Philippines; Selected Issues
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 global factors currently prevailing across all credit markets. Considerable fiscal gains have already been achieved following the introduction of these reforms. The estimated magnitude of second-round effects for the Philippines is likely an upper bound, as greater competition, ongoing fiscal consolidation, and enhanced monetary policy credibility will likely reduce the scope for second-round effects over time.
Year of publication: |
2006-05-22
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Institutions: | International Monetary Fund (IMF) ; International Monetary Fund |
Subject: | Selected issues | Economic growth | Gross domestic product | Governance | Government expenditures | Oil prices | Bonds | Tax revenues | bond | external debt | government bonds | sovereign bonds | financial institutions | credit derivatives | denominated bonds | domestic investors | debt stock | short-term debt | domestic investor | global liquidity | long-term debt | crowding out | bond holders | public sector debt | domestic financial institutions | bond spreads | excessive volatility | financial instruments | emerging market bond | market bond | public external debt | financial stability | sovereign debt | domestic bonds | official creditors | central bank |
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