft•The Politics of the Asian…•2019

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• Booty Capitalism

  Paul D Hutchcroft, Paul Hutchcroft•Booty Capitalism•1998

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• Assessing Financial Vulnerability

  Richard N Cooper, Morris Goldstein et al.•Foreign Affairs•2000

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