The Peso Appreciation and Monetary-Fiscal Coordination

Gerardo Sicat
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Gerardo Sicat: University of the Philippines School of Economics

No 201215, UP School of Economics Discussion Papers from 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.

Keywords: Philippine peso exchange rate; exchange rate appreciation; monetary policy; fiscal policy; Philippine economic development (search for similar items in EconPapers)
JEL-codes: L10 N0 (search for similar items in EconPapers)
Pages: 23 pages
Date: 2012-10
New Economics Papers: this item is included in nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Published as UPSE Discussion Paper No. 2012-15, October 2012

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