This paper was originally prepared by invitation for the International Seminar on Banking and Financial Reform in Asia Pacific hosted by the Peoples Bank of China on 15-20 September 1991 at Hangzhou Zheyiang Province Peoples Republic of China. The Seminar was mounted in cooperation with the Center for Pacific Basin Monetary and Economic Studies of the Federal Reserve Bank of San Francisco and The East-West Center of Honolulu. In the event the presentation was limited to the key ideas behind market-oriented central banking and its implications for monetary management in a market economy. Since then the paper has been substantially revised. An earlier version including an ordinary least squares (OLS) estimation of the demand for money in the Philippines in the 42 years from 1950 to 1991 and within the framework of error-correction modeling was recently submitted upon the invitation of the Philippine Economic Society for inclusion in the Festschrift in Honor of Professor Jose Encarnacion to mark his retirement from the School of Economics of the University of the Philippines. The present version is a further update taking into account the results of Johansen maximum-likelihood estimation (MLE) of Philippine money demand and comparing them with those obtained previously by OLS.
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