Maria Socorro G. Bautista


Research Interests

  • Macroeconomics, Monetary Economics, International Economics


  • Ph.D., Economics, Columbia University, NY, USA, 1984
    • Dissertation: “Anticipated Money, Unanticipated Money, and Movements in Interest Rates in the U.S.:1959-1979,” Professor Philip Cagan, Adviser
  • M. Phil., Economics, Columbia University, NY, USA, 1981
  • M.A., Economics, Columbia University, NY, USA, 1980
  • B.A., Economics, Mount Holyoke College, MA, USA, 1978, Magna cum laude and Phi Beta Kappa

Other Appointments/Designations (partial list)

  • Director for Finance, University of the Philippines School of Economics, 2015-present
  • Division Director III, Philippine Center for Economic Development, 2015-present
  • Bangko Sentral ng Pilipinas Sterling Chair Professor of Economics, July 2008-April 2010, June 2015-present, University of the Philippines, School of Economics
  • Member, Advisory Panel, ASEAN + 3 Macroeconomic Research Office (AMRO), 2017-2019
  • Associate Editor, Asian Economic Papers, 2016-present
  • Member of the Advisory Board, Journal of Economic Surveys, 2015-present
  • Member of the Advisory Board, Thammasat Economic Journal, 2015-present
  • Member of the Editorial Board, The Japan Social Innovation Journal, 2014-present
  • Associate Editor, Journal of Asian Economics, 2015-2016
  • Co-managing Editor, Asian Development Review, 2011-2014
  • Member (representing the Philippines) 2004-present ; Chair, Asian Shadow Financial Regulatory Committee, July 2007-July 2008
  • Board Member, Institute for Strategic and Development Studies, 1994-2017
  • Senior Economic Advisor, Office of the Chief Economist, Economics and Research Department, Asian Development Bank, April 2010-April 2015

Selected Publications

  • “Commodity Price, Carry Trade, and the Volatility and Liquidity of Asian Currencies” (co-authored with Jianxin Wang and Minxian Yang), The World Economy, 37(6), (2014), 811-833.
  • “Understanding Corporate Investment in Asian Emerging Markets: Financial Development, Financial Conditions, and Financial Constraints” (with Jianxin Wang and Noli R. Sotocinal), World Development, 57, (2014), 63-78.
  • “Income Polarization in Asia” (co-authored with Carlos C. Bautista, Dalisay S. Maligalig, and Noli R. Sotocinal), Asian Economic Papers, 12(2), (2013), 101-136.
  • “How Effective are Capital Controls in Asia?” (with Juthathip Jongwanich and Jong Wha Lee), Asian Economic Papers, 11(2), (2012), 122-143.
  • “When Are Capital Controls Effective: Evidence from Malaysia and Thailand,” (with Juthathip Jongwanich and Jong Wha Lee), International Economic Journal, 25(4), (2011), 619-651.
  • The Linkages between Trade and Financial Integration and Output Growth in East Asia,” (with Dennis S. Mapa), Asian Economic Journal, 24(1), (2010), 1-23.
  • The Philippine Economy in the Face of External Shocks,” Asian Economic Papers, 8(3), (2009), 87-107.
  • “Asset Price Booms, “Fat Tails”, and Monetary Policy in East Asia,” Asian Economic Papers, 8(1), (2009), 69-88.
  • “Asset Booms and Fat Tails in East Asia: Symmetric or Asymmetric Risks?” Journal of Macroeconomics, 30(4), (2008), 1617-1640.
  • “Output Movements in East Asia: Is There A Regional Factor?” The World Economy, 31(6), (2008), 738-762.


View the CV here.