And finally, careful analysis of money and credit growth may provide early information on the development of financial instability in addition to other indicators. Such information is of relevance for monetary policy as the emergence of financial imbalances or bubbles could have a de-stabilising impact on activity and, ultimately, prices in the medium term.
Our GS turnover ratio of 0.49 is also lower than the average for the rest of ASEAN-5 which is at 0.69. The lower trading activity could be attributed to several factors. The net effect however is that we have less liquidity in the secondary market and with that comes our challenges with benchmarks.