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Distributed for National University of Singapore Press

Central Banking as State Building

Policymakers and Their Nationalism in the Philippines, 1933-1964

From its creation in 1949 until the 1960s, the Central Bank of the Philippines dominated industrial policy by means of exchange controls, becoming a symbol of nationalism for a newly independent state. The pre-war Philippine National Bank was closely linked to the colonial administration and plagued by corruption scandals. As the country moved toward independence, ambitious young politicians, colonial bureaucrats, and private sector professionals concluded that economic decolonization required a new bank at the heart of the country’s finances in order to break away from the individuals and institutions that dominated the colonial economy. Positioning this bank within broader political structures, Yusuke Takagi concludes that the Filipino policy makers behind the Central Bank worked not for vested interests associated with colonial or neo-colonial rule but for structural reform based on particular policy ideas.

288 pages | 6 halftones | 6 x 9 | © 2016

Asian Studies: Southeast Asia and Australia

Economics and Business: Economics--History, Economics--Money and Banking

History: American History

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“Examines the establishment of the Central Bank of the Philippines from 1933 to 1964, covering major figures involved in the establishment of the Bank, the country’s emergence from colonial rule, the process of building the Central Bank, clashes between the Bank and the export industry and the Bank andthe private sector, and the reduction of Bank influence under the Diosdado Macapagal administration.”

Journal of Economic Literature

Table of Contents

List of Tables
List of Abbreviations
Selected Time Table

Chapter 1        Nationalism and the Philippine Colonial State, 1872-1933
Chapter 2        Beyond the Colonial State, 1933-45
Chapter 3        Departure from the Colonial Economy, 1946-50
Chapter 4        The Economic Decolonization and the Great Debate, 1951-57
Chapter 5        The Central Bank and Economic Nationalism, 1958-61
Chapter 6        New Generation and New Policy: Decontrol, 1962-64


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