01677cas a2200241 a 4500 AALejournalIMF018044 230101c9999 xx r poo 0 0eng d 5.00 USD 9781484326862 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. Asia and Pacific Dept. Philippines : Selected Issues. Washington, D.C. : International Monetary Fund, 2017. 1 online resource (43 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students 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. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2017/335 Full text available on IMF http://elibrary.imf.org/view/journals/002/2017/335/002.2017.issue-335-en.xml IMF e-Library