Philippines: Selected Issues

International Monetary Fund

No 2017/335, IMF Staff Country Reports from International Monetary Fund

Abstract: This Selected Issues paper assesses potential spillover effects to the Philippines from US policy shifts and lower growth in China. The US fiscal expansion affects the Philippine economy through the interest rate and the trade channels. The net spillover impact on Philippine GDP is negative in the short term. Compared with the productive case, in which the net output impact is positive, the US nominal policy rate rises by less, but faster normalization of the US term premium leads to higher real interest rates. On the other hand, the gain from trade is smaller owing to the weaker domestic demand expansion in the United States.

Keywords: ISCR; CR; firm; government; investment; center; Philippines; regression variable; anchor simulation; nonfinancial firm; firm level; debt anchor; equity capital; Fiscal rules; Corporate income tax; Private investment; Global; Southeast Asia; Africa; Asia and Pacific (search for similar items in EconPapers)
Pages: 43
Date: 2017-11-10
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