The BSP sustained its drive for its staff to produce more basic and applied research papers, and upgrade their level of engagement with other research-minded economists, think tanks and multilateral organizations. MBOpinion READ:
This research fair is perfect for networking among researchers and economists for knowledge-based re-sources would be accessible to the participants. One can only imagine the resource-rich BSP, ADB, World Bank, IMF, Asia School of Business, UP, Ateneo, La Salle, PIDS and BAP collaborating together to produce trailblazing papers for the greater good of the Filipino people.
During the pandemic, many countries bit the bullet by borrowing their way out. Survival from the virus is primordial especially for those without the luxury of a fiscal space, the availability of public revenues to pursue public goals of inclusive growth, reduction of poverty and social justice as a result of good policy choices.
Carlos and Agustin argue that adopting fiscal rules, or debt caps, could limit the rapid debt accumulation because the markets are assured that sovereign risks are mitigated and in the long run, total output will grow. Prospects of better debt and investment dynamics are promising due to institutionalization of debt limits and reduced debt spreads.
Carlos and Agustin’s paper precisely provides us with an idea that an optimal debt limit, or fiscal rule, can be expansionary in the long run if it could be institutionalized and then implemented with great resolve. Debt rules can lead to more positive market sentiment and reduce debt spreads. Lower spreads inspire private in-vestment and business activities.
It should be expected that at the time fiscal consolidation is initiated, shrinkage could be much bigger than expected, but over time, the recovery should be more rapid for both consumption and investment. We gave due credit to the recent rollout of the government’s Medium-Term Fiscal Framework in that it could anchor market expectations and inspire confidence in the government’s efforts to sustain growth and restore fiscal sustainability.
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