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The Central Bank and bank credits in the Philippines: a survey on effectiveness of monetary policy and its measures

Kashiwabara Chie

No 413, IDE Discussion Papers from Institute of Developing Economies, Japan External Trade Organization(JETRO)

Abstract: In the post-Asian crisis period, bank loans to the manufacturing sector have shown a slow recovery in the affected countries, unexceptionally in the Philippines. This paper provides a literacy survey on the effectiveness of the Central Bank’s monetary policy and the responsiveness of the financial market, and discusses on the future works necessary to better understand the monetary policy effectiveness in the Philippines.As the survey shows, most previous works focus on the correlation between the short-term policy rates and during the period of monetary tightening and relatively less interest in quantitative effectiveness. Future tasks would shed lights on (1) the asset side – other than loan outstanding – of banks to analyze their behavior/preference in structuring portfolios, and (2) the quantitative impacts during the monetary easing period.

Keywords: Philippines; Monetary policy; Loans; Credit; Monetary policy measure; Credit channel; Bank loan (search for similar items in EconPapers)
JEL-codes: E42 E52 G38 (search for similar items in EconPapers)
Date: 2013-03-01
New Economics Papers: this item is included in nep-ban, nep-cba, nep-mac, nep-mon and nep-sea
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Published in IDE Discussion Paper = IDE Discussion Paper, No. 413. 2013-03-01

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