Corporate cash holding in Asia
[with Akiko Terada-Hagiwara] We analyze the determinants of corporate saving in the form of changes in the stock of cash for 11 Asian economies using firm-level data from the Oriana Database for the 2002–2011 period.
Do nothing, don’t intervene
Many stock traders and fund managers, who benefited from the exuberant stock exchange and who bet that the peso would continue to appreciate, are pressuring monetary authorities to do something to reverse the depreciating peso. Doing so would be a monumental mistake.
The Philippine stock market (Part II)
There are various explanations for the current stock market boom in the country. Certainly, the fundamental reasons are on account of better macroeconomic conditions. However, some external factors accentuate further the positive influences that are attributable more to luck, like “grace falling from heaven.” The world economy is simply in bad shape so that...
An obsolete dollar fetish
The twists and turns of the impeachment telenovela have suddenly focused the lens of public scrutiny on an obscure corner of the country’s financial system -- the laws on the secrecy of bank deposits. A remarkable fact the public has learned is that peso bank accounts and foreign exchange-denominated bank accounts are not created equal....
