BSP Economic Newsletter
The BSP Economic Newsletter aims to provide to the BSP community and the public a readily accessible, up-to-date, concise and reader-friendly compendium of studies on current economic and financial issues.
Latest Issue:
Abstract: Most central banks, including the Bangko Sentral ng Pilipinas, consider transparency and communication as integral components of their monetary policy framework. Communication is in fact important not only as a means to convey information about monetary policy, but also as a policy tool for the central bank. This study aims to conduct an assessment of the BSP's current transparency and communication policies using the International Monetary Fund (IMF)'s Code of Good Practices on Transparency in Monetary and Financial Policies (TMFP Code) developed in 1999.
Previous Issues:
2011
Abstract: The recent global financial crisis has reduced productive capacities and therefore tax revenues, and at the same time has caused government spending to rise to record levels following the implementation of fiscal stimulus measures. This has also raised concerns about the debt sustainability of countries, particularly those mired in soaring sovereign borrowings. In this article, we look into the rudiments of public debt and the various measures adopted by monetary and fiscal institutions across countries to prevent the global economy from plunging into a wide-scale depression.
Abstract: Industry cluster strategy occupies an important role in the government’s development plans. In the Philippine Development Plan (PDP) for 2011-2016, further development of industry clusters is included in the ten-point agenda, specifically, to increase productivity and efficiency of the industry and services sectors to enable them to contribute more to economic growth and employment. In this article, we look into the benefits and challenges of cluster development in the Philippines.
Abstract: The Philippines saw a resurgence in capital flows in the latter part of 2010. Two things are behind this occurrence: (i) the Philippines’ strength of recovery in 2010 and its upbeat growth prospects for 2011, and (ii) the uneven pace of economic rebound between advanced countries and emerging market economies (EMEs). To cope with capital flow surges, the BSP employs a menu of options that invloves the combination of regulatory reforms and pragmatic approach to monetary policy.
Abstract: Does an increase in nominal wage cause price inflation? Or does the causality run the other way - price inflation causes wage inflation? These are questions faced by monetary authorities when looking at the relationship between changes in wages and in prices. In this article, we look into the economic theory behind this relationship and on the empirical evidence.
2010
2009
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