Professor: N. B. Del Castillo
Course description and objectives
This course aims to teach the basic concepts in monetary and public economics, and how these concepts are used in the discussions centering on development issues such as poverty and sustainable growth.
Number of units 3

Main references
Mishkin, F.S. [2013] The economics of money, banking and financial markets, 10th edition. Pearson.
Longman, Inc.  link [print only]
Stiglitz, J.E. [2000] Economics of the Public Sector. 3rd edition. New York: W.W. Norton. link [print only]
Todaro, M.P. and S.C. Smith [2012] Economic development, 11th edition. Boston: Addison-Wesley. link [print only]
Other references
Krugman, P. [2009] The return of depression economics and the crisis of 2008. New York: W.W. Norton &
Company, Inc. [not available]
Lamberte, M.B. [2002] “Central banking in the Philippines: then, now and the future”, PIDS
Discussion Paper. Series No. 2002-10. link  (Open Access via PIDS)
Mankiw, N. G. [2003] Macroeconomics. 5th edition. New York: Worth Publishers. link [latest print]
Sicat, G.P. [2003] Economics. Vol. 3. Philippine economic & development issues. Pasig City: Anvil
Publishing. link [print only]
Course content
1. Introduction
What is economic development?
How can development be achieved?
Role of policies in development
2. Money and monetary policy
What is money?
Interest rates
Behavior of interest rates
Money supply
The foreign exchange market
Monetary policy and macroeconomic policy
The structure of central banks and the Bangko Sentral ng Pilipinas
Special topic: 1997 Asian Financial Crisis
3. Government & fiscal policy
Role of government
Market failure

Taxation and economic efficiency
Efficiency and equity
Special topic: Great Recession of 2008 (Global Financial Crisis)
4. Growth, development and governance
Poverty and inequality
Issue of population
Agriculture and development
Economic institutions and development
Special topic: The story of South Korea and Singapore