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Financial Reform and Development in the Philippines, 1980-1997: Imperatives, Performance and Challenges

Author

Listed:
  • Llanto, Gilberto M.
  • Intal, Ponciano Jr. S.

Abstract

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.

Suggested Citation

  • Llanto, Gilberto M. & Intal, Ponciano Jr. S., 1998. "Financial Reform and Development in the Philippines, 1980-1997: Imperatives, Performance and Challenges," Discussion Papers DP 1998-02, Philippine Institute for Development Studies.
  • Handle: RePEc:phd:dpaper:dp_1998-02
    as

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    References listed on IDEAS

    as
    1. Stiglitz, Joseph E, 1989. "Financial Markets and Development," Oxford Review of Economic Policy, Oxford University Press, vol. 5(4), pages 55-68, Winter.
    2. 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.
    3. Polizatto, Vincent P., 1990. "Prudential regulation and banking supervision : building an institutional framework for Banks," Policy Research Working Paper Series 340, The World Bank.
    4. 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.
    5. Bernhard Fischer & Helmut Reisen, 1992. "Towards Capital Account Convertibility," OECD Development Centre Policy Briefs 4, OECD Publishing.
    6. 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.
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    Citations

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    Cited by:

    1. Gabriella Montinola & Ramon Moreno, 2001. "The political economy of foreign bank entry and its impact: theory and a case study," Pacific Basin Working Paper Series 2001-11, Federal Reserve Bank of San Francisco.
    2. Maria Socorro Gochoco-Bautista, 2006. "An Assessment of the Usefulness of Money for Policy in the Philippines," Asian Economic Papers, MIT Press, vol. 5(1), pages 142-176, Winter.
    3. TengTeng Xu, 2012. "The Role of Credit in International Business Cycles," Staff Working Papers 12-36, Bank of Canada.
    4. Rogelio Mercado Jr., 2016. "Are Capital Inflows Expansionary or Contractionary in the Philippines?," Trinity Economics Papers tep2116, Trinity College Dublin, Department of Economics.
    5. repec:taf:rjapxx:v:14:y:2009:i:1:p:5-26 is not listed on IDEAS
    6. Jenny D. Balboa & Erlinda M. Medalla & Josef T. Yap, 2007. "Closer Trade and Financial Cooperation in ASEAN : Issues at the Regional and National Level with Focus on the Philippines," Trade Working Papers 21907, East Asian Bureau of Economic Research.

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