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...
| Main Authors: | , |
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| Format: | Working Paper |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2017
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/900471468094150283/The-political-economy-of-reform-during-the-Ramos-Administration-1992-98 http://hdl.handle.net/10986/28020 |
| Summary: | 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. |
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