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Philippines
			: 2017 Article IV Consultation-Press Release; Staff Report

Philippines : 2017 Article IV Consultation-Press Release; Staff Report »

Volume/Issue: 2017/334

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 November 2017

DOI: http://dx.doi.org/10.5089/9781484326831.002

ISBN: 9781484326831

Keywords: Philippines, Asia and Pacific

The Philippine economy has performed well and is in a favorable position to address its socioeconomic challenges. Sound policies have delivered solid growth, low inflation, financial stability, and external and fis...

Philippines
			: Selected Issues

Philippines : Selected Issues »

Volume/Issue: 2017/335

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 November 2017

DOI: http://dx.doi.org/10.5089/9781484326862.002

ISBN: 9781484326862

Keywords: Philippines, Asia and Pacific

Selected Issues...

When China Sneezes Does ASEAN Catch a Cold?

When China Sneezes Does ASEAN Catch a Cold? »

Volume/Issue: 2016/214

Series: IMF Working Papers

Author(s): Sohrab Rafiq

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 November 2016

DOI: http://dx.doi.org/10.5089/9781475552607.001

ISBN: 9781475552607

Keywords: Cambodia, Cambodia, China, Cross country analysis, Association of Southeast Asian Nations, Emerging markets, Economic integration, Economic growth, Philippines, Indonesia

This paper looks at the effects of a China slowdown on Emerging Market Economies (Indonesia, Malaysia, and Thailand) and Frontier Developing Economies (Cambodia, Lao P.D.R., and Vietnam) in ASEAN. The main finding...

Philippines
			: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Philippines

Philippines : 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Philippines »

Volume/Issue: 2016/309

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 September 2016

DOI: http://dx.doi.org/10.5089/9781475541076.002

ISBN: 9781475541076

This 2016 Article IV Consultation highlights that the Philippine economy has continued to perform strongly. Real GDP regained strength from a slowdown in mid-2015 to record a robust 5.9 percent growth rate in 2015...

Spillovers from China's Growth Slowdown and Rebalancing to the ASEAN-5 Economies

Spillovers from China's Growth Slowdown and Rebalancing to the ASEAN-5 Economies »

Volume/Issue: 2016/170

Series: IMF Working Papers

Author(s): Allan Dizioli , Jaime Guajardo , Vladimir Klyuev , Rui Mano , and Mehdi Raissi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 August 2016

DOI: http://dx.doi.org/10.5089/9781475524260.001

ISBN: 9781475524260

Keywords: China’;s slowdown and rebalancing, international business cycle, spillovers, Global VAR, Flexible System of Global Models (FSGM), ASEAN-5.

After many years of rapid expansion, China's growth is slowing to more sustainable levels and is rebalancing, with consumption becoming the main growth driver. This transition is likely to have negative effects on...

Evolution of Exchange Rate Behavior in the ASEAN-5 Countries

Evolution of Exchange Rate Behavior in the ASEAN-5 Countries »

Volume/Issue: 2016/165

Series: IMF Working Papers

Author(s): Vladimir Klyuev , and To-Nhu Dao

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 August 2016

DOI: http://dx.doi.org/10.5089/9781475523867.001

ISBN: 9781475523867

Keywords: Exchange rate regimes; exchange rate volatility; fear of floating; currency blocks; ASEAN

This paper examines exchange rate behavior in the ASEAN-5 countries (Indonesia, Malaysia, the Philippines, Singapore, and Thailand). It finds that for the last 10 years there is no evidence that their central banks...

Asia
			: A Survey of Gender Budgeting Efforts

Asia : A Survey of Gender Budgeting Efforts »

Volume/Issue: 2016/150

Series: IMF Working Papers

Author(s): Lekha Chakraborty

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 July 2016

DOI: http://dx.doi.org/10.5089/9781475519914.001

ISBN: 9781475519914

Keywords: India, Fiscal policy, Cross country analysis, Budgeting, Asia, Asia and Pacific, Australia, Philippines, Korea, Republic of, Gender

This paper reviews gender budgeting efforts in Asia. The countries in the region have achieved mixed success in improving gender equality. Gender budgeting is ideally a fiscal innovation that translates gender-rela...

Asean-5 Cluster Report
			: Evolution of Monetary Policy Frameworks

Asean-5 Cluster Report : Evolution of Monetary Policy Frameworks »

Volume/Issue: 2016/176

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 June 2016

DOI: http://dx.doi.org/10.5089/9781498308748.002

ISBN: 9781498308748

Keywords: Monetary policy, Association of Southeast Asian Nations, Central banks, Business cycles, Capital outflows, Cross country analysis, Indonesia, Singapore, Malaysia, Thailand

This paper examines the evolution of monetary policy frameworks of the Association of Southeast Asian Nations (ASEAN)-5 economies, with particular focus on changes since the Asian financial crisis and the more rece...

Improving Public Infrastructure in the Philippines

Improving Public Infrastructure in the Philippines »

Volume/Issue: 2016/39

Series: IMF Working Papers

Author(s): Takuji Komatsuzaki

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

DOI: http://dx.doi.org/10.5089/9781513515113.001

ISBN: 9781513515113

Keywords: Public Investment Efficiency, investment, public investment, tax, stock, capital stock, Infrastructures,, Infrastructure, Philippines, Asia and Pacific

This paper explores the macroeconomic effects of improving public infrastructure in the Philippines. After benchmarking the Philippines relative to its neighbors in terms of level of public capital and quality of p...

Non-Linear Exchange Rate Pass-Through in Emerging Markets

Non-Linear Exchange Rate Pass-Through in Emerging Markets »

Volume/Issue: 2016/1

Series: IMF Working Papers

Author(s): Francesca Caselli , and Agustin Roitman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 January 2016

DOI: http://dx.doi.org/10.5089/9781513578262.001

ISBN: 9781513578262

Keywords: Non-Linearities, exchange rate, depreciation, inflation targeting, exchange rate movements, Models with Panel Data, General, All Countries,, Exchange rate pass-through, Foreign exchange

This paper estimates exchange rate pass-through to consumer prices in emerging markets focusing on non-linearities and asymmetries. We document non-linearities and asymmetries in the transmission of exchange rate f...

Philippines
			: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Philippines

Philippines : 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Philippines »

Volume/Issue: 2015/246

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 September 2015

DOI: http://dx.doi.org/10.5089/9781513591728.002

ISBN: 9781513591728

Keywords: investment, market, inflation, monetary fund, debt

This 2015 Article IV Consultation highlights that the Philippine economy continues to expand strongly in line with potential growth. Real GDP grew by 6.1 percent in 2014, driven by household consumption, private co...

Philippines
			: Selected Issues

Philippines : Selected Issues »

Volume/Issue: 2015/247

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 September 2015

DOI: http://dx.doi.org/10.5089/9781513586243.002

ISBN: 9781513586243

Keywords: investment, bond, interest

This Selected Issues paper examines the interaction between real and financial cycles in the Philippines and their relationship to the global financial cycle. It finds that the surge in capital inflows between 2010...

Philippines
			: Fiscal Transparency Evaluation

Philippines : Fiscal Transparency Evaluation »

Volume/Issue: 2015/156

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 June 2015

DOI: http://dx.doi.org/10.5089/9781513501161.002

ISBN: 9781513501161

Keywords: transparency, budget, fiscal transparency, public sector, expenditure

This paper discusses the findings of Fiscal Transparency Evaluation on Philippines. Improving fiscal transparency has been a priority in the Philippines over recent years. The government's public financial manageme...

