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Central Banking in the Philippines: Then, Now and the Future

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  • Lamberte, Mario B.

Abstract

The country’s central bank has a profound impact on the lives of all residents in the country. This paper attempted to put some policy issues on central banking in the country in certain perspectives so that policy debates on these issues can proceed with greater focus. More specifically, it examined central banking in the Philippines from three perspectives – the past, the present and the future. First, it took a fresh look at central banking in the Philippines in the last 25 years. This period, which covers 5 administrations and 6 central bank governors, is the most turbulent period in the history of central banking in the Philippines. Second, the paper examined the way the Bangko Sentral ng Pilipinas (BSP) currently conducts monetary policy, highlighting the BSP’s shift to inflation targeting as its monetary policy framework and the issues it must confront to make it successful. Third, it discussed the future of central banking in the Philippines, taking into account three major trends that are currently sweeping around the world, namely, the separation of bank supervision function from monetary policy function of central banks, increasing regional economic and financial integration, and the revolution in the payments system brought about by rapid changes in information and communications technology. These factors can lead to changes in the fundamental character of the country’s central bank in the future.

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File URL: http://serp-p.pids.gov.ph/serp-p/download.php?d=2117&s=3
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Bibliographic Info

Paper provided by Philippine Institute for Development Studies in its series Discussion Papers with number DP 2002-10.

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Length: 90
Date of creation: 2002
Date of revision:
Handle: RePEc:phd:dpaper:dp_2002-10

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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: central bank; monetary policy; Bangko Sentral ng Pilipinas; inflation targeting;

References

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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  1. Andrea Schaechter, 2001. "Implementation of Monetary Policy and the Central Bank's Balance Sheet," IMF Working Papers 01/149, International Monetary Fund.
  2. Freedman, Charles, 2000. "Monetary Policy Implementation: Past, Present and Future--Will Electronic Money Lead to the Eventual Demise of Central Banking?," International Finance, Wiley Blackwell, vol. 3(2), pages 211-27, July.
  3. Leitemo, Kai, 2008. "Inflation-targeting rules: History-dependent or forward-looking?," Economics Letters, Elsevier, vol. 100(2), pages 267-270, August.
  4. Choudhri, Ehsan U. & Hakura, Dalia S., 2006. "Exchange rate pass-through to domestic prices: Does the inflationary environment matter?," Journal of International Money and Finance, Elsevier, vol. 25(4), pages 614-639, June.
  5. Christopher J. Waller, 1995. "Performance contracts for central bankers," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 3-14.
  6. Arthur Grimes & Jason Wong, 1992. "The role of the exchange rate in New Zealand monetary policy," Proceedings, Federal Reserve Bank of San Francisco, pages 176-197.
  7. Goodhart, Charles & Schoenmaker, Dirk, 1995. "Should the Functions of Monetary Policy and Banking Supervision Be Separated?," Oxford Economic Papers, Oxford University Press, vol. 47(4), pages 539-60, October.
  8. Marvin Goodfriend, 1997. "Monetary policy comes of age: a 20th century odyssey," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 1-22.
  9. Frederic S. Mishkin & Klaus Schmidt-Hebbel, 2001. "One Decade of Inflation Targeting in the World: What Do We Know and What Do We Need to Know?," NBER Working Papers 8397, National Bureau of Economic Research, Inc.
  10. Michael Woodford, 2000. "Monetary Policy in a World Without Money," NBER Working Papers 7853, National Bureau of Economic Research, Inc.
  11. Lars E.O. Svensson, 2002. "Inflation Targeting: Should It Be Modeled as an Instrument Rule or a Targeting Rule?," NBER Working Papers 8925, National Bureau of Economic Research, Inc.
  12. Joe Peek & Eric S. Rosengren & Geoffrey M. B. Tootell, 1999. "Is bank supervision central to central banking?," Working Papers 99-7, Federal Reserve Bank of Boston.
  13. Michael Taylor & Marc Quintyn, 2002. "Regulatory and Supervisory Independence and Financial Stability," IMF Working Papers 02/46, International Monetary Fund.
  14. Milo, Melanie S., 2002. "Financial Services Integration and Consolidated Supervision: Some Issues to Consider for the Philippines," Discussion Papers DP 2002-22, Philippine Institute for Development Studies.
  15. Benjamin M. Friedman, 2002. "The Use and Meaning of Words in Central Banking: Inflation Targeting, Credibility, and Transparency," NBER Working Papers 8972, National Bureau of Economic Research, Inc.
  16. Norman Loayza & Raimundo Soto, 2002. "Inflation Targeting: An Overview," Central Banking, Analysis, and Economic Policies Book Series, in: Norman Loayza & Raimundo Soto & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Editor) (ed.), Inflation Targeting: Desing, Performance, Challenges, edition 1, volume 5, chapter 1, pages 001-022 Central Bank of Chile.
  17. Cororaton, Caesar B., 2002. "Total Factor Productivity in the Philippines," Discussion Papers DP 2002-01, Philippine Institute for Development Studies.
  18. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June.
  19. G. C. Lim & Guy Debelle, 1998. "Preliminary Considerations of an Inflation Targeting Framework for the Philippines," IMF Working Papers 98/39, International Monetary Fund.
  20. Alan S. Blinder, 1996. "Central banking in a democracy," Economic Quarterly, Federal Reserve Bank of Richmond, issue Fall, pages 1-14.
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Citations

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Cited by:
  1. Dubravko Mihaljek & Marc Klau, 2008. "Exchange rate pass-through in emerging market economies: what has changed and why?," BIS Papers chapters, in: Bank for International Settlements (ed.), Transmission mechanisms for monetary policy in emerging market economies, volume 35, pages 103-130 Bank for International Settlements.
  2. Yap, Josef T., 2004. "Two Essays on Regional Economic Integration in East Asia," Discussion Papers DP 2004-12, Philippine Institute for Development Studies.
  3. Arief Ramayandi, 2007. "Approximating Monetary Policy: Case Study for the ASEAN-5," Working Papers in Economics and Development Studies (WoPEDS) 200707, Department of Economics, Padjadjaran University, revised Aug 2007.
  4. Assad L. Baunto & Christian Bordes & Samuel Maveyraud-Tricoire & Philippe Rous, 2011. "Money growth and velocity with structural breaks: Evidence from the Philippines," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00785395, HAL.

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