Harvey Baldovino

Harvey BaldovinoHarvey Baldovino is a PhD Student in Economics at Claremont Graduate University (CGU). He is also an economics instructor at several colleges and universities in California. He was an Assistant Professor of Economics at the University of the Philippines from 2008 to 2014. His area of specialization is in international and development economics, with a focus on issues relating to developing economies and the International Monetary Fund. He has published work in international finance, environmental economics, health economics and energy economics.

Papers Published in World Economics:

Graduation From The Prolonged Use of IMF Resources

The International Monetary Fund (IMF) was designed to offer temporary financial assistance to member countries experiencing balance of payments difficulties. However, for a relatively large number of countries the use of IMF resources became prolonged; the Philippines was an extreme example of this. In sharp contrast, since 2000 the Philippines has made no further use of IMF resources and has graduated from the Fund. This article investigates the reasons underpinning graduation in the case of the Philippines and discovers that not only did changed economic circumstances moderate the need to borrow from the IMF, but also political factors made incumbent governments more reluctant to turn to the Fund. Drawing on the Philippines as a case study, the article extracts more general lessons relating to graduation and raises the issue of whether graduation is always desirable. Although a number of studies have examined the prolonged use of IMF resources in considerable depth, up to now the phenomenon of graduation has been largely ignored. This article aims to fill a gap in the academic literature.

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