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The Philippine National Bank and Credit Inflation after World War I

By Yoshiko Nagano


This paper is a part of the research project of the Joint Usage and Research Center, Institute of Economic Research, Hitotsubashi University in FY2011This paper discusses the mismanagement of the Philippine National Bank during the financial crisis of 1919-1922, with special reference to its extravagant commercial and industrial loans. First, it examines the financial condition of the Bank from about 1913 through the early 1920s against the background of the expansion of loan business and the export boom. Second, the Bank's role is discussed in the light of the development of three major export sectors: Manila hemp (abaca) trading, coconut processing, and sugar processing. Third, the blatant illegitimacy of the Bank's lending is detailed, given the virtual across-the-board direct involvement of the Bank’s board members in the ownership and management of the companies active in these businesses.グローバルCOEプログラム = Global COE Program28, [7] p

Publisher: Institute of Economic Research, Hitotsubashi University
Year: 2012
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Provided by: HERMES-IR

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