The Political Economy of Reform during the Ramos Administration (1992-98)

This paper is one of several case studies prepared for the World Bank. The objective of the case studies is to provide the Commission on Growth and Development insights on the policy reform process in developing countries that give rise to economic growth. In contrast to other countries where economic reforms ushered in a long period of sustained growth, there is no such episode in Philippine economic history. Since the restoration of democracy in 1986, the Philippines under the Ramos administration came closest to breaking out of its 'sick man of Asia' image. The confidence generated by the administration among local and international players and analysts resulted from wide-ranging reforms rooted primarily in a sound macroeconomic and investor-friendly regime as well as global competitiveness. This study is not intended as a scorecard of the Ramos Administration. Rather, it concentrates on three specific sector reforms during the Ramos administration that demonstrate the elements of successful reform processes. These reforms not only helped to free up demands on public finances then- considered, in today's parlance, the 'binding constraint' on needed public investment and reduced risk premium to encourage private investments-but over time brought gains, some unforeseen and broader in terms of positive spillover effects on the rest of the economy, and linkage to overall growth today.

Bibliographic Details

Main Authors:	Bernardo, Romeo L., Tang, Marie-Christine G.
Format:	Working Paper biblioteca
Language:	English en_US
Published:	World Bank, Washington, DC 2008
Subjects:	ACCESS TO TELECOMMUNICATION, ACTION PLAN, AGRICULTURAL COMMODITIES, AGRICULTURE, ARBITRATION, AUCTION, BACKBONE, BENCHMARK, BID, BIDS, BINDING CONSTRAINT, BINDING CONSTRAINTS, BROKERAGE, BUDGET DEFICIT, BUDGETARY SUPPORT, BUSINESS PROCESS, BUSINESSES, CALL CENTERS, CAPITAL EXPENDITURES, CAPITAL FORMATION, CELLULAR PHONES, CELLULAR SUBSCRIBERS, CHECKS, CLEARING HOUSE, COMMODITY, COMMODITY PRICES, COMPETITIVENESS, CONSUMER GROUPS, CREDIBILITY, CREDIT RATING, CURRENT ACCOUNT BALANCE, CUSTOMS, DEBT STOCK, DEMOCRACY, DEREGULATION, DEVELOPING COUNTRIES, DEVELOPMENT BANK, DIAL TONE, DIRECT FOREIGN INVESTMENTS, DOMESTIC CAPITAL, DOMESTIC ECONOMY, DOMESTIC INVESTORS, DOMESTIC PRICES, ECONOMIC DEVELOPMENT, ECONOMIC EXPANSION, ECONOMIC GROWTH, ECONOMIC HISTORY, ECONOMIC LIBERALIZATION, ECONOMIC PERFORMANCE, ECONOMIC POLICIES, ECONOMIC REFORMS, END USER, EQUIPMENT, EQUITY CONTRIBUTIONS, EXCHANGE RATE, EXCHANGE RATES, EXPENDITURES, EXPORTERS, EXPORTS, EXTERNAL CONSULTANTS, FAIR COMPETITION, FINANCE CORPORATION, FINANCIAL LIBERALIZATION, FINANCIAL SERVICES, FINANCIAL STATEMENTS, FISCAL DISCIPLINE, FISCAL POLICIES, FIXED CAPITAL, FORECASTS, FOREIGN CAPITAL, FOREIGN DEBT, FOREIGN EXCHANGE, FOREIGN EXCHANGE MARKET, FOREIGN INTERESTS, FOREIGN INVESTMENTS, FREE TRADE, FREE TRADE AGREEMENT, GDP, GDP PER CAPITA, GLOBAL COMPETITIVENESS, GNP, GOVERNMENT ASSETS, GOVERNMENT DEFICITS, GOVERNMENT FINANCES, GOVERNMENT OWNERSHIP, GOVERNMENT POLICIES, GROSS VALUE, GROWTH PATH, GROWTH RATE, IMAGE, INCOME, INCOME GROWTH, INDEPENDENT REGULATORY BODY, INDUSTRIAL COUNTRIES, INFLATION, INFLATION RATE, INFLATION RATES, INFRASTRUCTURE PROJECTS, INTEREST PAYMENTS, INTEREST RATES, INTERNATIONAL BANK, INTERNATIONAL DEVELOPMENT, INTERNATIONAL FINANCE, INTERNATIONAL MARKET, INTERNATIONAL TRADE, INTERNET SERVICE PROVIDERS, INVENTORIES, INVENTORY, INVESTMENT ACTIVITY, INVESTMENT FINANCING, INVESTOR CONFIDENCE, INVESTOR INTEREST, ISPS, LEGAL BASIS, LEVEL PLAYING FIELD, LICENSES, LOAN, LOCAL CURRENCIES, LOCAL CURRENCY, LOCAL ECONOMY, LOCAL GOVERNMENT,
Online Access:	http://documents.worldbank.org/curated/en/900471468094150283/The-political-economy-of-reform-during-the-Ramos-Administration-1992-98 https://hdl.handle.net/10986/28020
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