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Response to balance of payments crises in the 1970s : Korea and the Philippines

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  • Response to balance of payments crises in the 1970s
  • Power, J.H.
  • Philippine Institute for Development Studies


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Title Response to balance of payments crises in the 1970s
Similar Titles
Sub Title

Korea and the Philippines

Material Type Articles
Author(English)

Power, J.H.

Publisher

[Philippine]:Philippine Institute for Development Studies

Date 1983-01
Series Title; No Staff Paper Series / no. 83-05
Pages 47
Subject Country Philippines(Asia and Pacific)
South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Conditions
Economy < Economic Administration
Economy < Economic System
Holding International Development Studies

Abstract

Korea and the Philippines today are among the East Asian countries most heavily burdened with external debt. This is a result, of course, of heavy borrowing to finance current account for these it, the 1970's. How Co account for these deficits in analysis of the two countries' responses and their consequences is the subject of this paper. Taking balance of payments crisis to mean a sharp rise in the current account deficit, financed by running down foreign exchange reserves or external borrowing, two period_ of crisis have been identified for both countries, 1974-7-I and 1979-82. While the focus is on theme periods the analysis is put in the perspective also of the trends of the preceding decade.