Meanwhile, medium-sized economies, such as Peru, have sold almost USD 6 billion in order to stabilize their money markets as from October. Moreover, most central banks in the region have supplemented this generalized direct intervention with strong operations in derivatives markets, especially in the form of swaps. This explains why the private sector demand for money was below our calculations.
Measures that lower the cost of adding to supply of housing, particularly low-cost housing, would be helpful in aiding the transition process. This includes initiatives, such as that announced by the Australian Government in March, to help increase the supply of rental properties by giving tax subsidies to institutions investing in rental property. BIS Review 49/2008  11