Philippines
			: Staff Report for the 2014 Article IV Consultation

Philippines : Staff Report for the 2014 Article IV Consultation »

Volume/Issue: 2014/245

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 August 2014

DOI: http://dx.doi.org/10.5089/9781498353052.002

ISBN: 9781498353052

Keywords: current account, external debt, short-term debt, government debt, public debt

KEY ISSUES Context. Growth remains rapid, but has moderated from the 71/4 percent recorded in 2013. Remittances and accommodative monetary and financial conditions remain the primary growth drivers, despite volatil...

Philippines
			: Selected Issues

Philippines : Selected Issues »

Volume/Issue: 2014/246

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 August 2014

DOI: http://dx.doi.org/10.5089/9781484364291.002

ISBN: 9781484364291

Keywords: actual inflation, inflation targeting, monetary fund

...

Future of Asia's Finance
			: How Can it Meet Challenges of Demographic Change and Infrastructure Needs?

Future of Asia's Finance : How Can it Meet Challenges of Demographic Change and Infrastructure Needs? »

Volume/Issue: 2014/126

Series: IMF Working Papers

Author(s): Ding Ding , Waikei Lam , and Shanaka Peiris

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 July 2014

DOI: http://dx.doi.org/10.5089/9781498321082.001

ISBN: 9781498321082

Keywords: Demographic change, infrastructure financing, financial deepening, financial integration, capital and financial flows, bond, financial markets, financial sector development, bonds, Models with Panel Data

There is a role for Asia's financial sector to play to address the challenges associated with the region's changing demographics and infrastructure investment needs. Enhancing financial innovation and integration i...

Russian Federation
			: Selected Issues

Russian Federation : Selected Issues »

Volume/Issue: 2013/311

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 October 2013

DOI: http://dx.doi.org/10.5089/9781484343470.002

ISBN: 9781484343470

Keywords: exchange rate, exchange rate volatility, exchange rate regime, exchange rates, exchange rate regimes, Exchange rate regimes],

This Selected Issues paper analyzes the impact of the adoption of inflation targeting (IT) on exchange rate volatility in Russian Federation. Russia has seen an increase in exchange rate volatility during the past...

Energy Subsidy Reform
			: Lessons and Implications

Energy Subsidy Reform : Lessons and Implications »

Series: Books

Author(s): Benedict Clements , David Coady , Stefania Fabrizio , Sanjeev Gupta , Trevor Alleyne , and Carlo Sdralevich

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2013

DOI: http://dx.doi.org/10.5089/9781475558111.071

ISBN: 9781475558111

Keywords: prices, electricity, pricing, electricity sector, electricity subsidies

Energy subsidies are aimed at protecting consumers, however, subsidies aggravate fiscal imbalances, crowd out priority public spending, and depress private investment, including in the energy sector. This book prov...

Philippines
			: 2013 Article IV Consultation

Philippines : 2013 Article IV Consultation »

Volume/Issue: 2013/102

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 April 2013

DOI: http://dx.doi.org/10.5089/9781484359150.002

ISBN: 9781484359150

Keywords: current account, central bank, external debt, public debt, short-term debt

The Philippines' macroeconomic fundamentals have improved considerably during the past decade. However, new macrofinancial challenges are emerging. The economy is continuing to adjust to the large persistent inflow...

Philippines
			: Selected Issues

Philippines : Selected Issues »

Volume/Issue: 2013/103

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 April 2013

DOI: http://dx.doi.org/10.5089/9781484301067.002

ISBN: 9781484301067

Keywords: tax base, tax collections, tax rates, tax revenue

This article is an empirical analysis on tax collections in the Philippines. The tax system is characterized by a rule of tax incentives provided by 13 investment agencies. Tax collections showed regular growth. Th...

Philippines
			: Reform of the Fiscal Regimes for Mining and Petroleum

Philippines : Reform of the Fiscal Regimes for Mining and Petroleum »

Volume/Issue: 2012/219

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 August 2012

DOI: http://dx.doi.org/10.5089/9781475506044.002

ISBN: 9781475506044

Keywords: fiscal regime, fiscal regimes, government revenue, tax incentives, taxable income

This Technical Assistance (TA) Report on the Philippines discusses the fiscal regime for the mining sector. The Philippines has long been a producer of minerals, but the mining and petroleum sectors account for onl...

Determinants of Credit Growth and Interest Margins in the Philippines and Asia

Determinants of Credit Growth and Interest Margins in the Philippines and Asia »

Volume/Issue: 2012/123

Series: IMF Working Papers

Author(s): Tatum Blaise Pua Tan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2012

DOI: http://dx.doi.org/10.5089/9781475503524.001

ISBN: 9781475503524

Keywords: credit growth, net interest margins, banking, financial system, bank size, banking system, stock market, Economywide Country Studies: Asia including Middle East,

Despite robust deposit growth, credit growth has been sluggish in the Philippines. We attribute this to legacy weaknesses in bank balance sheets, consumption-led economic growth, and relatively high net interest ma...

Optimal Liquidity and Economic Stability

Optimal Liquidity and Economic Stability »

Volume/Issue: 2012/135

Series: IMF Working Papers

Author(s): Linghui Han , and Il Lee

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2012

DOI: http://dx.doi.org/10.5089/9781475503883.001

ISBN: 9781475503883

Keywords: financial assets, financial sector, monetary aggregate, Methodology for Collecting, Estimating, and Organizing Macroeconomic Data, Monetary Policy, Central Banking, and the Supply of Money and Credit: General, Dynamic Panel,

Monetary aggregates are now much less used as policy instruments as identifying the right measure has become difficult and interest rate transmission has worked well in an increasingly complex financial system. In...

Statuts du Fonds Monétaire International

Statuts du Fonds Monétaire International »

Series: Articles of Agreement

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 April 2012

Language: French

DOI: http://dx.doi.org/10.5089/9781616352578.013

ISBN: 9781616352578

Keywords: voting, general resources account, voting power, election, balance of payments, gold, voting rights, exchange arrangements, repurchases, reserve assets

Last issued in 1992, this new release of the IMF's Articles of Agreement for 2011 includes changes to the Articles resulting from the adoption of the Fourth Amendment on August 10, 2009, as well as the Fifth and Si...

Philippines
			: Technical Assistance Report on Road Map for a Pro-Growth and Equitable Tax System

Philippines : Technical Assistance Report on Road Map for a Pro-Growth and Equitable Tax System »

Volume/Issue: 2012/60

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 March 2012

DOI: http://dx.doi.org/10.5089/9781475502411.002

ISBN: 9781475502411

Keywords: tobacco, tax incentives, taxation, ad valorem, tobacco products

The Technical Assistance Report on the Philippines' road map for a pro-growth and equitable tax system is examined. Tax revenue has declined over the last decade in the Philippines owing to generous and expanding t...

Philippines
			: Selected Issues

Philippines : Selected Issues »

Volume/Issue: 2012/50

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2012

DOI: http://dx.doi.org/10.5089/9781463939748.002

ISBN: 9781463939748

Keywords: remittances, capital flows, fixed investment, domestic demand, intermediate goods

This Selected Issues paper reports that the Philippines is influenced by global developments through both trade and financial channels. Weaker global growth hurts demand for Philippine exports, which in turn affect...

