Browsing by Author "Fabella, Raul"

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    Impact of temporary trade shocks on an economy in disequilibrium : Philippines, 1986-89
    (1994-07) Fabella, Raul; Jayasuriya, Sisira
    The collapse of world oil prices in 1986 and the recovery in the world economy in the second half of the 1980s, brought a rapid improvement in the terms of trade of the Philippines. The patterns of private and public sector responses to this favorable temporary shock conformed broadly to the predicitions of the theory of construction booms. These responses were consistent with longer term patterns which showed that savings responded to temporary shocks so as to significantly smooth consumption over time.