The articles in this Symposium on the Care Economy contend that a better understanding of the care work that households provide would deepen our understanding of how economies operate and why public policies may or may not have their desired impact.
{"title":"Introduction to the symposium on the care economy","authors":"M. Floro, Elizabeth King","doi":"10.37907/2erp3202j","DOIUrl":"https://doi.org/10.37907/2erp3202j","url":null,"abstract":"The articles in this Symposium on the Care Economy contend that a better understanding of the care work that households provide would deepen our understanding of how economies operate and why public policies may or may not have their desired impact.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48812511","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines changes in the gender patterns of paid and unpaid work in Turkey from the pre-pandemic period to the early pandemic phase under lockdown conditions and the late pandemic phase under relative normalization. We analyze data from three surveys fielded during these periods. We first adjust for demographic shifts during the pandemic to isolate the changes in paid and unpaid work. We then examine the impact of new work arrangements during the pandemic. Pooled regression analysis shows that paid work time has largely returned to pre-pandemic levels under partial normalization. Unpaid work time has decreased relative to the lockdown period, but it remains higher than pre-pandemic, particularly for women but also for men. The more enduring effects of the pandemic pertain to paid work, attitudes toward teleworking, and the provisioning of social care services. The share of teleworking has increased for women and men.
{"title":"The enduring impact of the pandemic on gender patterns of paid and unpaid work: evidence from time-use data in Turkey","authors":"Ipek Ilkkaracan, Emel Memiş","doi":"10.37907/5erp3202j","DOIUrl":"https://doi.org/10.37907/5erp3202j","url":null,"abstract":"This paper examines changes in the gender patterns of paid and unpaid work in Turkey from the pre-pandemic period to the early pandemic phase under lockdown conditions and the late pandemic phase under relative normalization. We analyze data from three surveys fielded during these periods. We first adjust for demographic shifts during the pandemic to isolate the changes in paid and unpaid work. We then examine the impact of new work arrangements during the pandemic. Pooled regression analysis shows that paid work time has largely returned to pre-pandemic levels under partial normalization. Unpaid work time has decreased relative to the lockdown period, but it remains higher than pre-pandemic, particularly for women but also for men. The more enduring effects of the pandemic pertain to paid work, attitudes toward teleworking, and the provisioning of social care services. The share of teleworking has increased for women and men.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45531335","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Globally, the dependency ratio is rising due to increase in aging population. Individuals, especially women are challenged when choosing between participating in the labor market and providing care. Using 2011-2017 American Time Use Survey data for a subsample of individuals aged 25- 61 years, we examine the effect of frequent eldercare provision on labor force participation in the US using bivariate probit instrumental variable approach. Our findings suggest that unpaid eldercare performed frequently reduces labor force participation. Female frequent providers are likely to have lower labor force participation compared to their male counterparts. Robustness and sensitivity checks confirm these findings.
{"title":"Unpaid eldercare and its impact on the US labor supply","authors":"Tanima Ahmed, M. Floro","doi":"10.37907/6erp3202j","DOIUrl":"https://doi.org/10.37907/6erp3202j","url":null,"abstract":"Globally, the dependency ratio is rising due to increase in aging population. Individuals, especially women are challenged when choosing between participating in the labor market and providing care. Using 2011-2017 American Time Use Survey data for a subsample of individuals aged 25- 61 years, we examine the effect of frequent eldercare provision on labor force participation in the US using bivariate probit instrumental variable approach. Our findings suggest that unpaid eldercare performed frequently reduces labor force participation. Female frequent providers are likely to have lower labor force participation compared to their male counterparts. Robustness and sensitivity checks confirm these findings.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44334264","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
M. Cicowiez, H. Lofgren, Ana Tribin, Tatiana Mojica
In recent decades, Colombia has made significant progress towards achieving gender equality in its labor market. However, persistent inequalities in unpaid care work remain a significant challenge, resulting in heavy care workload for women. This study evaluates the impact of three government policy options that can help reduce women's unpaid work: subsidy for childcare services provided by the market, an increase in public provision of childcare services, and cash transfers to households with children using a care-extended computable general equilibrium model (CGE) calibrated to Colombian data. The results show that while all policies improve family economic situations by increasing private consumption, childcare provision, whether through subsidies or as a public good, has a more significant impact on increasing female market work while cash transfers increase unpaid work performed inside the home. These findings underscore the importance of policy design and their analysis regarding their impact on gender inequalities, labor supply, and economic growth.
