The same patterns have been found in empirical studies for virtually all countries, not only by vector autoregression analysis but by more structural methods as well. They are reflected in essentially all contemporary econometric models used for forecasting and policy analysis, such as the FRBUS model at the Federal Reserve.
The key message, I believe, is that the regulatory foundations built up by CBB are now beginning to bear fruit, and offer firms a solid base from which to tap into significant regional opportunities.