FINANCIAL FACTORS IN ECONOMIC DEVELOPMENT: A STUDY OF THE FINANCIAL LIBERALIZATION POLICY IN THE PHILIPPINES

Abstract

The Developing EconomiesVolume 28, Issue 3 p. 240-270 Free Access FINANCIAL FACTORS IN ECONOMIC DEVELOPMENT: A STUDY OF THE FINANCIAL LIBERALIZATION POLICY IN THE PHILIPPINES Hidenobu OKUDA, Hidenobu OKUDASearch for more papers by this author Hidenobu OKUDA, Hidenobu OKUDASearch for more papers by this author First published: September 1990 https://doi.org/10.1111/j.1746-1049.1990.tb00184.xCitations: 3 This paper is a revised and expanded version of my paper, “Keizai hatten ni okeru kin'yū sekutā no yakuwari—Firipin no kin'yū sekuts̄ kaikaku no hyōka—” [The role of the financial sector in economic growth—Assessment of Philippine financial sector], which was published in Kaigal tōshi kenkyūjo hō (Export-Import Bank of Japan), Vol. 16, No. 5 (May 1990). I wish to thank Mario B. Lamberte, Toshihiko Kinoshita, Shōgo Ishii, Anne Emig, and a referee of the journal for helpful comments and suggestions on my previous draft. Any remaining errors are the sole responsibility of my own. AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL REFERENCES 1 Dornbush, R., and Reynoso, A. Financial Factors in Economic Development,” in National and International Aspects of Financial Policies in LDCs, ed. D. Khatkhate ( Oxford : Pergamon Press, 1980). 2 Hashida, A. Firipin no sangyō kaihatsu kin'yū” [Industrial development finance in the Philippines], in Hatten tojōkoku no sangyō kaihatsu kin'yū [Industrial development finance in the developing countries], ed. K. Itō, Kenkyū sōsho No. 314 ( Tokyo : Institute of Developing Economies, 1983). 3 Kohsaka, A. Keizai hatten to kōkinri seisaku” [Economic development and high interest rate policy], in Keizai hatten to zaisei kin'yū seisaku [Economic development and fiscal and monetary policy], ed. K. Itō, A. Kohsaka, and E. Tajika, Kenkyū sōsho No. 338 ( Tokyo : Institute of Developing Economies, 1984). 4 Matsuoka, K. Tōnan Ajia no kin'yū seisaku to shōgyo kin'yū kikan [Financial policy and commercial finance institutions in Southeast Asia], Kenkyū sōsho No. 327 ( Tokyo : Institute of Developing Economies, 1984). 5 McKinnon, R. I. Money and Capital in Economic Development ( New York : Oxford University Press, 1973). 6 Miralao, L. D., Jr. Kokka kaihatsu keikaku” [National development planning], in Firipin no keizai seisaku to kigyō [Economic policy and corporations in the Philippines], ed. M. F. Montes and K. Koike, ASEAN-tou genchi kenkyū sir?zu No. 2 ( Tokyo : Institute of Developing Economies, 1988). 7 Morgan Guaranty Trust Company. “ LDC Capital Flight,” World Financial Markets, March 1986. 8 Morisawa, K. Firipin ni okeru taigai ruiseki saimu to kaihatsu kin'yū” [ The rapid increase of external debt and development financing in the Philippines—Referring to the behavior of the Development Bank of the Philippines], Kikan keizai kenkyū (Osaka City University), Vol. 9, No. 2 (Autumn 1986). 9 Okuda, H. Models of Taxation on the Financial System in Less Developed Countries,” Ph.D. diss. ( Minneapolis , Minn. : University of Minnesota, 1989). 10 Polvorosa, C. G. Trends and Direction of Bank Lending during 1979–86,” CB Review, Vol. 39, No. 5 (May 1987). 11 Rosario, L. G. Monetary Policy in the Philippines, 1949–86,” CB Review, Vol. 41, No. 1 (January 1989). 12 Sakai, H. An Overview: Postwar Economic Development in the Philippines: Trust, Zeal and Achievement,” in Philippine Macroeconomic Perspective: Development and Policies, ed. H. Sakai and M. F. Montes, ASEDP No. 4 ( Tokyo : Institute of Developing Economies, 1989). 13 Shaw, E. S. Financial Deepening in Economic Development ( New York : Oxford University Press, 1973). 14 Teranishi, J. Kokusai kin'yū to tojōkoku no kin'yū mekanizumu” [International finance and financial mechanisms in developing countries], in Keizai kaihatsu shien to shite no shikin kanryū [Fund recycling as a measure of economic development support], ed. T. Yanagihara, Kenkyū sōsho No. 387 ( Tokyo : Institute of Developing Economies, 1989). 15 Van Wijnbergen, S. Interest Rate Management in LDCs,” Journal of Monetary Economics, Vol. 12, No. 3 (September 1983). 16 World Bank. The Philippines: Aspects of the Financial Sector ( Washington , D.C. : World Bank, 1980). Citing Literature Volume28, Issue3September 1990Pages 240-270 ReferencesRelatedInformation