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  • International Journal of Asian Studies, Volume 7, Issue 1
  • January 2010, pp. 29-50

THE PHILIPPINE CURRENCY SYSTEM DURING THE AMERICAN COLONIAL PERIOD: TRANSFORMATION FROM THE GOLD EXCHANGE STANDARD TO THE DOLLAR EXCHANGE STANDARD*

  • Yoshiko Nagano (a1)
  • DOI: http://dx.doi.org/10.1017/S1479591409990428
  • Published online: 01 January 2010
Abstract

This article describes the transformation of the Philippine currency system from a gold exchange standard to a dollar exchange standard during the first half of the twentieth century. During the American colonial period, Philippine foreign trade was closely bound to the United States. In terms of domestic investment, however, it was domestic Filipino or Spanish entrepreneurs and landowners who dominated primary commodity production in the Philippines, rather than American investors. How were both this US-dependent trade structure and the unique production structure of domestic primary commodities reflected in the management of the Philippine currency system? To answer this question, this article first discusses the introduction of the gold standard system in the Philippines in the early twentieth century. Second, the de facto conversion of the Philippine currency system from the gold standard to the dollar exchange standard in the 1920s is described, together with the mismanagement of the currency reserves and the debacle of the Philippine National Bank that functioned as the government depository of the currency reserves in the United States. Third, the formal introduction of the dollar exchange standard during the Great Depression is outlined, a clear example of the dependency of the Philippine currency system on the US in the 1930s.

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This list contains references from the content that can be linked to their source. For a full set of references and notes please see the PDF or HTML where available.

Conant1902 Charles A Conant . “The Currency of the Philippine Islands.” Annals of the American Academy of Political and Social Science 20:3 (November 1902), pp. 4459.

Kemmerer1905 Edwin W Kemmerer . “The Establishment of the Gold Exchange Standard in the Philippines.” Quarterly Journal of Economics 19 (1905), pp. 585609.

Rosenberg1985 Emily S Rosenberg . “Foundations of United States International Financial Power: Gold Standard Diplomacy, 1900–1905.” Business History Review 59:2 (Summer 1985), pp. 169202.

Rosenberg2003 Emily S Rosenberg . Financial Missionaries to the World: the Politics and Culture of Dollar Diplomacy, 1900–1930. Durham and London: Duke University Press, 2003.

Stanley1974 Peter W Stanley . A Nation in the Making: the Philippines and the United States, 1899–1921. Cambridge, MA: Harvard University Press, 1974.

Willis1917 H. Parker Willis . “The Philippine National Bank.” Journal of Political Economy 25:5 (May 1917), pp. 409–41.

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International Journal of Asian Studies
  • ISSN: 1479-5914
  • EISSN: 1479-5922
  • URL: /core/journals/international-journal-of-asian-studies
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