TY - BOOK ID - 84658056 TI - Exchange Rate Policy and Monetary Strategy Options in the Philippines : The Search for Stability and Sustainability PY - 1997 SN - 1462347185 1455268968 1451973349 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Foreign Exchange KW - Inflation KW - Money and Monetary Policy KW - Monetary Policy KW - Central Banks and Their Policies KW - Development Planning and Policy: Trade Policy KW - Factor Movement KW - Foreign Exchange Policy KW - Price Level KW - Deflation KW - Monetary Policy, Central Banking, and the Supply of Money and Credit: General KW - Currency KW - Foreign exchange KW - Monetary economics KW - Macroeconomics KW - Exchange rates KW - Exchange rate policy KW - Monetary base KW - Inflation targeting KW - Prices KW - Money KW - Monetary policy KW - Money supply KW - Philippines UR - https://www.unicat.be/uniCat?func=search&query=sysid:84658056 AB - This paper evaluates the Philippines’ experience with different exchange regimes since 1970. It argues that the shift to a flexible regime was crucial to restoring external viability and generating an export-led economic take-off, but that mixed performance in meeting money targets and asymmetric policy reactions to exchange rate pressures have resulted in an uneven inflation performance. Since adoption of a firm nominal anchor for monetary policy would contribute to a more effective control of inflation and thereby to better prospects for sustained growth, the merits of three monetary strategy options are reviewed: stricter adherence to a money supply rule, adoption of an exchange rate peg, and a switch to direct inflation targeting. ER -