Utilizing qualitative analysis of three measures of operating efficiency, this study attempts to relate the Central Bank’s policies with the behavior of the money market. Results indicate that prior to 1981, the financial market is relatively stable but less efficient. Afterwards, the stability of monetary system has been achieved at the expense of operating efficiency. Clearly, there has been a trade-off between operating efficiency and stability.
Citations
This publication has been cited 4 times
In other Publications
- David, Cristina, Ponciano Intal Jr. and Eliseo Ponce. 1992. Organizing for results: the Philippine agricultural sector. Working Papers WP 1992-08. Philippine Institute for Development Studies.
- Llanto, Gilberto M. and Ponciano S. Intal Jr. 1998. Financial reform and development in the Philippines, 1980-1997: Imperatives, performance and challenges. Philippine Journal of Development JPD, 25, no. 1-a. Philippine Institute for Development Studies.
- Llanto, Gilberto M. and Ponciano S. Intal Jr. 1998. Financial reform and development in the Philippines, 1980-1997: Imperatives, performance and challenges. Discussion Papers DP 1998-02. Philippine Institute for Development Studies.
- Milo, Melanie S.. 2002. Financial services integration and consolidated supervision: Some issues to consider for the Philippines. Discussion Papers DP 2002-22. Philippine Institute for Development Studies.
