For firms, the term “floating-rate channel” has been used to make a relatively similar point on cash flows (Ippolito, F., Ozdagli, A.K. and Perez-Orive, A. (2018), “The transmission of monetary policy through bank lending: The floating rate channel”, Journal of Monetary Economics, Vol. 95, pp. 49-71). 11. Ippolito, F., Ozdagli, A.K. and Perez-Orive, A., ibid.
Moreover, the region’s economies have contributed significantly to the recovery and subsequent growth of the global economy. The Asian economies accounted for two-thirds of the recent growth of the global economy (Chart 1). The Asian economies have benefited greatly from sophistication of global supply chains and trade liberalization. Exports have played a leading role in the region’s high economic growth.