00000caa a22000003i 4500 UP-1685594773862388536 Buklod 20210318133330.0 m | | ta 210318s1998 xx r |||| u|eng d (iLib)UPBAG-00039513727 BAG rda eng ARTICLE-2724 Tan, Jose Antonio, III author. A note on Philippine financial openness Jose Antonio Tan III and Cayetano Paderanga, Jr. 1998. pages 27-61 illustrations 25 cm text rdacontent unmediated rdamedia volume rdacarrier Includes bibliographical references (page 61). In 1991, the Philippines launched a series of foreign exchange reforms which partially openned the capital account. These set of reforms, if completed, will result in the financial integration of the economy with the global financial markets, thus, would complete the sequence of economic liberalization and integration. This study examines the degree of financial integration of the Philippines with the international economy. In particular, two questions are to be answered. First, how financially integrated is the Philippines with the rest of the world? And, second, how has foreign exchange liberalization contributed to Philippine financial openness? Philippine financial openness is examined using the gross capital flows ratio, the Feldstein-Horioka regressions, and variations of tests based on uncovered interest parity. While the results confirm the substantial increase in gross capital flows, evidence using investment-saving correlation and arbitrage tests suggest that the degree of financial openness is still low. The empirical evidence also suggests that capital account liberalization has not contributed much to financial integration. Foreign exchange. Ratio analysis. Capital movements. Paderanga, Cayetano, Jr. author. The Philippine Review of Business and Economics Vol. XXXV, No. 1 (June 1998), p. 27-61. (viewed 18 March 2021) FI UPBAG UPBAG-MAIN ARTICLE-2724 Analytics