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Contagion Effects of the Asian Crisis, Policy Responses and Their Implications

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  • Milo, Melanie S.

Abstract

This paper looks at the contagion effects of the Asian crisis on the Philippine economy, the policy responses, and their social implications. In particular, the paper discusses the role of the financial sector in the evolution of the crisis. In Section II, the recent performance of the Philippine economy, the financial sector and the social sector is reviewed in order to better situate the Asian crisis and its contagion effects on the Philippines. Section III then looks at the economic and social impacts of the Asian crisis on the Philippines, as well as the government's policy responses. The government's social safety net programs are then discussed in Section IV. Finally, Section V presents some conclusions and the continuing policy issues.

Suggested Citation

  • Milo, Melanie S., 1999. "Contagion Effects of the Asian Crisis, Policy Responses and Their Implications," Discussion Papers DP 1999-32, Philippine Institute for Development Studies.
  • Handle: RePEc:phd:dpaper:dp_1999-32
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    References listed on IDEAS

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    1. Eli M. Remolona & Mario B. Lamberte, 1986. "Financial Reforms and the Balance-of-Payments Crisis: The Case of the Philippines: 1980-83," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 23(1&2), pages 101-141, March & J.
    2. Lim, Joseph Y., 1992. "A Study on Philippine Exchange Rate Policies," Working Papers WP 1992-09, Philippine Institute for Development Studies.
    3. Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-1176, December.
    4. Cutler, David M & Poterba, James M & Summers, Lawrence H, 1990. "Speculative Dynamics and the Role of Feedback Traders," American Economic Review, American Economic Association, vol. 80(2), pages 63-68, May.
    5. Bautista, Ernesto D., 1992. "A Study of Philippine Monetary and Banking Policies," Working Papers WP 1992-11, Philippine Institute for Development Studies.
    6. I.J. Macfarlane & W.J. Tease, 1989. "Capital Flows and Exchange Rate Determination," RBA Research Discussion Papers rdp8908, Reserve Bank of Australia.
    7. Pineda, Virginia S., 1999. "Impact of the Financial Crisis on Social Services Financing and Delivery," Discussion Papers DP 1999-30, Philippine Institute for Development Studies.
    8. Stephen J. Turnovsky, 1992. "Exchange rate management: a partial review," Proceedings, Federal Reserve Bank of San Francisco, pages 99-137.
    9. Marcus Miller & Paul Weller, 1991. "Financial Liberalisation, Asset Prices and Exchange Rates," OECD Economics Department Working Papers 95, OECD Publishing.
    10. 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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