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DP 1997-05: Exchange Rate Movements in the Philippines

Major exchange rate adjustments have been seriously resisted by various groups due to their association of its occurrence during periods of severe economic crisis. Hence, exchange rate policy has not been utilized as part of development strategy but as a reactionary tool during periods of economic crunch and instability. Analysis indicates aggressive implementation of coordinated monetary and fiscal policies to combat the adverse effects of inflows. Real exchange rate appreciation translates to a lower competitive advantage of industries previously enjoying head start.

Philippine Institute for Development Studies
Authors Keywords
Cororaton, Caesar B.; macroeconomic policy; devaluation; real exchange rate; macroeconomic stabilization; foreign exchange liberalization;
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Published in 1997 and available in the PIDS Library or can be downloaded as full text