This Occasional Paper is the product of a team effort led by Markus Rodlauer and Alfred Schipke, both staff members of the IMF's Western Hemisphere Department. The team includes authors from a number of other departments in the IMF, as well as an outside co-author from the region.The authors would like to express their deep appreciation for the valuable guidance provided by Olav Gronlie, who-as the head of the Central American Division-was instrumental in moving the project forward as part of the IMF's increased emphasis on regional issues and those related to regional integration. They would like to thank and acknowledge the comments received from Agustín Carstens. Also, the authors are grateful to Tamim Bayoumi, Michael Keen, Anoop Singh, Teresa Ter-Minassian, and Philip Young for their comments and advice.Particular thanks go to Susan McCuskey and Hildi Wicker Deady, who worked extremely hard to ensure the timely publication of this paper, and to Mauricio Bourdin for valuable research assistance. The authors would like to thank the authorities of the respective countries in Central America and the Dominican Republic, the Central American Monetary Council, and the participants of an internal IMF Workshop on Central America for helpful comments and suggestions. Marina Primorac of the External Relations Department coordinated the production of the publication.The opinions expressed in this paper are solely those of its authors and do not necessarily reflect the views of the International Monetary Fund, its Executive Directors, or the authorities in the respective Central American countries and the Dominican Republic.
Trends in Equity 108 Impact of Growth and Economic Policies on Equity 110 Conclusions 115 Appendices II 2.1. Trade Liberalization in the Philippines: Results from "Trend-Break" Tests 19 2.2. Impact of Trade Liberalization on Growth 19 III 3.1. Summary of the Tax System 45 3.2. Illustrative Medium-Term Scenario 50 IV 4.1. Analysis of Demand for Broad Money in the Philippines 64 V 5.1. External Competitiveness: A Macroeconomic Balance Approach Applied to the Philippines 81 Boxes II 2.1. Estimates of Potential Output for the Philippines, 2000-05 III 3.1. Tax Reforms Since 1994 3.2. Tax Incentives 3.3. Military Expenditures: Developments in the 1990s and Outlook 3.4. Electricity Sector and National Power Corporation 3.5. Fiscal Stance, 1997-99 IV 4.1. The Bangko Sentral ng Pilipinas 4.2. Key Monetary Aggregates and Interest Rates 4.3. Financial Obligations of the Bangko Sentral ng Pilipinas V 5.1. Electronics Exports-Rapid Growth 5.2. Nondeliverable Forwards: Their Use in the Philippines 5.3. External Data Issues VI 6.1. Structure of the Philippine Banking Sector 6.2. Nonbank Financial Intermediaries 6.3. Prudential Framework for the Banking System 6.4. The Philippine National Bank Tables II 2.1. Growth in the Philippines and ASEAN-3: Historical Average and Recent Performance 2.2. GDP Growth by Subperiods 2.3. Estimates of Total Factor Productivity Growth 2.4. Structure of Output and Employment 2.5. Economic Growth in the Crisis Countries
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