For the Philippines, the number or the change in exchange rate translation to inflation is less than 0.1 percent.3 Unfortunately, we think that data applies only when the change in the exchange rate is two-way and not very large. Because [in] much of the data that we are looking at, we did not have the kind of exchange rate changes that we were seeing.
Nanda V., Wu W. and Zhou X. (2018), ‘Investment commonality across insurance companies: fire sale risk and corporate yield spread’, Finance and Economics Discussion Series No. 69-2017, Board of Governors of the Federal Reserve System. 12 Manconi A., Massa M. and Yasuda A.