フィリピンの金融システムとマクロ経済の安定性

Abstract

The purpose of the present paper is to examine how the financial system of the Philippines has become vulnerable in the process of interaction with such macroeconomic policies as monetary and fiscal and exchange rate policies during the crisis in the 1980s, and then to search for the key aspects to be tackled in order to rebuild the system into a sounder and more robust one. We ensure that a vicious circle has operated through the past two decades. Government intervention in the financial system repressed its function with various forms of regulations. When the resulting cumulative distortions in the system led to financial crises, the intervention took the form of "relief, " which generated more serious moral hazard, imposed heavier costs on government finance and then led to macroeconomic instability, i.e. domestic as well as external imbalances. This instability has made the financial system more and more vulnerable. Then we argue that, in order for the Philippines' financial system to work out its essential function, it is indispensable to establish fiscal discipline not to "socialize" commercial risks. to promote private financial intermediation through improved protection of depositors and strengthened surveillance of financial institutions, and, finally and most importantly, to maintain the macroeconomic stability.