Philippines
			: Staff Report for the 2011 Article IV Consultation

Philippines : Staff Report for the 2011 Article IV Consultation »

Volume/Issue: 2012/49

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2012

DOI: http://dx.doi.org/10.5089/9781463939731.002

ISBN: 9781463939731

Keywords: external debt, current account, public debt, fiscal policy, public finances

This 2011 Article IV Consultation reports that the Philippines is being affected along with other countries in the region by the fragile global environment. The key challenge is to navigate through the period of gl...

The Determinants of Economic Growth in the Philippines
			: A New Look

The Determinants of Economic Growth in the Philippines : A New Look »

Volume/Issue: 2011/288

Series: IMF Working Papers

Author(s): Willa Boots J. Tolo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2011

DOI: http://dx.doi.org/10.5089/9781463927226.001

ISBN: 9781463927226

Keywords: growth divergence, Philippines, fixed capital formation, current account balance, agricultural exports, capital formation

This paper uses a panel of 23 emerging markets for the period 1965?2008 to study the determinants of per capita GDP growth in the Philippines. The Philippines is an outlier in terms of agricultural exports, investm...

Developing Asean5 Bond Markets
			: What Still Needs to Be Done?

Developing Asean5 Bond Markets : What Still Needs to Be Done? »

Volume/Issue: 2011/135

Series: IMF Working Papers

Author(s): Simon Gray , Andreas Jobst , Joshua Felman , and Ana Carvajal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2011

DOI: http://dx.doi.org/10.5089/9781455259403.001

ISBN: 9781455259403

Keywords: Bond markets: Bond markets, ASEAN, market development, securities, corporate bonds, futures, derivative markets, interest rate, General Equilibrium and Disequilibrium: General, Financial Markets and the Macroeconomy

This paper examines a range of issues relating to bond markets in the ASEAN5 (Indonesia, Malaysia, Philippines, Singapore and Thailand) - physical infrastructure including trading, clearing and settlement; regulati...

Philippines
			: 2010 Article IV Consultation-Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Philippines

Philippines : 2010 Article IV Consultation-Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Philippines »

Volume/Issue: 2011/59

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2011

DOI: http://dx.doi.org/10.5089/9781455219964.002

ISBN: 9781455219964

Keywords: debt, interest, public sector, deficit, external debt

After the global financial crisis, economic growth of the Philippines has increased. However, renewed shocks to global growth and financial markets would affect Philippine exports and remittances. The Bangko Sentra...

Philippines
			: Selected Issues Paper

Philippines : Selected Issues Paper »

Volume/Issue: 2011/58

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2011

DOI: http://dx.doi.org/10.5089/9781455219971.002

ISBN: 9781455219971

Keywords: tfp, international monetary fund, labor market, public investment, production function

This paper estimates potential growth in the Philippines using different methodologies, and discusses growth prospects for the medium term. Several approaches can be used to estimate potential growth. It also descr...

Determinants of Bank Credit in Emerging Market Economies

Determinants of Bank Credit in Emerging Market Economies »

Volume/Issue: 2011/51

Series: IMF Working Papers

Author(s): Vahram Stepanyan , and Kai Guo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2011

DOI: http://dx.doi.org/10.5089/9781455218035.001

ISBN: 9781455218035

Keywords: pre-crisis, banking, banking sector, post-crisis period, Financial Markets and the Macroeconomy,

We examine changes in bank credit across a wide range of emerging market economies during the last decade. The rich time-series and cross-section information allows us to draw broader lessons compared to many exist...

Imperfect Information and Saving in a Small Open Economy

Imperfect Information and Saving in a Small Open Economy »

Volume/Issue: 2011/60

Series: IMF Working Papers

Author(s): Agustin Roitman , and Christian Daude

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2011

DOI: http://dx.doi.org/10.5089/9781455221042.001

ISBN: 9781455221042

Keywords: saving, uncertainty, Bayesian learning, Markov switching, autocorrelation, stochastic process, correlation, probabilities, statistics, Asymmetric and Private Information,

Emerging markets are more volatile and face different types of shocks, in size and nature, compared to their developed counterparts. Accurate identification of the stochastic properties of shocks is difficult. We s...

Post-Crisis Fiscal Policy Priorities for the ASEAN-5

Post-Crisis Fiscal Policy Priorities for the ASEAN-5 »

Volume/Issue: 2010/252

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2010

DOI: http://dx.doi.org/10.5089/9781455209521.001

ISBN: 9781455209521

Keywords: fiscal space, expenditure, public spending, public debt, Economywide Country Studies: Asia including Middle East, And Finance,

This paper focuses on post-crisis fiscal priorities in the ASEAN-5 economies - Indonesia, Malaysia, Philippines, Singapore and Thailand. Sound economic fundamentals and timely and forceful policy responses to the c...

The Impact of the Great Recession on Emerging Markets

The Impact of the Great Recession on Emerging Markets »

Volume/Issue: 2010/237

Series: IMF Working Papers

Author(s): Ferhan Salman , Mali Chivakul , and Ricardo Llaudes

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2010

DOI: http://dx.doi.org/10.5089/9781455209378.001

ISBN: 9781455209378

Keywords: global crisis, vulnerabilities, linkages, pre-crisis, current account, external debt, short-term debt, credit booms, Global Outlook, International Policy Coordination and Transmission

This paper examines the impact of the recent global crisis on emerging market economies (EMs). Our cross-country analysis shows that the impact of the crisis was more pronounced in those EMs that had initial weaker...

Automatic Stabilizers and the Size of Government
			: Correcting a Common Misunderstanding

Automatic Stabilizers and the Size of Government : Correcting a Common Misunderstanding »

Volume/Issue: 2010/155

Series: IMF Working Papers

Author(s): Carlo Cottarelli , and Annalisa Fedelino

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2010

DOI: http://dx.doi.org/10.5089/9781455201389.001

ISBN: 9781455201389

Keywords: cyclical adjustment, expenditure, fiscal balances, budget balance, public spending, Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General, National Deficit Surplus, National Budget

The size of government is a commonly used variable in many analytical studies on the effects of fiscal policy. An accepted practice is to measure it as the ratio of government spending to GDP. However, this is not...

Philippines
			: Financial System Stability Assessment Update

Philippines : Financial System Stability Assessment Update »

Volume/Issue: 2010/90

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 April 2010

DOI: http://dx.doi.org/10.5089/9781455203833.002

ISBN: 9781455203833

Keywords: banking, housing finance, foreign exchange

This paper reviews the Financial System Stability Assessment Update on the Philippines. The assessment reveals that the banking sector has been strengthened considerably since the Asian crisis of the late 1990s and...

ICT Equipment Investment and Growth in Low- and Lower-Middle-Income Countries

ICT Equipment Investment and Growth in Low- and Lower-Middle-Income Countries »

Volume/Issue: 2010/66

Series: IMF Working Papers

Author(s): Markus Haacker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2010

DOI: http://dx.doi.org/10.5089/9781451982107.001

ISBN: 9781451982107

Keywords: ICT, technology, equipment investment, technological progress, trade data, technological advances, information technology, net exports, Macroeconomic Analyses of Economic Development, One

While production of ICT equipment plays a subordinate role for economic growth in most of these countries, they do benefit from capital deepening arising from falling prices of ICT equipment. Adapting established g...

