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POLYTECHNIC UNIVERSITY OF THE PHILIPPINES COLLEGE OF SOCIAL SCIENCES AND DEVELOPMENT DEPARTMENT OF ECONOMICS Sta. Mesa, Manila

In Partial Fulfillment of the Requirements for the Subject Economics of Money and Banking

Effects of Selected Domestic Interest Rates (Treasury Bill Rates, Savings Deposit Rates and Lending Interest Rates) to Exchange Rate in the Philippines from 1990 up to 2012

By: Caalam, Marissa R. Lunar, Jermaine B. Maligro, Merriam T. Mendoza, Vannesa Aira T. Valenzuela, Jasper Clarence M. BSE 3-2

October 15, 2013

CHAPTER 1 THE PROBLEM AND ITS BACKGROUND Introduction The relationship between interest rates and exchange rates has long been a key focus of international economics. Most standard theoretical models of exchange rates predict that exchange rates are determined by economic fundamentals, and one of this is the interest rate differential between home and abroad. According to Mundell-Fleming model, an increase in interest rate is necessary to stabilize the exchange rate depreciation and to control the inflationary pressure and also helps to avoid many adverse economic consequences. The following are the effects of the domestic interest rates. First, higher domestic interest rates raises the demand for deposits, and the money base. Second, firms need bank loans to finance the wage bill, which reduces output when domestic interest rates increases. Lastly, higher interest rates raise the government’s fiscal burden, and, therefore, can lead to a higher expected inflation. While the first effect tends to appreciate the currency, and the remaining two effects also tends to depreciate the currency. In particular, the exchange rate response depends upon on the size of the interest rate increase and on the initial level of the interest rate. In other words, the decline in the value of the exchange rate can motivate the monetary authorities

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