Today the BSP announced that the first issue of the BSP Working Paper Series entitled “Bangko Sentral ng Pilipinas Modernization: A Policy Perspective” has been released in electronic format (as a PDF file) and may be downloaded from the BSP website.
Recognizing that a strong research culture is a cornerstone of effective conduct of monetary policy, the Bangko Sentral ng Pilipinas has created the Center for Monetary and Financial Policy in 2005. Among the regular tasks assigned the Center includes the conduct of policy research on monetary and financial issues; taking charge of the annual monetary conference; further development of the BSP’s forecasting models; econometric modeling; and publication of working papers and a technical research journal.
As the first in the series, this perspective paper fittingly discusses challenges that the BSP faces given the increasing globalization and liberalization of markets. The paper identifies aspects that make for a modern central bank, helps set the research agenda for the central bank, and puts forward suggestions to strengthen its human capital.
Download Working Paper