Bangladesh
			: Selected Issues

Bangladesh : Selected Issues »

Volume/Issue: 2010/56

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 February 2010

DOI: http://dx.doi.org/10.5089/9781451804300.002

ISBN: 9781451804300

Keywords: remittances, foreign exchange, migrant workers, balance of payments, international monetary fund

This Selected Issues paper analyzes the surprising strength of remittances in Bangladesh and other countries in South Asia and the Philippines in 2009. The empirical analysis suggests that the continued strong grow...

Philippines
			: 2009 Article IV Consultation-Staff Report, Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Philippines

Philippines : 2009 Article IV Consultation-Staff Report, Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Philippines »

Volume/Issue: 2010/45

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 February 2010

DOI: http://dx.doi.org/10.5089/9781451831450.002

ISBN: 9781451831450

Keywords: debt, interest, public sector, deficit, external debt

This 2009 Article IV Consultation highlights that following the adverse impact from the global economic and financial crisis, there are signs of a nascent recovery of the Philippine economy. Growth is expected at ¾...

International Pricing of Emerging Market Corporate Debt
			: Does the Corporate Matter?

International Pricing of Emerging Market Corporate Debt : Does the Corporate Matter? »

Volume/Issue: 2010/26

Series: IMF Working Papers

Author(s): Sonja Keller , and Ashoka Mody

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2010

DOI: http://dx.doi.org/10.5089/9781451962475.001

ISBN: 9781451962475

Keywords: Corporate bonds, bond spreads, Fama-French factors, equity returns, bonds, bond, General Financial Markets, Corporate Finance And Governance,

We examine risk spreads charged on corporate bonds placed by emerging market borrowers on international exchanges. While global developments have an important effect on spreads, changes in firm-level default risk a...

How Does Public External Debt Affect Corporate Borrowing Costs In Emerging Markets?

How Does Public External Debt Affect Corporate Borrowing Costs In Emerging Markets? »

Volume/Issue: 2009/266

Series: IMF Working Papers

Author(s): Oya Celasun , and Senay Agca

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2009

DOI: http://dx.doi.org/10.5089/9781451874112.001

ISBN: 9781451874112

Keywords: syndicated loans, yield spreads, creditor rights, public external debt, bond, external public debt,

Using data on syndicated loan issuances by emerging market firms, we find that an increase in the external debt of emerging market governments significantly raises the borrowing costs of the domestic corporate sect...

Handbook on Securities Statistics
			: Debt Securities Issues

Handbook on Securities Statistics : Debt Securities Issues »

Series: Web Based Statistical Publications

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 November 2009

DOI: http://dx.doi.org/10.5089/9781475510102.037

ISBN: 9781475510102

Keywords: debt securities, bond, securities issues, equity securities, financial corporations

Several high-level international groups urged development of methodological standards for securities statistics. In response, the Bank for International Settlements (BIS), the European Central Bank (ECB), and the I...

The Persistence of Capital Account Crises

The Persistence of Capital Account Crises »

Volume/Issue: 2009/103

Series: IMF Working Papers

Author(s): Mauro Mecagni , Ruben Atoyan , and David Hofman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2009

DOI: http://dx.doi.org/10.5089/9781451872507.001

ISBN: 9781451872507

Keywords: capital account crises, persistence, capital flows, private capital flows,

This study contributes to the literature on capital account crises in two ways. First, our analysis of crisis episodes between 1994 and 2002 establishes a clear relationship between the persistence of crises, their...

Boletín del FMI Vol.37, No.10 octubre 2008

Boletín del FMI Vol.37, No.10 octubre 2008 »

Volume/Issue: 37/10

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 March 2009

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781451943832.023

ISBN: 9781451943832

Reuniones Anuales, Comunicado del CMFI, Fondos soberanos de inversión, Crisis financiera mundial, Metodologías contables, Impacto del estrés financiero, Crisis hipotecaria, El futuro de Fannie y Freddie, Análisis d...

FMI Bulletin Vol.37, No.10 Octobre 2008

FMI Bulletin Vol.37, No.10 Octobre 2008 »

Volume/Issue: 37/10

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 March 2009

Language: French

DOI: http://dx.doi.org/10.5089/9781451976304.023

ISBN: 9781451976304

Keywords: financial markets, global financial system, financial system, financial institutions, financial market, financial stability, capital flows, global financial crisis, international investment

Assemblée annuelle, Communiqué du CMFI, Principes pour fonds souverains, Crise financière mondiale, Comptabilité à la juste valeur, Tensions financières et ralentissements, Crise des subprimes, Où en sont Fannie et...

Philippines
			: 2008 Article IV Consultation:  Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Philippines

Philippines : 2008 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Philippines »

Volume/Issue: 2009/62

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 February 2009

DOI: http://dx.doi.org/10.5089/9781451831436.002

ISBN: 9781451831436

Keywords: debt, public sector, interest, external debt, deficit

The staff report for the Philippines' 2008 Article IV Consultation is focused on economic developments and policies. A deepening of the global economic downturn presents downside risks to this outlook. Inflation is...

Philippines
			: Selected Issues

Philippines : Selected Issues »

Volume/Issue: 2009/63

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 February 2009

DOI: http://dx.doi.org/10.5089/9781451831443.002

ISBN: 9781451831443

Keywords: capital adequacy, securities, deposit insurance, banking system, capital market

This Selected Issues paper for the Philippines has been prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. Spillovers have...

Causes, Benefits, and Risks of Business Tax Incentives

Causes, Benefits, and Risks of Business Tax Incentives »

Volume/Issue: 2009/21

Series: IMF Working Papers

Author(s): Alexander Klemm

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2009

DOI: http://dx.doi.org/10.5089/9781451871685.001

ISBN: 9781451871685

Keywords: effective tax rates, tax system, tax rates, taxation,

This paper provides an updated overview of tax incentives for business investment. It begins by noting that tax competition is likely to be a major force driving countries' tax reforms, and discusses tax incentives...

New Keynesian Exchange Rate Pass-Through

New Keynesian Exchange Rate Pass-Through »

Volume/Issue: 2008/213

Series: IMF Working Papers

Author(s): David Cook , and Woon Choi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2008

DOI: http://dx.doi.org/10.5089/9781451870718.001

ISBN: 9781451870718

Keywords: pass-through effects, local currency pricing, new Keynesian Phillips curve, forward-looking expectation, inflation, price inflation, money market, monetary economics, monetary policy,

Using the theory of optimal local currency pricing, this paper constructs a structural equation to estimate the rate at which foreign producer prices pass through the local currency prices of imported goods in the...

Tax Amnesties
			: Theory, Trends, and Some Alternatives

Tax Amnesties : Theory, Trends, and Some Alternatives »

Series: IMF Special Issues

Author(s): Eric Le Borgne , and Katherine Baer

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 July 2008

DOI: http://dx.doi.org/10.5089/9781589067363.058

ISBN: 9781589067363

Keywords: tax administration, tax amnesty, tax amnesties, tax evasion, tax compliance

Tax amnesties remain as popular as ever as a tool for raising revenue and increasing tax compliance. International experience, however, shows that the costs of tax amnesty programs often exceed the programs' benefi...

Philippines
			: 2007 Article IV Consultation:  Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Authorities of the Executive Director for the Philippines

Philippines : 2007 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Authorities of the Executive Director for the Philippines »

Volume/Issue: 2008/119

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 April 2008

DOI: http://dx.doi.org/10.5089/9781451831412.002

ISBN: 9781451831412

Keywords: debt, public sector, interest, external debt, national government

Economic stability of the Philippines was discussed in this report. Private investment remained low by regional standards, but there are tentative signs of a revival. These developments and favorable global conditi...

