Taking Institutions Seriously: Rethinking the Political Economy of Development in the Philippines. Asian Development Review, Vol. 28(1), pp. 1-21
Nye, John V. C. | March 2011
Abstract
Despite the current fashion for issues such as institutional transparency or
corruption, the modern policy development literature does too little to
integrate the core ideas of modern political economy with standard economic
theory. Little is done to distinguish the advice given to developing
countries¾especially on macroeconomic aggregates¾from that given to
richer nations with stronger institutional environments. The essay uses the
Philippines as a case study to suggest what is wrong with leading
prescriptions. It suggests a framework that starts from a basic analysis of
sectoral distortions to identify the areas where ideal reforms are likely to have
the most impact and then pairs such analysis with more institutionally
consistent considerations to see which second best reforms are most likely to
be implemented. The focus should be on incentive compatible, self-enforcing
policy mechanisms which usually imply greater market access and
decentralized competition.
Citation
Nye, John V. C.. 2011. Taking Institutions Seriously: Rethinking the Political Economy of Development in the Philippines. Asian Development Review, Vol. 28(1), pp. 1-21. © Asian Development Bank. http://hdl.handle.net/11540/1662. License: CC BY 3.0 IGO.Citable URI
http://hdl.handle.net/11540/1662Metadata
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