Delano S. Villanueva

Delano S. Villanueva - "Dan"

Delano S. Villanueva was born in Angeles City, Philippines and received his Ph.D. in economics from the University of Wisconsin. Dr. Villanueva's research is public policy-oriented, focused on Asian macroeconomic and financial sector policies, and economic growth and development. He has published extensively in international journals. For 30 years, he was an official at the International Monetary Fund (IMF) where he worked in operations, research, and training.

In 1982-86, he was the IMF Resident Representative in Seoul, Korea. In 1997-99, the IMF assigned him as Research Director of the South East Asian Central Banks (SEACEN) Research and Training Centre. After his IMF career, he served as Consultant to the IMF Capacity Development (formerly IMF Institute), World Bank, Asian Development Bank, and the Monetary Authority of Singapore (in all, as Lecturer and Workshop Counselor for training courses). In 2005-06, he was Visiting Professor of Economics at Singapore Management University, during which he undertook research on Asian fiscal and monetary policies, published by the National Bureau of Economic Research and the Bank for International Settlements. In 2013-14, he was Distinguished Visiting Scholar at De La Salle University (DLSU).

He is currently Special Consultant on Financial Programming and External Debt Sustainability with the Department of Economic Research, Monetary Policy Sub-Sector, Monetary and Economics Sector, Bangko Sentral ng Pilipinas.



Macroeconomic Policies for Stable Growth

Macroeconomic Policies for Stable Growth

Delano S. Villanueva

This volume is a collection of published and unpublished papers that the author has written over the last two decades during part of his tenure at the International Monetary Fund, The South East Asian Central Banks Research and Training Center, and Singapore Management University. The policy-oriented book examines the links between macroeconomic policies and noninflationary, full-employment levels and growth rates of aggregate gross domestic product, with particular focus on the application in emerging markets of the tools of growth theory. Theoretically sound and grounded in practical wisdom, this book is an essential reading for economic, financial and developmental policymakers, professional economists, and undergraduate/graduate students in economics and social sciences.
Source: World Scientific Book

With the financial meltdown in 2008, this book is timely. Its use of rigorous aggregate growth models to relate macroeconomic policies to stable growth makes for sound economic analysis. Its policy-orientation should be highly useful to public officials who formulate and execute macroeconomic policies, ranging from fiscal, monetary and banking, to external trade and debt management.


  • Strategies for Financial Reforms
  • Managing Capital Flows
  • External Debt, Adjustment, and Growth
  • Exports and Economic Development
  • Openness, Human Development, and Fiscal Policies
  • Social and Political Factors in a Model of Endogenous Economic Growth and Distribution: An Application to the Philippines
  • Does Monetary Policy Matter for Long-run Growth?

Readership:Economic, financial and developmental policymakers; professional economists; undergraduate/graduate students of economics and social sciences.

Sample contents:


Economic Adjustment and Growth: Theory and Practice

Economic Adjustment and Growth: Theory and Practice

Delano S. Villanueva, Roberto S. Mariano and Diwa C. Guinigundo

This book focuses on conceptualizing the process of economic adjustment and growth, and testing it with empirical methods. The critical components of a successful economic growth strategy include physical, financial, and educational infrastructures supported by macro-financial stabilization policies and structural reforms. With this in mind, the authors begin with a review of the neoclassical growth model, before delving into more specialized topics such as endogenous growth, adaptive inflationary expectations, learning by doing, optimal saving, and sustainable foreign debt. The final chapter presents Philippines as a case study, and narrates the evolution of a successful strategy of adjustment and growth practiced by an emerging market economy that had shown stellar pre-pandemic growth performance, low and stable inflation, and a sustainable external current account position.

This book consists of twelve chapters, covers both closed and open economies, and discusses the neoclassical theory of economic adjustment and growth and its econometric testing, as well as its practice in a country case study (The Philippines). It provides theoretical and practical support to the International Monetary Fund (IMF) approach to economic stabilization.

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