Philippines
			: Selected Issues

Philippines : Selected Issues »

Volume/Issue: 2008/120

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 April 2008

DOI: http://dx.doi.org/10.5089/9781451831429.002

ISBN: 9781451831429

Keywords: output gap, international monetary fund, capital stock, inflation rate, labor income

This study discusses the Philippine output gap from three perspectives and evaluates the utility of the approaches for policymaking. Incentives in the Philippines appear broadly comparable with those in neighboring...

Fiscal Coverage in the Countries of the Middle East and Central Asia
			: Current Situation and a Way Forward

Fiscal Coverage in the Countries of the Middle East and Central Asia : Current Situation and a Way Forward »

Volume/Issue: 2008/111

Series: IMF Working Papers

Author(s): Daria Zakharova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2008

DOI: http://dx.doi.org/10.5089/9781451869712.001

ISBN: 9781451869712

Keywords: Fiscal coverage, public enterprises, fiscal risks, fiscal statistics, fiscal policy, fiscal accounts, Structure, Scope, and Performance of Government,

This paper reviews some broad principles of fiscal coverage, building on cross-country experience. It discusses the level of coverage that would be appropriate to conduct good quality fiscal analysis, while strikin...

Budget Deficits and Interest Rates
			: A Fresh Perspective

Budget Deficits and Interest Rates : A Fresh Perspective »

Volume/Issue: 2008/42

Series: IMF Working Papers

Author(s): Ari Aisen , and David Hauner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2008

DOI: http://dx.doi.org/10.5089/9781451869040.001

ISBN: 9781451869040

Keywords: system GMM, inflation, budget deficit, money supply,

We extend the literature on budget deficits and interest rates in three ways: we examine both advanced and emerging economies and for the first time a large emerging market panel; explore interactions to explain so...

Emerging Market Spread Compression
			: Is it Real or is it Liquidity?

Emerging Market Spread Compression : Is it Real or is it Liquidity? »

Volume/Issue: 2008/10

Series: IMF Working Papers

Author(s): Laura Kodres , Kristian Hartelius , and Kenichiro Kashiwase

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2008

DOI: http://dx.doi.org/10.5089/9781451868722.001

ISBN: 9781451868722

Keywords: Sovereign Spreads, Fundamentals, bond, bond spreads, market bond, emerging market bond, standard deviation,

Despite recent turmoil, spreads on emerging market countries' sovereign bonds have fallen dramatically since mid-2002. Some have attributed the fall to improved economic fundamentals while others to ample global li...

The Duration of Capital Account Crises-An Empirical Analysis

The Duration of Capital Account Crises-An Empirical Analysis »

Volume/Issue: 2007/258

Series: IMF Working Papers

Author(s): David Hofman , Ruben Atoyan , Dimitri Tzanninis , and Mauro Mecagni

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2007

DOI: http://dx.doi.org/10.5089/9781451868210.001

ISBN: 9781451868210

Keywords: Capital account crises, duration, crises identification, capital outflows, capital flows, current account,

This paper examines the duration of capital account crises. We develop a new index to identify both the start and the end of these crises. Applying the index to a sample of 18 crisis episodes, we derive stylized fa...

Ethnic Diversity, Democracy, and Corruption

Ethnic Diversity, Democracy, and Corruption »

Volume/Issue: 2007/218

Series: IMF Working Papers

Author(s): Etienne Yehoue

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2007

DOI: http://dx.doi.org/10.5089/9781451867824.001

ISBN: 9781451867824

Keywords: Ethnic Fractionalization, Democracy, voters, ethnic group, voter, ethnic groups,

I study the link between ethnic diversity, democracy, and corruption. In a static model, I show that contrary to conventional wisdom, corruption might emerge as a negative externality of democracy. This occurs thro...

Distributional Implications of the VAT Reform in the Philippines

Distributional Implications of the VAT Reform in the Philippines »

Volume/Issue: 2007/153

Series: IMF Working Papers

Author(s): David Locke Newhouse , and Daria Zakharova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2007

DOI: http://dx.doi.org/10.5089/9781451867176.001

ISBN: 9781451867176

Keywords: VAT, poverty and social impact analysis, social safety net, targeted transfers, excise taxes, distributional impact, input-output, household consumption, household income, Vat Poverty And Social Impact Analysis,

This paper assesses the distributional impact of the recent VAT reform in the Philippines and evaluates alternative methods to mitigate the effects of the reform on poor households. The reform was progressive and r...

Philippines
			: Selected Issues

Philippines : Selected Issues »

Volume/Issue: 2007/131

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 March 2007

DOI: http://dx.doi.org/10.5089/9781451831405.002

ISBN: 9781451831405

Keywords: poor households, income groups, taxes, tax cuts, distributional impact

This Selected Issues paper highlights the Philippine growth performance led by the services sector. Average GDP growth is higher in the post-Asian crisis period in the Philippines, while the majority of the Philipp...

Philippines
			: Staff Report for the 2006 Article IV Consultation

Philippines : Staff Report for the 2006 Article IV Consultation »

Volume/Issue: 2007/62

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2007

DOI: http://dx.doi.org/10.5089/9781451831399.002

ISBN: 9781451831399

Keywords: debt, public sector, interest, deficit, national government

The 2006 Article IV Consultation on the Philippines discusses stronger exports and reduced inflation, with the 12-month rate back within the inflation target. Remittances have continued to grow strongly, and the ba...

A Gravity Model of Workers' Remittances

A Gravity Model of Workers' Remittances »

Volume/Issue: 2006/290

Series: IMF Working Papers

Author(s): Erik Lueth , and Marta Ruiz-Arranz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2006

DOI: http://dx.doi.org/10.5089/9781451865509.001

ISBN: 9781451865509

Keywords: Bilateral remittance flows, gravity model, remittances, remittance, remittance flows, exchange rate, bilateral remittance, Macroeconomic Analyses of Economic Development,

This paper creates the first dataset of bilateral remittance flows for a limited set of developing countries and estimates a gravity model for workers' remittances. We find that most of the variation in bilateral r...

Report for the Mid-2006 Post-Program Monitoring Discussions

Report for the Mid-2006 Post-Program Monitoring Discussions »

Volume/Issue: 2006/355

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 October 2006

DOI: http://dx.doi.org/10.5089/9781451831382.002

ISBN: 9781451831382

Keywords: debt, public sector, interest, deficit, national government

Macroeconomic performance has been relatively strong, and the large fiscal adjustment and the VAT reform represent significant progress in strengthening the fiscal position. Progress with reforms sets the stage for...

Transición hacia un tipo de cambio flexible ¿Cómo, cuándo y a qué ritmo?
			:

Transición hacia un tipo de cambio flexible ¿Cómo, cuándo y a qué ritmo? : »

Series: Economic Issues

Author(s): Rupa Duttagupta , Cem Karacadag , and Gilda Fernandez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 October 2006

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781589065406.051

ISBN: 9781589065406

Un número creciente de países están adoptando regímenes de tipo de cambio flexible porque la flexibilidad ofrece mayor protección frente a shocks externos y una mayor independencia monetaria. Otros países han atrav...

