Central Bank Policies and the Behavior of the Money Market

Mario Lamberte (), Josef T. Yap, Socorro Zingapan and Teodoro S. Untalan

No WP 1990-24, Working Papers from Philippine Institute for Development Studies

Abstract: 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.

Keywords: central bank; money and banking; banking system (search for similar items in EconPapers)
Pages: 72
Date: 1990
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