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Exchange Rate Policy and Monetary Strategy Options in the Philippines: The Search for Stability and Sustainability

Author

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  • Aerdt G. F. J. Houben

Abstract

This paper evaluates the Philippines’ experience with different exchange regimes since 1970. It argues that the shift to a flexible regime was crucial to restoring external viability and generating an export-led economic take-off, but that mixed performance in meeting money targets and asymmetric policy reactions to exchange rate pressures have resulted in an uneven inflation performance. Since adoption of a firm nominal anchor for monetary policy would contribute to a more effective control of inflation and thereby to better prospects for sustained growth, the merits of three monetary strategy options are reviewed: stricter adherence to a money supply rule, adoption of an exchange rate peg, and a switch to direct inflation targeting.

Suggested Citation

  • Aerdt G. F. J. Houben, 1997. "Exchange Rate Policy and Monetary Strategy Options in the Philippines: The Search for Stability and Sustainability," IMF Policy Discussion Papers 1997/004, International Monetary Fund.
    • Handle: RePEc:imf:imfpdp:1997/004
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    Cited by:

    1. Samarina, A.., 2012. "Monetary targeting and financial system characteristics," Research Report 12011-EEF, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
    2. Bayangos, V.B., 2000. "real monetary conditions index for the Philippines : is it useful?," ISS Working Papers - General Series 19054, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
    3. Khalid M. Kisswani & Arezou Harraf & Amjad M. Kisswani, 2019. "Revisiting the effects of oil prices on exchange rate: asymmetric evidence from the ASEAN-5 countries," Economic Change and Restructuring, Springer, vol. 52(3), pages 279-300, August.
    4. repec:dgr:rugsom:12011-eef is not listed on IDEAS

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