Measures of Central Bank Autonomy
			: Empirical Evidence for OECD, Developing, and Emerging Market Economies

Measures of Central Bank Autonomy : Empirical Evidence for OECD, Developing, and Emerging Market Economies »

Volume/Issue: 2006/228

Series: IMF Working Papers

Author(s): Jean-François Segalotto , Marco Arnone , and Bernard Laurens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2006

DOI: http://dx.doi.org/10.5089/9781451864885.001

ISBN: 9781451864885

Keywords: political autonomy, economic autonomy, central bank, monetary stability, public debt,

This paper presents an update of the Grilli-Masciandaro-Tabellini (GMT) index of central bank (CB) autonomy, based on CB legislation as of end-2003. The index is applied to a set of OECD and developing countries, a...

Adopter un taux de change flexible Comment, quand et dans quels délais?
			: How, When, and How Fast?

Adopter un taux de change flexible Comment, quand et dans quels délais? : How, When, and How Fast? »

Series: Economic Issues

Author(s): Cem Karacadag , Gilda Fernandez , and Rupa Duttagupta

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 September 2006

Language: French

DOI: http://dx.doi.org/10.5089/9781589065390.051

ISBN: 9781589065390

Keywords: exchange rate, foreign exchange, inflation, foreign currency, foreign exchange market, monetary policy, exchange rate flexibility, exchange rate risk, exchange rate regime, flexible exchange rate

A growing number of countries are adopting flexible exchange rate regimes because flexibility offers more protection against external shocks and greater monetary independence. Other countries have made the transiti...

The Impact of Tradeon Wages
			: What If Countries Are Not Small?

The Impact of Tradeon Wages : What If Countries Are Not Small? »

Volume/Issue: 2006/155

Series: IMF Working Papers

Author(s): Ichiro Tokutsu , and Mika Saito

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2006

DOI: http://dx.doi.org/10.5089/9781451864151.001

ISBN: 9781451864151

Keywords: wage, skilled labor, tariff rates, intermediate inputs, Neoclassical Models of Trade, Country and Industry Studies of Trade, Trade and Labor Market Interactions, Existence and Stability Conditions of Equilibrium,

This paper explores the effect of trade on the relative wage of less-skilled labor through its effect on world prices, which are typically exogenously given under the small open economy assumption. Using the 1995 i...

Philippines
			: Selected Issues

Philippines : Selected Issues »

Volume/Issue: 2006/181

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 May 2006

DOI: http://dx.doi.org/10.5089/9781451831375.002

ISBN: 9781451831375

Keywords: external debt, foreign currency, standard deviation, financial institutions

This Selected Issues paper on the Philippines reviews the diminished volatility of the Republic of Philippines bonds (RoPs), even through a period of extended turbulence cannot be attributed solely to the sanguine...

Philippines
			: Staff Report for the 2005 Article IV Consultation and Post-Program Monitoring Discussions

Philippines : Staff Report for the 2005 Article IV Consultation and Post-Program Monitoring Discussions »

Volume/Issue: 2006/92

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 March 2006

DOI: http://dx.doi.org/10.5089/9781451831368.002

ISBN: 9781451831368

Keywords: debt, public sector, interest, deficit, external debt

The staff report for the 2005 Article IV Consultation on the Philippines highlights managing short-term vulnerabilities and higher investment and growth. Power generation tariffs have been raised to substantially c...

Philippines
			: Report for the June 2005 Post-Program Monitoring Discussions

Philippines : Report for the June 2005 Post-Program Monitoring Discussions »

Volume/Issue: 2005/372

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 October 2005

DOI: http://dx.doi.org/10.5089/9781451831351.002

ISBN: 9781451831351

Keywords: debt, public sector, interest, deficit, national government

The staff report for the Post-Program Monitoring highlights economic developments, fiscal policy, and monetary policy. The primary risk to the near-term outlook for the Philippine economy is that the prevailing sta...

Robbing the Riches
			: Capital Flight, Institutions, and Instability

Robbing the Riches : Capital Flight, Institutions, and Instability »

Volume/Issue: 2005/199

Series: IMF Working Papers

Author(s): Sweta Saxena , Meenakshi Rishi , and Valerie Cerra

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2005

DOI: http://dx.doi.org/10.5089/9781451862188.001

ISBN: 9781451862188

Keywords: Institutions, external debt, debt accumulation, external borrowing, short-term debt, International Factor Movements and International Business: General, International Lending and Debt Problems,

Capital flight may undermine economic growth and the effectiveness of debt relief and foreign aid. This paper is the first attempt to test whether unsound macroeconomic policies or weak institutions lead to capital...

Migration and Foreign Remittances in the Philippines

Migration and Foreign Remittances in the Philippines »

Volume/Issue: 2005/111

Series: IMF Working Papers

Author(s): Robert Burgess , and V. Haksar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2005

DOI: http://dx.doi.org/10.5089/9781451861303.001

ISBN: 9781451861303

Keywords: growth, stabilization, remittance, remittance flows, equation, International Factor Movements and International Business: General, Household Behavior, International Factor Movements and International Business,

International migration and large remittance flows have been prominent features of the Philippine economy for many decades. This paper describes the evolving pattern of migration and remittance flows and analyzes s...

Are Emerging Market Countries Learning to Float?

Are Emerging Market Countries Learning to Float? »

Volume/Issue: 2005/98

Series: IMF Working Papers

Author(s): Dalia Hakura

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2005

DOI: http://dx.doi.org/10.5089/9781451861174.001

ISBN: 9781451861174

Keywords: Learning to float, monetary and financial policy frameworks, exchange rate, exchange rate regimes, flexible exchange rate, flexible exchange rate regimes, financial liberalization, International Monetary Arrangements and Institutions,

The paper finds that exchange rate flexibility in emerging market countries has increased over the past decade. This "learning to float" appears to have involved a strengthening of monetary and financial policy fra...

IMF Survey, Volume 34, Issue 05

IMF Survey, Volume 34, Issue 05 »

Volume/Issue: 34/5

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 March 2005

DOI: http://dx.doi.org/10.5089/9781451938371.023

ISBN: 9781451938371

Keywords: development bank, macroeconomic policy, economic outlook, international monetary fund

The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen...

Philippines
			: Staff Report for the 2004 Article IV Consultation and Post-Program Monitoring Discussions

Philippines : Staff Report for the 2004 Article IV Consultation and Post-Program Monitoring Discussions »

Volume/Issue: 2005/105

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 March 2005

DOI: http://dx.doi.org/10.5089/9781451831344.002

ISBN: 9781451831344

Keywords: debt, public sector, interest, deficit, national government

This paper examines the Philippines's 2004 Article IV Consultation and Post-Program Monitoring Discussions. GDP growth has exceeded expectations, but unemployment remains high. With exports staging a recovery and c...

Were Bid-Ask Spreads in the Foreign Exchange Market Excessive During the Asian Crisis?

Were Bid-Ask Spreads in the Foreign Exchange Market Excessive During the Asian Crisis? »

Volume/Issue: 2005/34

Series: IMF Working Papers

Author(s): Torbjorn Becker , and Amadou Sy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2005

DOI: http://dx.doi.org/10.5089/9781451860535.001

ISBN: 9781451860535

Keywords: market microstructure, bid-ask spreads, Asian crisis, exchange rate, pre-crisis, pre- crisis,

Bid-ask spreads for Asian emerging market currencies increased sharply during the Asian crisis. A key question is whether such wide spreads were excessive or explained by models of bid-ask spreads. Precrisis estima...

