Table of Contents Page Abstract
ii
Glossary
iii
Table of Contents
iv
List of Figures
v
List of Tables
v
I.
Introduction
1
II.
Trends in Financial Conglomeration
2
A. Overview of the Philippine Financial Sector
2
B. Overview of Financial Conglomerates in the Philippines
4
C. Worldwide Trends in Financial Conglomeration
9
D. Current Supervision of Philippine Financial Conglomerates
11
III.
Financial Supervisory Implications of Financial Conglomeration
12
IV.
Institutions and Economic Development
18
A. New Institutional Economics
18
B. Overview of the Philippines’ Institutional Quality and Economic Performance
23
Institutional Underpinnings of Financial Sector Development and Reform
30
A. Financial Institutions and Economic Growth
30
B. Institutional Underpinning of Financial Governance Reforms
34
C. An Institutional Approach to Reforming Financial Regulatory Agencies
39
Integrated Financial Supervision: The Way Forward for the Philippines?
44
V.
VI.
References
47
Appendices Appendix 1. The Areas and Components of the Economic Freedom of the World (EFW) Index
53
Appendix 2. Variables for the 10 Broad Factors of the Index of Economic Freedom 54 Appendix 3. Interpretation of Scores of Selected Factors of the Index of Economic Freedom
55
Appendix 4. One Factor Analysis of Variance (ANOVA) Results
56
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