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The Central Bank and bank credits in the Philippines : a survey on effectiveness of monetary policy and its measures

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  • Kashiwabara, Chie
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    Abstract

    In the post-Asian crisis period, bank loans to the manufacturing sector have shown a slow recovery in the affected countries, unexceptionally in the Philippines. This paper provides a literacy survey on the effectiveness of the Central Bank’s monetary policy and the responsiveness of the financial market, and discusses on the future works necessary to better understand the monetary policy effectiveness in the Philippines. As the survey shows, most previous works focus on the correlation between the short-term policy rates and during the period of monetary tightening and relatively less interest in quantitative effectiveness. Future tasks would shed lights on (1) the asset side – other than loan outstanding – of banks to analyze their behavior/preference in structuring portfolios, and (2) the quantitative impacts during the monetary easing period.

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    File URL: http://ir.ide.go.jp/dspace/bitstream/2344/1265/1/ARRIDE_Discussion_No.413_kashiwabara.pdf
    File Function: First version, 2013
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    Bibliographic Info

    Paper provided by Institute of Developing Economies, Japan External Trade Organization(JETRO) in its series IDE Discussion Papers with number 413.

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    Date of creation: Mar 2013
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    Publication status: Published in IDE Discussion Paper. No. 413. 2013.3
    Handle: RePEc:jet:dpaper:dpaper413

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    Related research

    Keywords: Philippines; Monetary policy; Loans; Credit; Monetary policy measure; Credit channel; Bank loan;

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    1. Frederic S. Mishkin, 1996. "The Channels of Monetary Transmission: Lessons for Monetary Policy," NBER Working Papers 5464, National Bureau of Economic Research, Inc.
    2. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," NBER Working Papers 5146, National Bureau of Economic Research, Inc.
    3. Tamim Bayoumi & Ola Melander, 2008. "Credit Matters," IMF Working Papers 08/169, International Monetary Fund.
    4. Yu Hsing, 2004. "Monetary, fiscal and exchange rate policies and Philippine output : an application of IS-MP-AS model," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 41(1), pages 45-55, June.
    5. Lamberte, Mario B. & Manlagnit, Ma. Chelo V., 2004. "Evaluating the Impacts of Competition Policy Reforms on the Efficiency of Philippine Commercial Banks," Discussion Papers DP 2004-46, Philippine Institute for Development Studies.
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