{"title":"Women’s market work and childcare policies in Colombia: policy simulations using a computable general equilibrium model","authors":"M. Cicowiez, H. Lofgren, Ana Tribin, Tatiana Mojica","doi":"10.37907/4erp3202j","DOIUrl":"https://doi.org/10.37907/4erp3202j","url":null,"abstract":"In recent decades, Colombia has made significant progress towards achieving gender equality in its labor market. However, persistent inequalities in unpaid care work remain a significant challenge, resulting in heavy care workload for women. This study evaluates the impact of three government policy options that can help reduce women's unpaid work: subsidy for childcare services provided by the market, an increase in public provision of childcare services, and cash transfers to households with children using a care-extended computable general equilibrium model (CGE) calibrated to Colombian data. The results show that while all policies improve family economic situations by increasing private consumption, childcare provision, whether through subsidies or as a public good, has a more significant impact on increasing female market work while cash transfers increase unpaid work performed inside the home. These findings underscore the importance of policy design and their analysis regarding their impact on gender inequalities, labor supply, and economic growth.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44981381","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study utilizes a number of algorithms used in machine learning to nowcast domestic liquidity growth in the Philippines. It employs regularization (i.e., Ridge Regression, Least Absolute Shrinkage and Selection Operator (LASSO), Elastic Net (ENET)) and tree-based (i.e., Random Forest, Gradient Boosted Trees) methods in order to support the BSP’s current suite of macroeconomic models used to forecast and analyze liquidity. Hence, this study evaluates the accuracy of time series models (e.g., Autoregressive, Dynamic Factor), regularization, and tree-based methods through an expanding window. The results indicate that Ridge Regression, LASSO, ENET, Random Forest, and Gradient Boosted Trees provide better estimates than the traditional time series models, with month-ahead nowcasts yielding lower Root Mean Square Error (RMSE) and Mean Absolute Error (MAE). Furthermore, regularization and tree-based methods facilitate the identification of macroeconomic indicators that are significant to specify parsimonious nowcasting models.
{"title":"Nowcasting domestic liquidity in the Philippines using machine learning algorithms","authors":"Juan Rufino Reyes","doi":"10.37907/1erp2202d","DOIUrl":"https://doi.org/10.37907/1erp2202d","url":null,"abstract":"This study utilizes a number of algorithms used in machine learning to nowcast domestic liquidity growth in the Philippines. It employs regularization (i.e., Ridge Regression, Least Absolute Shrinkage and Selection Operator (LASSO), Elastic Net (ENET)) and tree-based (i.e., Random Forest, Gradient Boosted Trees) methods in order to support the BSP’s current suite of macroeconomic models used to forecast and analyze liquidity. Hence, this study evaluates the accuracy of time series models (e.g., Autoregressive, Dynamic Factor), regularization, and tree-based methods through an expanding window. The results indicate that Ridge Regression, LASSO, ENET, Random Forest, and Gradient Boosted Trees provide better estimates than the traditional time series models, with month-ahead nowcasts yielding lower Root Mean Square Error (RMSE) and Mean Absolute Error (MAE). Furthermore, regularization and tree-based methods facilitate the identification of macroeconomic indicators that are significant to specify parsimonious nowcasting models.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45008590","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The study contributes to the literature on expectations by providing insights on household expectations from an emerging market and inflation targeting country like the Philippines. Using the results of the Consumer Expectations Survey (CES), a quarterly household survey conducted by the Bangko Sentral ng Pilipinas (BSP), the study is the first to look at the characteristics and determinants of household inflation expectations in the Philippines at a granular level. Results show that survey-based household expectations in the country are not rational. Filipino households exhibit an upward bias in their forecast of future inflation and they tend to rely more on information about past inflation to form their expectations. Nonetheless, in recent years, households have started to incorporate information about future outcomes in their inflation expectations process. To determine the factors that drive household expectations in the Philippines, aggregated (i.e., time series) and disaggregated (i.e., pooled data) data from CES quarterly survey rounds between 2010 and 2020 are used on a standard inflation expectations model. Empirical results point to a significant effect of income conditions, perceptions on economic and financial conditions, the inflation target, and demographic factors (e.g., educational attainment, marital status) on the formation of household expectations in the Philippines. Based on the findings and observations, the study draws insights for central bank communication strategy, particularly in influencing household expectations.
