Financial Reform and Development in the Philippines, 1980-1997: Imperatives, Performance and Challenges
The recent currency and financial turmoil in East Asia have led to the evaluation of current financial and macroeconomic policies. The Philippines, which has been the worst hit in the 1980 economic crisis has indicated greater resilience in the 1990 financial crisis. Experts have attributed this to the institutional reforms the country undertook during the past 15 years. This paper discusses the reform and development the Philippine government undertook during that period with a focus in the financial system. This also identifies the challenges facing the sector in the light of greater international financial integration. Analysis indicates that the achievement of financial sector stability requires prudential regulation and stable macroeconomic environment. Recommendations regarding regulation, supervision and monitoring in the sector are hoped to aid policymakers in their future endeavors.
|Date of creation:||1998|
|Date of revision:|
|Contact details of provider:|| Postal: NEDA sa Makati Building, 106 Amorsolo St., Legaspi Village, Makati City,|
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- Caprio Jr., Gerard, 1997. "Safe and sound banking in developing countries : we're not in Kansas anymore," Policy Research Working Paper Series 1739, The World Bank.
- Edita A. Tan, 1989. "Bank Concentration and the Structure of Interest," UP School of Economics Discussion Papers 198915, University of the Philippines School of Economics.
- Stiglitz, Joseph E, 1989. "Financial Markets and Development," Oxford Review of Economic Policy, Oxford University Press, vol. 5(4), pages 55-68, Winter.
- Polizatto, Vincent P., 1990. "Prudential regulation and banking supervision : building an institutional framework for Banks," Policy Research Working Paper Series 340, The World Bank.
- Lamberte, Mario B. & Yap, Josef T. & Zingapan, Socorro & Untalan, Teodoro S., 1990. "Central Bank Policies and the Behavior of the Money Market," Working Papers WP 1990-24, Philippine Institute for Development Studies.
- Bernhard Fischer & Helmut Reisen, 1992. "Towards Capital Account Convertibility," OECD Development Centre Policy Briefs 4, OECD Publishing.
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