Utilizing qualitative analysis of three measures of operating efficiency, this study attempts to relate the Central Bank鈥檚 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.
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This publication has been cited 4 times
In other Publications
- David, Cristina, Ponciano Intal Jr. and Eliseo Ponce. 1992. . Working Papers WP 1992-08. SA国际传媒.
- Llanto, Gilberto M. and Ponciano S. Intal Jr. 1998. . Philippine Journal of Development JPD, 25, no. 1-a. SA国际传媒.
- Llanto, Gilberto M. and Ponciano S. Intal Jr. 1998. . Discussion Papers DP 1998-02. SA国际传媒.
- Milo, Melanie S.. 2002. . Discussion Papers DP 2002-22. SA国际传媒.
