It is generally taken for granted that China’s monetary and exchange rate policy have repercussions on her Asian neighbors and affect the choice set open to them in terms of setting optimal economic policy. At the very least, China’s neighbors would like to have a clearer idea of China’s...

History seems to have a tendency to repeat itself. The global economy goes through systemic crises. A few of these crises are catastrophic enough to seriously threaten global peace and stability. Yet it is precisely at historical junctures such as these that the inertia over reforming the...

Under its charter, the mandated duty of the BSP is to maintain price stability, yet there are many ways of translating this objective into a workable framework for monetary policy. Under the monetarist framework that forms the basis of the IMF's financial programming approach, including its...

This study assesses the usefulness of money for policy in the Philippines. The basic idea behind the use of monetary aggregates for policy is that observed fluctuations in money anticipate movements in the ultimate objective of monetary policy, such as inflation control. The stability of key...