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Rethinking “Economic Fundamentals†in an Era of Global Physical Shocks: Insights from the Philippines Experience with COVID-19

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  • Toby Melissa C. Monsod

    (University of the Philippines School of Economics Diliman, Quezon City, 1101 Philippines)

  • Maria Socorro Gochoco-Bautista

    (University of the Philippines School of Economics Diliman, Quezon City, 1101 Philippines)

Abstract

Having “strong macroeconomic fundamentals,†as the Philippines supposedly did pre-COVID-19, matters much less (if at all), in and of itself, to economic outcomes in the context of a physical shock. Using a model for 21 countries including ASEAN+3, developing East Asia and South Asia, as well as Australia and New Zealand to explain the difference in actual 2019 and forecasted 2020 GDP growth, we find that, ceteris paribus

Suggested Citation

  • Toby Melissa C. Monsod & Maria Socorro Gochoco-Bautista, 2021. "Rethinking “Economic Fundamentals†in an Era of Global Physical Shocks: Insights from the Philippines Experience with COVID-19," Asian Economic Papers, MIT Press, vol. 20(1), pages 109-140, Winter/Sp.
    • Handle: RePEc:tpr:asiaec:v:20:y:2021:i:1:p:109-140
    DOI: 10.1162/asep_a_00802
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    Cited by:

    1. Lavopa, Alejandro & Donnelly, Carolina, 2023. "Socioeconomic resilience during the COVID-19 pandemic. The role of industrial capabilities," Structural Change and Economic Dynamics, Elsevier, vol. 67(C), pages 44-57.
    2. Balisacan, Arsenio M. & dela Cruz, Russel Matthew M., 2021. "When a Pandemic Strikes: Balancing Health and Economy toward Sustainable and Inclusive Recovery," MPRA Paper 111259, University Library of Munich, Germany.

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