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The Peso Appreciation and Monetary-Fiscal Coordination

Author

Listed:
  • Gerardo P. Sicat

    (University of the Philippines School of Economics)

Abstract

Documentary evidence of the emergence and the eventual complete dominance of the Chinese mercantile traders (Sangleys) during the Spanish colonial period in the Philippines is first presented. We identify the critical traits in the Sangley mercantile genome and the new contractual and organizational technologies which led to the wipeout of non-Sangley merchants from the market. A Malthusian replicator dynamics is proposed to explain the wipeout process. We explain the persistence of the mercantile dominance of Sangleys via the forces serving to curve abuse of market power and non-assimilation of winning Sangley traits by non-Chinese following the Akerlof-Kranton identity economics.

Suggested Citation

  • Gerardo P. Sicat, 2012. "The Peso Appreciation and Monetary-Fiscal Coordination," UP School of Economics Discussion Papers 201215, University of the Philippines School of Economics.
    • Handle: RePEc:phs:dpaper:201215
    as

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    File URL: http://www.econ.upd.edu.ph/dp/index.php/dp/article/view/698
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    References listed on IDEAS

    as
    1. Raul V. Fabella, 2011. "The peso appreciation and the sustainability of Philippine growth: need we worry?," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 48(1), pages 1-12, June.
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    Cited by:

    1. Bangko Sentral ng Pilipinas, 2022. "Dynamics of monetary policy and fiscal policy during the pandemic: the Philippine experience," BIS Papers chapters, in: Bank for International Settlements (ed.), The monetary-fiscal policy nexus in the wake of the pandemic, volume 122, pages 217-240, Bank for International Settlements.

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    More about this item

    Keywords

    Philippine peso exchange rate; exchange rate appreciation; monetary policy; fiscal policy; Philippine economic development;
    All these keywords.

    JEL classification:

    • N0 - Economic History - - General
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General

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