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WP 1990-24: Central Bank Policies and the Behavior of the Money Market

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.

Philippine Institute for Development Studies
Authors Keywords
Lamberte, Mario B.; Yap, Josef T.; Zingapan, Socorro; Untalan, Teodoro S.; central bank; money and banking; banking system;
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Published in 1990 and available in the PIDS Library or can be downloaded as full text Downloaded 1,129 times since November 25, 2011