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This book focuses on conceptualizing the process of economic adjustment and growth, and testing it with empirical methods. The critical components of a successful economic growth strategy include physical, financial, and educational infrastructures supported by macro-financial stabilization policies and structural reforms. With this in mind, the authors begin with a review of the neoclassical growth model, before delving into more specialized topics such as endogenous growth, adaptive inflationary expectations, learning by doing, optimal saving, and sustainable foreign debt. The final chapter presents Philippines as a case study, and narrates the evolution of a successful strategy of adjustment and growth practiced by an emerging market economy that had shown stellar pre-pandemic growth performance, low and stable inflation, and a sustainable external current account position.
Introduction and Overview
The Basic Neoclassical Growth Model: A Review
Testing the Neoclassical Theory of Economic Growth: A Panel Data Approach
A Modified Neoclassical Growth Model with Endogenous Labor Participation
Capital and Growth
Finance and Endogenous Growth
Openness, Human Development, and Fiscal Policies
Does Monetary Policy Matter for Long-Run Growth?
Outward-Oriented Trade Policies and Economic Growth
External Debt, Adjustment, and Growth
Optimal Saving and Sustainable Foreign Debt
Economic Adjustment and Growth: A Summing Up
Stabilization Policies and Structural Reforms: The Philippine Case