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The Crisis in the Financial Sector and the Authorities' Reaction: The Case of the Philippines

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  • Mr. Jean-Claude Nascimento

Abstract

The paper discusses the crisis in the Philippines financial sector that began on a limited scale in 1981 and culminated in a significant contraction of the financial system in 1986. The causes, manifestation and transmission mechanism of the crisis are analyzed and reactions of the authorities to the crisis are examined. The main conclusion is that weaknesses of the regulatory framework and loose banking practices provoked and exacerbated the crisis, while the political and economic climate during 1979-83 also played a key role. In the end, the authorities’ interventions to contain the crisis was sucessful but costly.

Suggested Citation

  • Mr. Jean-Claude Nascimento, 1990. "The Crisis in the Financial Sector and the Authorities' Reaction: The Case of the Philippines," IMF Working Papers 1990/026, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1990/026
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    Cited by:

    1. Kaminsky, Graciela Laura & Schmukler, Sergio L., 2002. "Short-run pain, long-run gain : the effects of financial liberalization," Policy Research Working Paper Series 2912, The World Bank.
    2. Khor, Niny & Jacildo, Ryan & Tacneng, Ruth, 2015. "Assessing Mandated Credit Programs: Case Study of the Magna Carta in the Philippines," ADB Economics Working Paper Series 463, Asian Development Bank.
    3. R. O. Odenu Iyede & Felix. E. Onah & Cletus. C. Agu, 2018. "A Survey of Studies on Money Demand and Inflation Amidst Banking Crisis," Journal of Accounting, Business and Finance Research, Scientific Publishing Institute, vol. 2(2), pages 34-54.

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