该研究通过深入了解菲律宾等新兴市场和通胀目标制国家的家庭预期，为有关预期的文献做出了贡献。使用消费者预期调查(CES)的结果，这是一项由Bangko central ng Pilipinas (BSP)进行的季度家庭调查，该研究首次在颗粒水平上研究菲律宾家庭通胀预期的特征和决定因素。结果表明，基于调查的家庭期望在该国是不理性的。菲律宾家庭在预测未来通货膨胀时表现出向上的倾向，他们倾向于更多地依赖于过去的通货膨胀信息来形成他们的预期。尽管如此，近年来，美国家庭已开始在通胀预期过程中纳入有关未来结果的信息。为了确定驱动菲律宾家庭预期的因素，2010年至2020年期间CES季度调查的汇总(即时间序列)和分解(即汇集数据)数据用于标准通胀预期模型。实证结果表明，收入状况、对经济和金融状况的看法、通货膨胀目标和人口因素(如受教育程度、婚姻状况)对菲律宾家庭期望的形成有显著影响。根据调查结果和观察结果，本研究为央行的沟通策略，特别是在影响家庭预期方面提出了见解。
{"title":"Insights on inflation expectations in the Philippines from a household survey","authors":"Faith Christian Q. Cacnio, Joselito R. Basilio","doi":"10.37907/3erp2202d","DOIUrl":"https://doi.org/10.37907/3erp2202d","url":null,"abstract":"The study contributes to the literature on expectations by providing insights on household expectations from an emerging market and inflation targeting country like the Philippines. Using the results of the Consumer Expectations Survey (CES), a quarterly household survey conducted by the Bangko Sentral ng Pilipinas (BSP), the study is the first to look at the characteristics and determinants of household inflation expectations in the Philippines at a granular level. Results show that survey-based household expectations in the country are not rational. Filipino households exhibit an upward bias in their forecast of future inflation and they tend to rely more on information about past inflation to form their expectations. Nonetheless, in recent years, households have started to incorporate information about future outcomes in their inflation expectations process. To determine the factors that drive household expectations in the Philippines, aggregated (i.e., time series) and disaggregated (i.e., pooled data) data from CES quarterly survey rounds between 2010 and 2020 are used on a standard inflation expectations model. Empirical results point to a significant effect of income conditions, perceptions on economic and financial conditions, the inflation target, and demographic factors (e.g., educational attainment, marital status) on the formation of household expectations in the Philippines. Based on the findings and observations, the study draws insights for central bank communication strategy, particularly in influencing household expectations.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43574636","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Although evidence on the impact of microfinance is continuously accumulating, little is known about how long-term presence of microfinance institutions affects household welfare. This study addresses the issue by evaluating a household-level panel data and a unique event in the Philippines when the microfinance industry was mainstreamed and commercialized in the banking sector with microfinance-oriented banks (MOBs), which began to open in 2004. We find that the positive effects of longer MOB presence on entrepreneurial income and activities diminish or even regress over time. Moreover, no significant impacts are noted on real expenditures. Heterogeneity analysis further reveals that no immediate or incremental effects were observed on real expenditures of poor families and the immediate positive effect on entrepreneurial income and activities did not accrue in the long run. Lastly, no significant long-term impacts are noted on real expenditures as well as likelihood of and income from entrepreneurial and wage and salary activities of non-poor families from MOB presence. We, however, argue that MOB presence may reduce vulnerability as it affords households to be entrepreneurs.
