Globalization and the Limits to National Economic Management

Cayetano Paderanga

No 199808, UP School of Economics Discussion Papers from University of the Philippines School of Economics

Abstract: The emerging world environment with relatively freer flows of goods and finance has tremendous implications for macroeconomic management. Among others, both direct fiscal and monetary control are more difficult in an environment where individuals and firms have much greater ability to rearrange their portfolios, even across national boarders. Under these conditions, policy makers must depend less on direct control over macroeconomic magnitudes and count more on influencing the fundamental factors affecting macroeconomic changes.

Date: 1998-08
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Published as UPSE Discussion Paper No. 1998-08, August 1998

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