Philippines economic newsletter looks at roots of financial crisis

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The latest edition of the Central Bank of the Philippines' economic newsletter asks "Was it Supply? International Claims and Cross-Border Lending to the Philippines During the Global Financial Crisis."

The study finds that supply factors mainly drove international claims and cross-border bank lending during the global financial crisis. Author Veronica Bayangos notes that the stress experienced by major internationally active banks has reduced the supply of international claims and cross-border

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