{"title":"The long and the short of it: revisiting the effects of microfinance-oriented banks on household welfare in the Philippines","authors":"Cherry Wyle G. Layaoen, Kazushi Takahashi","doi":"10.37907/6erp2202d","DOIUrl":"https://doi.org/10.37907/6erp2202d","url":null,"abstract":"Although evidence on the impact of microfinance is continuously accumulating, little is known about how long-term presence of microfinance institutions affects household welfare. This study addresses the issue by evaluating a household-level panel data and a unique event in the Philippines when the microfinance industry was mainstreamed and commercialized in the banking sector with microfinance-oriented banks (MOBs), which began to open in 2004. We find that the positive effects of longer MOB presence on entrepreneurial income and activities diminish or even regress over time. Moreover, no significant impacts are noted on real expenditures. Heterogeneity analysis further reveals that no immediate or incremental effects were observed on real expenditures of poor families and the immediate positive effect on entrepreneurial income and activities did not accrue in the long run. Lastly, no significant long-term impacts are noted on real expenditures as well as likelihood of and income from entrepreneurial and wage and salary activities of non-poor families from MOB presence. We, however, argue that MOB presence may reduce vulnerability as it affords households to be entrepreneurs.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46764743","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines the presence of two competing views—“competition-fragility” and “competition-stability”—in analyzing the impact of competition on bank stability. The approach is to first construct measures of bank competition from a unique dataset of balance sheet and income statements for 542 banks operating in the Philippines from March 2010 to December 2020. The paper then estimates the impact of these competition measures on solvency risk or the risk of being unable to absorb losses with the available capital across universal/commercial banks (U/KBs), thrift banks (TBs) and rural/cooperative banks (R/CBs) industries. Using panel quantile regression, the results reveal that, at the industry level, bank competition reduces solvency risk and that it enhances bank stability. Looking at the risk distribution, the study shows the presence of the competition-fragility and competition-stability hypotheses holding simultaneously for U/KBs suggesting that the effect of competition depends crucially on the underlying individual bank risk. Importantly, the results highlight that the relationship between competition and bank risk is sensitive to other bank-specific characteristics and macro-financial factors related to extent of diversification strategy, cost-to-income ratio, deposit growth, capitalization, changes in the physical banking networks, and growth of real Gross Domestic Product.
{"title":"Does bank competition affect bank risk-taking differently?","authors":"V. Bayangos","doi":"10.37907/2erp2202d","DOIUrl":"https://doi.org/10.37907/2erp2202d","url":null,"abstract":"This paper examines the presence of two competing views—“competition-fragility” and “competition-stability”—in analyzing the impact of competition on bank stability. The approach is to first construct measures of bank competition from a unique dataset of balance sheet and income statements for 542 banks operating in the Philippines from March 2010 to December 2020. The paper then estimates the impact of these competition measures on solvency risk or the risk of being unable to absorb losses with the available capital across universal/commercial banks (U/KBs), thrift banks (TBs) and rural/cooperative banks (R/CBs) industries. Using panel quantile regression, the results reveal that, at the industry level, bank competition reduces solvency risk and that it enhances bank stability. Looking at the risk distribution, the study shows the presence of the competition-fragility and competition-stability hypotheses holding simultaneously for U/KBs suggesting that the effect of competition depends crucially on the underlying individual bank risk. Importantly, the results highlight that the relationship between competition and bank risk is sensitive to other bank-specific characteristics and macro-financial factors related to extent of diversification strategy, cost-to-income ratio, deposit growth, capitalization, changes in the physical banking networks, and growth of real Gross Domestic Product.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42617145","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The often disparate and conflicting effects of exchange rate on bilateral exports reported by previous literature necessitate a further study of the relationship between monetary and trade variables. This study contributes to the stream of literature by analyzing monetary variables such as exchange rate volatility, exchange rate misalignment, exchange rate regimes, and real effective exchange rates with bilateral aggregate exports through a sample of 15 nations comprising the Regional Comprehensive Economic Partnership (RCEP) region for the years 1996 to 2017 using Ordinary Least Squares and Poisson Pseudo-Maximum Likelihood panel fixed effects regression. Results indicate that a country’s real effective exchange rate ratio and the exchange rate volatility for countries under a floating exchange rate regime reduce aggregate exports.
