By United Nations
ISBN-10: 9211204623
ISBN-13: 9789211204629
The important coverage concerns and demanding situations dealing with the area over the following yr are desirous about the process oil costs, the chance of worldwide exterior fee imbalances unwinding precipitously, the effect of upper rates of interest and the potential of the avian influenza to become a human pandemic. Longer-term concerns relate to the continuing problem of poverty relief, using the advantages of domestic remittances to concurrently enhance social signs and macroeconomic basics, and re-energizing the alternate liberalization schedule following the 6th international alternate association Ministerial convention, held in Hong Kong, China, in December 2005.
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Extra resources for Economic and Social Survey of Asia and the Pacific 2006
Example text
For example, the United States–China bilateral deficit accounted for 26 per cent of the overall United States deficit in 2005. At this level, even a massive appreciation of the yuan may not make a meaningful dent in the United States current account deficit. Third, large exchange rate adjustments are likely to be excessively contractionary in their impact on output in the countries where the exchange rate appreciates. Current account imbalances tend to reflect deeper structural problems. Unless these problems are addressed, a pure exchange rate adjustment is unlikely to provide a lasting solution.
Such inflows have been important for India and the Republic of Korea, which have seen large portfolio flows into their stock markets. Reserve holdings are typically held in low-yielding government securities and are heavily weighted in dollar-denominated instruments. They are now a massive resource and countries of the region are incurring considerable opportunity costs by eschewing alternative, though somewhat riskier, investments in the region, such as in infrastructure. Against the background of the principal trends and prospects for the global economy outlined above, a number of issues need elucidation.
12 Policy actions are needed for net oil importers Net oil-importing countries need to take steps to adjust to this reality. Having recognized that the continuation of oil subsidies may not be fiscally sustainable, many countries have scaled down subsidies since the second quarter of 2005. Inflationary pressure has been increasing as a result. Some degree of monetary policy tightening may be required to pre-empt higher inflation in the months ahead. The prevailing low-interest environment in the region should make it easier for policymakers to pursue tighter monetary policies for some time to come.