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Item Restricted When the giants sneeze: a study on the international monetary policy spillovers in the Philippines(2023-07-05) Endaya, Mark Joseph V.; Mantuano, Jordan Jae C.; Pajaron, Marjorie C.In an increasingly interconnected global economy shaped by globalization, smaller economies like the Philippines face heightened vulnerability to the monetary policy decisions of larger economies. This paper aims to investigate the varying magnitude and dynamics of international monetary spillovers on the Philippines’ policy rate and whether there has been a structural change in the transmission process of spillovers in the Philippines before and after the 2008 global financial crisis. Our primary focus is on the United States (US), Japan, and the People's Republic of China (PRC) because of their status as the Philippines' largest trading partners. Using OLS, Vector Autoregression (VAR), and Structural VAR (SVAR), our findings uncover distinct patterns in spillover effects. US policy rate shocks have a significant short-term impact on the Philippine policy rate, while Japanese policy rate fluctuations shape the Philippine policy rate over the long term. However, PRC policy rate shocks do not significantly influence the Philippine policy rate. Nonetheless, we find that only monetary shocks from PRC, through its policy rates, significantly affect Philippine exchange rates. We also identify a structural shift in spillover transmission following the 2008 global financial crisis from the US and Japan. By providing comprehensive insights into the differential effects of international monetary shocks, our research can equip policymakers with valuable information to better understand and manage spillovers, hopefully helping them to formulate more effective monetary policies and promote economic stability in an interconnected global financial landscape.Item Restricted Philippine electronic exports to US and Japan(2011-10) Ceralde, Marie Elaine A.; Eslava, Ana Isabel F.; Pernia, Ernesto M.This study examines the macroeconomic factors that affect the Philippines' electronic exports to its top two trading partners, the U.S. and Japan, over the last two decades. The ability of Philippine electronic exports to successfully tap these markets can be traced largely to the effects of certain factors, such as the real incomes of the U.S. and Japan and relevant exchange rates. Competition with Philippines' neighboring countries (Thailand, Indonesia and Malaysia) has also been considered. The study employs an econometric model that analyzes the response behavior or elasticity of each factor. Other factors such as the Asian and global financial crises are also considered in the analysis. The results with respect to real incomes in the U.S. and Japan appear to correspond with the increase in demand for the electronic exports from the Philippines. The exchange rate elasticities of the electronic exports suggest that a devaluation of the Philippine peso is effective in increasing the U.S. demand for such exports. In contrast, a negative effect shows up as regards the demand of Japan for the country's electronic exports. The exchange rates of the U.S. and Jap~ currencies with respect only to Thailand among the competing countries appear to be a significant factor in influencing the electronic exports. The Asian and the global financial crises have also contributed to a decline in demand for the country's electronic exports, albeit not significantly.Item Restricted Philippine exports to Japan: an examination(1981-11) Baustista, Benito S.; Reyes, Johnny P.Item Restricted An analysis of the Philippines' terms of trade with Japan (1950-1969)(1971-01) Albano, Ernesto L.