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Item Restricted Peso depreciation: impact on trade balance(2001-03) Barrera, Imee Marie E.; Vicedo, Veronica V.This study attempts to determine the effect and measure the impact of depreciation on the trade balance. The effects on the trade balance of the monetary policy variable, government consumption, private consumption and growth rate as compared to the rest of the world are also taken into account. Government consumption and growth rate differential are insignificant in explaining the level of the trade balance. Private consumption decreases the trade balance more than any variable in the model. The monetary variable measured by the level of high-powered money and depreciation are empirically tested to have a positive effect on the trade balance. The positive relation of depreciation on the trade balance is minimal.Item Restricted The effects of political crisis on the foreign exchange rate: the Philippine case(2001-03) Cabading, Ryan D.; Gomez, Odesa R.; Miranda, Casimiro V. Jr.Item Restricted A study of "dollar-salting" in the Philippines (1956-1981)(1984-03) Gonzales, Florentino T. III; Valencia, Dennis V.; Alonzo, RupertoItem Restricted The impact of interest rates on Philippine stock market(2001-03) Patalinghug, Jason Albert C.; Solon, Orville C.Empirical studies on the relationship between interest rates and Philippine stock market are rare. This study investigates the influence of interest rates on Philippine stock market. The impact of foreign interest rates on Philippine stock market is examined by regressing separately changes in U.S. discount rate, Federal Funds rate, U.S. prime rate, and LIBOR on changes in Philippine stock market index. The impact of domestic interest rates on Philippine stock market is analyzed by regressing individually the change in the savings deposit rate, Treasury bill rate, and time deposit rate on the change in Philippine stock market index during the 1994-2000 period. The estimates indicate that U.S. discount rate and Federal Funds rate do not affect Philippine stock market. But U.S. prime rate affects Philippine stock market. Among domestic interest rates, only savings deposit rates affect Philippine stock market. However, most of the evidence supports the hypothesis that the Philippine stock market is efficient in the semistrong form.Item Restricted Where do we go from here? the state of the Philippine bond market(2001-10) Tiñedo, Ted Laurence Y.; Yanga, Luis Antonio B.Sources of borrowing can be a primordial concern of the government and other market players like corporations and individual investors. The development of a matured primary and secondary bond market in the country seems to be on a very slow pace. The paper gives an assessment of the state of the Philippine Bond Market based on key factors that propelled bond market developments in more advanced economies. The analysis extends to the juxtaposition of the conditions pre and post Asian financial crisis. The status quo tells us that the market for bonds is shallow with very few participants. Only government treasury bills are evidently the consistent active sector of the market. The increased in volume traded of both short-term and long-term commercial papers before the crisis gave hope for the market's eventual development. Despite of the relative stability in interest rates, a significant decrease in transaction activity in 1998 to 2000 in the bond market makes us infer that there is loss of appetite, in general, for borrowing from the investors' perspective. The need for the establishment of a credit rating agency was responded by the government in the 1980's with the creation of CIBI and later evolved to PhilRatings. However, having no support from existing laws to compel companies to be rated for their creditworthiness, the firm is not profitable and there is no incentive for other firms to enter the credit rating market. Taxation is also a big barrier in the bond market development because it makes it costlier to trade here as compared to other Asian countries like Singapore, in which trading is virtually frictionless. Banks, as traditional sources of debt financing through loans is still the more favorable option for the firms. Its institutionalization despite high loan rates makes them more credible, thus more attractive. The government should recognize its vital role in inducing the development of the bond market as a promoter, facilitator, investor and catalyst. Recent developments through reform bills prioritized by the administration are welcome developments not just for the bond market but the whole financial sector. Institutions like the Securities and Exchange Commission must be given more teeth and have a uniform reportorial way of relaying key data that are timely and credible. Facilities like a plausible exchange must be established to facilitate data gathering in both primary and secondary market providing the right framework for bigger reforms like the tax structure in the financial sector. All these changes spell more confidence especially on the investors and other market makers that would make them indulge in the bond market.Item Restricted Industry concentration and liquidity correlation in the Philippine stock market(2003-03-19) Alabado, Kristina L.; Mediante, Claire B.; Reside, Renato E.The study conducted, aimed to determine the relationship between Industry Concentration and Liquidity. The objective is to find truth in the hypothesis that a highly concentrated industry would be less liquid or will have a lower turnover ratio. Data is obtained from the Philippine Stock Market on Market Capitalization, Volume and Outstanding shares of the firms involved in trading of Common Stocks. An eleven month period which is from January to November of 2001 was chosen as the time frame for the study. The Herfindahl -Hirschman Index is used to measure industry concentration while the shares turnover ratio measured the liquidity of each industry. Results do not support the hypothesis that there is a negative relationship between industry concentration and liquidity. There is no clear trend observed from the data indicating that industry concentration does affect liquidity. Concentration does not necessarily imply negative effects but can be a positive factor behind industry efficiency.Item Restricted Is liquidity a factor for efficiency a weak-form test on the Philippine stock market in the years 1990-1992 and 1996-1998(2003-10) Ancheta, Sheryl V.; Manalangit, Nikko Rey Aicetel T.; Tecson, GwendolynItem Restricted A study of the effects of unionization on investment in the stock market(2004-03) Peñaranda, Johanne Rita P.; Shia, Sheila Joyce D.; Esguerra, EmmanuelItem Restricted Foreign capital flows and portfolio equilibrium in the Philippines(1984-03-19) Dy, Grace; Bañares, Cecilia U.Item Restricted The Philippine stock market behavior and political develoments(1987-11-27) Benedicto, Agnes J.; Dacanay, Vivian C.
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