Philippines
			: Report on Observance of Standards and Codes-Payment Systems

Philippines : Report on Observance of Standards and Codes-Payment Systems »

Volume/Issue: 2005/22

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2005

DOI: http://dx.doi.org/10.5089/9781451831337.002

ISBN: 9781451831337

Keywords: payment system, cheques, rtgs, banking supervision

This Report evaluates the Observance of Standards and Codes on the Payment Systems for the Philippines. The assessment confirms that the infrastructure for effective supervision has improved considerably in recent...

Increasing Public Sector Revenue in the Philippines
			: Equity and Efficiency Considerations

Increasing Public Sector Revenue in the Philippines : Equity and Efficiency Considerations »

Volume/Issue: 2005/22

Series: IMF Working Papers

Author(s): Kevin Fletcher

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2005

DOI: http://dx.doi.org/10.5089/9781451860412.001

ISBN: 9781451860412

Keywords: revenue, incidence, VAT, tax incentives, tax administration, tax system, tax rates, tax revenue, Subsidies and Revenue, National Government Expenditures and Related Policies

Public sector revenue has declined markedly in the Philippines over the past seven years. Most observers of the Philippine economy agree that rebuilding public sector revenue will be critical to reducing deficits a...

Central Bank Governance
			: A Survey of Boards and Management

Central Bank Governance : A Survey of Boards and Management »

Volume/Issue: 2004/226

Series: IMF Working Papers

Author(s): JoAnne Morris , and Tonny Lybek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2004

DOI: http://dx.doi.org/10.5089/9781451875416.001

ISBN: 9781451875416

Keywords: central bank, inflation, reserve bank, Economic History: Financial Markets and Institutions: General, International, or Comparative,

This paper identifies issues to consider when designing the structure, size, and composition of the governing boards and management of a central bank. While central bank autonomy and accountability are generally ac...

Philippines
			: Report for the July 2004 Post-Program Monitoring Discussions

Philippines : Report for the July 2004 Post-Program Monitoring Discussions »

Volume/Issue: 2004/317

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 October 2004

DOI: http://dx.doi.org/10.5089/9781451831320.002

ISBN: 9781451831320

Keywords: debt, public sector, interest, deficit, national government

This paper focuses on 2004 Post Program Monitoring Discussions for the Philippines. The authorities are formulating a significant package of tax measures. IMF staff argued that the bulk of the additional revenues s...

Philippines
			: Report on the Observance of Standards and Codes (ROSC)-Data Module

Philippines : Report on the Observance of Standards and Codes (ROSC)-Data Module »

Volume/Issue: 2004/281

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 August 2004

DOI: http://dx.doi.org/10.5089/9781451831313.002

ISBN: 9781451831313

Keywords: national accounts, balance of payments, public sector, balance sheet, government finance

This data module of the Report on the Observance of Standards and Codes (ROSC) provides a summary assessment of dissemination practices in the Philippines relative to the Special Data Dissemination Standard (SDDS)....

Front-Loaded or Back-Loaded Fiscal Adjustments
			: What Works in Emerging Market Economies?

Front-Loaded or Back-Loaded Fiscal Adjustments : What Works in Emerging Market Economies? »

Volume/Issue: 2004/157

Series: IMF Working Papers

Author(s): Benedict Clements , Sanjeev Gupta , Emanuele Baldacci , and Carlos Mulas-Granados

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2004

DOI: http://dx.doi.org/10.5089/9781451857528.001

ISBN: 9781451857528

Keywords: fiscal consolidations, fiscal adjustments, fiscal sustainability, probability, statistics, Duration Analysis, Fiscal Policies and Behavior of Economic Agents: General,

This paper investigates the political and economic determinants of successful fiscal adjustment in 25 emerging market economies from 1980 to 2001. The results show that large and back-loaded fiscal adjustments have...

Philippines
			: Report on the Observance of Standards and Codes-Fiscal Transparency Module-Update

Philippines : Report on the Observance of Standards and Codes-Fiscal Transparency Module-Update »

Volume/Issue: 2004/180

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 June 2004

DOI: http://dx.doi.org/10.5089/9781451831306.002

ISBN: 9781451831306

Keywords: bidders, internal audit, bids, bid documents, Philippiness,

This paper presents an update to the Report on the Observance of Standards and Codes on Fiscal Transparency Module for the Philippines. The clear separation of fiscal and public enterprise management in the Philipp...

Philippines
			: Report on the Observance of Standards and Codes Banking Supervision

Philippines : Report on the Observance of Standards and Codes Banking Supervision »

Volume/Issue: 2004/106

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 April 2004

DOI: http://dx.doi.org/10.5089/9781451831290.002

ISBN: 9781451831290

Keywords: banking, banking supervision, consolidated supervision, internal audit, internal control

This report summarizes the reviews of compliance and consistency with key principles and standards applicable to financial sector of the Philippines. It reviews compliance with the Basel Core Principles for Effecti...

Philippines
			: Financial Sector Assessment Program-IOSCO Objectives and Principles of Securities Regulation Assessment

Philippines : Financial Sector Assessment Program-IOSCO Objectives and Principles of Securities Regulation Assessment »

Volume/Issue: 2004/62

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 March 2004

DOI: http://dx.doi.org/10.5089/9781451831245.002

ISBN: 9781451831245

Keywords: regulation, standards, regulations, securities regulation, market participants

This report reviews the Financial Sector Assessment Program of the Philippines on International Organization of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulation. The report was prep...

What Sustains Fiscal Consolidations in Emerging Market Countries?

What Sustains Fiscal Consolidations in Emerging Market Countries? »

Volume/Issue: 2003/224

Series: IMF Working Papers

Author(s): Benedict Clements , Sanjeev Gupta , Erwin Tiongson , and Emanuele Baldacci

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2003

DOI: http://dx.doi.org/10.5089/9781451875348.001

ISBN: 9781451875348

Keywords: survival analysis, probability, fiscal adjustments, fiscal deficit, Econometric and Statistical Methods: - Special Topics, Macroeconomic - Aspects of Public Finance, Macroeconomic Policy, and General Outlook,

This paper examines the factors affecting the persistence of fiscal consolidation in 25 emerging market countries during 1980-2001. It proposes a new approach for defining spells of fiscal consolidation. The result...

Foreign Aid and Revenue Response
			: Does the Composition of Aid Matter?

Foreign Aid and Revenue Response : Does the Composition of Aid Matter? »

Volume/Issue: 2003/176

Series: IMF Working Papers

Author(s): Alexander Pivovarsky , Benedict Clements , Sanjeev Gupta , and Erwin Tiongson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2003

DOI: http://dx.doi.org/10.5089/9781451858839.001

ISBN: 9781451858839

Keywords: revenue, tax effort, foreign debt, domestic borrowing, tax revenue, Taxation, Subsidies, and Revenue: General,

This paper examines the revenue response to inflows of foreign aid in 107 countries during the period 1970–2000, In particular, it investigates whether the impact of aid on the revenue effort depends on the...

Trade, Finance, Specialization, and Synchronization

Trade, Finance, Specialization, and Synchronization »

Volume/Issue: 2003/81

Series: IMF Working Papers

Author(s): Jean Imbs

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2003

DOI: http://dx.doi.org/10.5089/9781451850383.001

ISBN: 9781451850383

Keywords: specialization, financial openness, international business cycle, optimal currency area, financial integration, equation, correlations, correlation, bilateral trade, Open Economy Macroeconomics,

The paper investigates the determinants of business cycles synchronization across regions. It uses both international and intranational data to evaluate the linkages between trade in goods, trade in financial asset...

Did Output Recover From the Asian Crisis?

