The Central Bank and bank credits in the Philippines : a survey on effectiveness of monetary policy and its measures
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.
|Date of creation:||Mar 2013|
|Publication status:||Published in IDE Discussion Paper = IDE Discussion Paper, No. 413. 2013-03|
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References listed on IDEAS
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- Tamim Bayoumi & Ola Melander, 2008. "Credit Matters; Empirical Evidence on U.S. Macro-Financial Linkages," IMF Working Papers 08/169, International Monetary Fund.
- 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. Full references (including those not matched with items on IDEAS)
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