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Currency Crisis: Where Do We Go From Here?

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  • Lamberte, Mario B.

Abstract

This paper reviews the arguments for and against the imposition of capital controls in the Philippines and discusses the liberalization process undertaken by the authorities since the 1980s. The view espoused by this paper is that there is no need to impose selective capital control in the Philippines similar to that of Chile. However, to make the country less vulnerable to a currency crisis similar to that of the Southeast Asian currency crisis, the paper recommends three major measures: adoption of a flexible exchange rate; improvement of corporate governance; and strengthening of the banking system by improving prudential regulations to make it resilient in the face of sudden changes in investors’ confidence.

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File URL: http://serp-p.pids.gov.ph/serp-p/download.php?d=20&s=3
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Bibliographic Info

Paper provided by Philippine Institute for Development Studies in its series Discussion Papers with number DP 1999-10.

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Length: 34
Date of creation: 1999
Date of revision:
Handle: RePEc:phd:dpaper:dp_1999-10

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Postal: NEDA sa Makati Building, 106 Amorsolo St., Legaspi Village, Makati City,
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Web page: http://www.pids.gov.ph/
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Related research

Keywords: Asian financial crisis; capital controls;

References

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  1. Lamberte, Mario B., 1994. "Managing Surges in Capital Inflows: The Philippines Case," Discussion Papers DP 1994-20, Philippine Institute for Development Studies.
  2. Carmen M. Reinhart & R. Todd Smith, 1996. "Too much of a good thing: the macroeconomic effects of taxing capital inflows," Proceedings, Federal Reserve Bank of San Francisco, pages 436-464.
  3. Carmen M. Reinhart & R. Todd Smith, 2001. "Temporary Controls on Capital Inflows," NBER Working Papers 8422, National Bureau of Economic Research, Inc.
  4. Corsetti, G. & Pesenti, P. & Roubini, N., 1998. "What Caused the Asian Currency and Financial Crisis?," Papers 343, Banca Italia - Servizio di Studi.
  5. Steven Radelet & Jeffrey Sachs, 1998. "The Onset of the East Asian Financial Crisis," NBER Working Papers 6680, National Bureau of Economic Research, Inc.
  6. Sachs, Jeffrey D., 1998. "Creditor panics: Causes and remedies," Research Notes 98-4, Deutsche Bank Research.
  7. Helmut Reisen, 1998. "Domestic Causes of Currency Crises: Policy Lessons for Crisis Avoidance," OECD Development Centre Working Papers 136, OECD Publishing.
  8. Sebastian Edwards, 1998. "Capital Flows, Real Exchange Rates, and Capital Controls: Some Latin American Experiences," NBER Working Papers 6800, National Bureau of Economic Research, Inc.
  9. Alwyn Young, 1992. "A Tale of Two Cities: Factor Accumulation and Technical Change in Hong Kong and Singapore," NBER Chapters, in: NBER Macroeconomics Annual 1992, Volume 7, pages 13-64 National Bureau of Economic Research, Inc.
  10. repec:imf:imfpdp:9808 is not listed on IDEAS
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