{"title":"How do exchange rates affect the Big One? An empirical analysis of the effect of exchange rates on RCEP exports using the gravity model","authors":"Jose Adlai Tancangco","doi":"10.37907/5erp2202d","DOIUrl":"https://doi.org/10.37907/5erp2202d","url":null,"abstract":"The often disparate and conflicting effects of exchange rate on bilateral exports reported by previous literature necessitate a further study of the relationship between monetary and trade variables. This study contributes to the stream of literature by analyzing monetary variables such as exchange rate volatility, exchange rate misalignment, exchange rate regimes, and real effective exchange rates with bilateral aggregate exports through a sample of 15 nations comprising the Regional Comprehensive Economic Partnership (RCEP) region for the years 1996 to 2017 using Ordinary Least Squares and Poisson Pseudo-Maximum Likelihood panel fixed effects regression. Results indicate that a country’s real effective exchange rate ratio and the exchange rate volatility for countries under a floating exchange rate regime reduce aggregate exports.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44984165","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Eloisa T. Glindro, J. C. Armas, V. Tolentino, Lorna Dela Cruz-Sombe
This paper shows the differential impact of monetary policy on the lending behavior of rural banks, with the bank lending channel being operational in small rural banks. While big rural banks are able to protect their lending portfolio from contractionary monetary policy by the size of their balance sheet, small rural banks with less diversified funding portfolio cannot. Moreover, highly capitalized rural banks are more inclined to protect their capital than expand their lending portfolio, following monetary tightening and higher capital requirement. The insignificance of gross domestic product (GDP) growth may reflect weakness in effective loan demand and lack of diversification that could have also impinged on the earning capacity of rural banks, as supported by initial estimates on the drivers of rural bank profitability. The finding on heterogeneous effects of monetary policy on rural banks has a secondary implication of lending credence to the principle of proportionality embodied in the BSP’s bank regulatory framework.
{"title":"Heterogenous impact of monetary policy on the Philippine rural banking system","authors":"Eloisa T. Glindro, J. C. Armas, V. Tolentino, Lorna Dela Cruz-Sombe","doi":"10.37907/4erp2202d","DOIUrl":"https://doi.org/10.37907/4erp2202d","url":null,"abstract":"This paper shows the differential impact of monetary policy on the lending behavior of rural banks, with the bank lending channel being operational in small rural banks. While big rural banks are able to protect their lending portfolio from contractionary monetary policy by the size of their balance sheet, small rural banks with less diversified funding portfolio cannot. Moreover, highly capitalized rural banks are more inclined to protect their capital than expand their lending portfolio, following monetary tightening and higher capital requirement. The insignificance of gross domestic product (GDP) growth may reflect weakness in effective loan demand and lack of diversification that could have also impinged on the earning capacity of rural banks, as supported by initial estimates on the drivers of rural bank profitability. The finding on heterogeneous effects of monetary policy on rural banks has a secondary implication of lending credence to the principle of proportionality embodied in the BSP’s bank regulatory framework.","PeriodicalId":91420,"journal":{"name":"The Philippine review of economics","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45449942","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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