Economic and Social Survey of Asia and the Pacific 2007: by United Nations

By United Nations

The region's oldest and so much finished annual evaluation of monetary and social advancements forecasts the exterior setting in Asia-Pacific to be much less beneficial in 2007, yet sees persisted dynamism regardless of hazards of extra oil expense shocks, and a pointy depreciation of the USA greenback. The Survey warns that interventions through financial specialists to maintain currencies down are resulting in inflated asset values, specially in housing and fairness markets. dealing with alternate premiums may be the greatest problem dealing with Asia-Pacific economies in 2007.

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By 2006Q3 the real exchange rate had appreciated by more than 26% from its level in 2001. Because the country is an oil exporter, higher oil prices led to a surge in trade and current account surpluses, increasing the money supply and domestic prices. 2% of GDP in 2003 to 11% in 2006, while broad money (M2) increased from 92% of GDP to 130%. Consumer price inflation in 2006, though declining slightly, was still close to double digits. Even though the Russian Federation has tightened monetary policy and established a special stabilization fund for oil to absorb the massive monetary inflows, the real exchange rate is still appreciating.

Markets recovered the following day when the authorities partly reversed the measures. Containing inflationary risks and preventing exchange rates from appreciating presents a dilemma. 3 in chapter 2). Yet, in 2006 many policymakers in East Asia tried to do just that. As interest rates rose to combat inflation and authorities accumulated foreign exchange reserves to keep exchange rates from appreciating, liquidity built up beyond desired levels, exacerbated by speculative flows. In response, central banks took some unorthodox steps.

By 2006Q3 the real exchange rate had appreciated by more than 26% from its level in 2001. Because the country is an oil exporter, higher oil prices led to a surge in trade and current account surpluses, increasing the money supply and domestic prices. 2% of GDP in 2003 to 11% in 2006, while broad money (M2) increased from 92% of GDP to 130%. Consumer price inflation in 2006, though declining slightly, was still close to double digits. Even though the Russian Federation has tightened monetary policy and established a special stabilization fund for oil to absorb the massive monetary inflows, the real exchange rate is still appreciating.

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