Thus, the evidence seems more consistent with the view that wage restraint is damping price increases than the other way around. If the job insecurity paradigm that I have outlined is the key, then we must recognize that, as I indicated in last February’s Humphrey-Hawkins testimony, “suppressed wage cost growth as a consequence of job insecurity can be carried only so far.
I would like to explain their efforts in three aspects. To develop local currency-denominated bond markets The first is a project aimed at developing liquid bond markets to provide a bridge between abundant local savings and local investments: the ABF of EMEAP, and the ABMI of ASEAN+3.