The Father of Filipino Austerity: Central Bank Governor Miguel Cuaderno and Anti-inflationary Ideology in the 1950s

Lisandro E. Claudio: University of California, Berkeley

Published Date: Jan 10, 2022 | Accepted Date: Jan 10, 2022 | Submitted Date: Jan 10, 2022


Most economic analysts have argued that the failed currency policy of the Philippine Central Bank during the 1950s prevented the development of a robust export sector. This article examines the economic thinking that led to the Central Bank’s policies through a reassessment of the ideas of its first governor, Miguel Cuaderno. Reading Cuaderno’s memoirs and speeches from the period shows that anti-inflationary beliefs consistent with twentieth-century ideas of austerity informed his thinking. The article hopes to contribute to the literature on “macroeconomic policy regimes” by examining how they are produced and reified through language.


Miguel Cuaderno, Austerity, Inflation, Currency, Depreciation

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