Did Output Recover From the Asian Crisis? »

Volume/Issue: 2003/48

Series: IMF Working Papers

Author(s): Valerie Cerra , and Sweta Saxena

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2003

DOI: http://dx.doi.org/10.5089/9781451846751.001

ISBN: 9781451846751

Keywords: Crisis, Recovery, Hong Kong, Korea, recessions, asian crisis, recession, probability, probabilities, International Finance: Other

This paper investigates the extent to which output has recovered from the Asian crisis. A regime-switching approach that introduces two state variables is used to decompose recessions in a set of six Asian countrie...

Early Warning Systems
			: A Survey and a Regime-Switching Approach

Early Warning Systems : A Survey and a Regime-Switching Approach »

Volume/Issue: 2003/32

Series: IMF Working Papers

Author(s): Abdul Abiad

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2003

DOI: http://dx.doi.org/10.5089/9781451845136.001

ISBN: 9781451845136

Keywords: Currency crisis, early warning system, regime switching, Markov switching, probability, probabilities, currency crises, asian crisis, contagion, Forecasting and Other Model Applications

Previous early-warning systems (EWSs) for currency crises have relied on models that require a priori dating of crises. This paper proposes an alternative EWS, based on a Markov-switching model, which identifies an...

Inflation Targeting Lite

Inflation Targeting Lite »

Volume/Issue: 2003/12

Series: IMF Working Papers

Author(s): Mark Stone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2003

DOI: http://dx.doi.org/10.5089/9781451842920.001

ISBN: 9781451842920

Keywords: Monetary policy framework, central bank, inflation, inflation target,

Inflation targeting lite (ITL) countries float their exchange rate and announce an inflation target, but are not able to maintain the inflation target as the foremost policy objective. This paper identifies 19 emer...

Aspects budgétaires du développement durable
			: Le Sommet mondial sur le développement durable

Aspects budgétaires du développement durable : Le Sommet mondial sur le développement durable »

Series: Pamphlet Series

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 October 2002

Language: French

DOI: http://dx.doi.org/10.5089/9781589061606.054

ISBN: 9781589061606

Keywords: fiscal policy, public spending, expenditure, sustainable development, public expenditure, primary education, forest, health care, government expenditure, government spending

Fiscal policy affects sustainable development through its effects on growth, the environment, and resource development. What are the relationships between fiscal policy and sustainable development, and how does the...

Philippines
			: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics:  Monetary and Financial Policy Transparency, Banking Supervision, Securities Regulation, Insurance Regulation, and Payment Systems

Philippines : Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Monetary and Financial Policy Transparency, Banking Supervision, Securities Regulation, Insurance Regulation, and Payment Systems »

Volume/Issue: 2002/222

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 October 2002

DOI: http://dx.doi.org/10.5089/9781451831283.002

ISBN: 9781451831283

Keywords: banking, banking supervision, banking system, securities regulation, money laundering

This paper presents key findings of the Financial System Stability Assessment for the Philippines, including Reports on the Observance of Standards and Codes on Monetary and Financial Policy Transparency, Banking S...

Philippines
			: Report on the Observance of Standards and Codes-Fiscal Transparency Module

Philippines : Report on the Observance of Standards and Codes-Fiscal Transparency Module »

Volume/Issue: 2002/216

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2002

DOI: http://dx.doi.org/10.5089/9781451831238.002

ISBN: 9781451831238

Keywords: budget documents, budget execution, financial management, internal audit

This report provides an assessment of the Observance of Standards and Codes on Fiscal Transparency Module for the Philippines. The Philippines meets the requirements of fiscal transparency in many important respect...

The Potential Role for Securitizing Public Sector Revenue Flows
			: An Application to the Philippines

The Potential Role for Securitizing Public Sector Revenue Flows : An Application to the Philippines »

Volume/Issue: 2002/106

Series: IMF Working Papers

Author(s): Nigel Chalk

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2002

DOI: http://dx.doi.org/10.5089/9781451852905.001

ISBN: 9781451852905

Keywords: securitization, debt service, capital markets, credit rating, General Financial Markets,

Since the mid-1980s, the securitization of future flow receivables has grown in importance as a financing alternative for the public sector. In a world of perfect capital markets, there appears to be little rationa...

Do 'Flexible' Exchange Rates of Developing Countries Behave Like the Floating Exchange Rates of Industrialized Countries?

Do 'Flexible' Exchange Rates of Developing Countries Behave Like the Floating Exchange Rates of Industrialized Countries? »

Volume/Issue: 2002/82

Series: IMF Working Papers

Author(s): Peter Wickham

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2002

DOI: http://dx.doi.org/10.5089/9781451850451.001

ISBN: 9781451850451

Keywords: Flexible and floating exchange rates, exchange rate, exchange rates, statistics, statistic,

The paper examines the behavior of daily spot exchange rates for a sample of industrialized countries which are generally considered to be floating with only occasional official foreign exchange market intervention...

IMF Research Bulletin, March 2002

IMF Research Bulletin, March 2002 »

Volume/Issue: 3/1

Series: IMF Research Bulletin

Author(s): International Monetary Fund. Research Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2002

DOI: http://dx.doi.org/10.5089/9781451929331.026

ISBN: 9781451929331

Keywords: income distribution, macroeconomic policies, income inequality, international monetary fund, transition economies

Articles reviewing IMF research on dollarization and on the relationship between macroeconomic policies and income distribution; country/area study: The Euro Area; summaries of Second Annual IMF Research Conference...

Why is Unemployment High in the Philippines?

Why is Unemployment High in the Philippines? »

Volume/Issue: 2002/23

Series: IMF Working Papers

Author(s): Ray Brooks

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2002

DOI: http://dx.doi.org/10.5089/9781451844054.001

ISBN: 9781451844054

Keywords: employment, wage, minimum wage, unemployment rate, Demand and Supply of Labor: General, Unemployment: Models, Duration, Incidence, and Job Search, Phillipines

Unemployment has remained high in the Philippines, at almost twice the level of neighboring countries, despite relatively fast employment growth in the past decade. Employment growth was not sufficient to reduce un...

Speculative Attacks in the Asian Crisis

Speculative Attacks in the Asian Crisis »

Volume/Issue: 2001/189

Series: IMF Working Papers

Author(s): Zhiwei Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2001

DOI: http://dx.doi.org/10.5089/9781451859614.001

ISBN: 9781451859614

Keywords: ACH, currency crisis, duration analysis, contagion, speculative attacks, asian crisis, currency crises, equation, Econometric Modeling,

This paper takes the Asian crisis as an example to show that the Autoregressive Conditional Hazard (ACH) model is a powerful tool for studying the time series features of speculative attacks. The ACH model proposes...

Post-Crisis Exchange Rate Policy in Five Asian Countries
			: Filling in the "Hollow Middle"?

Post-Crisis Exchange Rate Policy in Five Asian Countries : Filling in the "Hollow Middle"? »

Volume/Issue: 2001/170

Series: IMF Working Papers

Author(s): Leonardo Hernández , and Peter Montiel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2001

DOI: http://dx.doi.org/10.5089/9781451858426.001

ISBN: 9781451858426

Keywords: exchange rate policy, exchange rate, crisis countries, pre-crisis, post-crisis period, exchange rates

Following the 1997-98 financial turmoil, crisis countries in Asia moved toward either floating or fixed exchange rate systems, reinforcing the bipolar view of exchange rate regimes and the "hollow middle" hypothesi...