1 IMF World Economic Outlook, October 2014 2 IMF World Economic Outlook, October 2016 3 Dealogic data 4 “Learning to Live with Less Liquidity”, Morgan Stanley and Oliver Wyman, 13 March 2016 5 “Infrastructure for a seamless Asia”, Asian Development Bank, 2009 6 "The ASEAN Investment Report 2015 Infrastructure Investment and Connectivity”, the ASEAN Secretariat and  UNCTAD, November 2015 7 World Federation of Exchanges 2015 and 2006 data 8 “EY Global IPO Trends”, Ernst & Young, 2006–2015 and “IPO Watch, Asia”, PricewaterhouseCoopers, 2007–  2014 9 World Federation of Exchanges 2015 and 2006 data 10 Dealogic data 11 “ASEAN, PRC and India”, Asian Development Bank, 2014 12 “United Overseas Bank (UOB) publishes the first global Covered Bond Label Harmonised Transparency 6/7  BIS central bankers' speeches  Template”, Covered Bond Label, 19 January 2013 13 “Grow fast or die slow: why unicorns are staying private”, Mckinsey & Company, May 2016 14 IMF World Economic Outlook, October 2016 15 MAS estimates as at 30 September 2016  7/7  BIS central bankers' speeches
Housing cost overburden rate by income quintile  1,500  50  12  1,200  40  9  900  6  600  3  300  15  percent  30 20 10  2-room standard flat price to income  3-room standard flat  average price/sqm (rhs)  Source: imobiliare.ro, NBR, NBR calculations  quintile 1  quintile 2  quintile 4  quintile 5  2016  2015  2014  2013  2012  2011  2010  2009  2008  0  2007  Bucharest  Timișoara  Cluj-Napoca  country  Bucharest  Timișoara  country  0  Cluj-Napoca  0  quintile 3  Note: Share of households where housing costs exceed 40 percent of disposable income. Costs include interest payments or rent, utilities expenses, etc. Source: Eurostat 27  Map of risks to financial stability in Romania Deterioration in investor sentiment in emerging economies Tensions surrounding macroeconomic equilibria Higher household indebtedness through both banks and NBFIs Weak payment discipline in the economy, vulnerabilities in firms' balance sheets Faster increase in property prices severe systemic risk high systemic risk moderate systemic risk low systemic risk Note: The colour shows risk intensity. Arrows indicate the outlook for risk in the period ahead. 28