The broken line is the Riksbank’s forecast from the Monetary Policy Report in October 2013. Sources: Statistics Sweden and the Riksbank. Figure 2. More expansionary monetary policy  Repo rate  5  5  4  4  3  3  2  2  1  1  0  0 07  09  9  11  13  15  Unemployment  9 8  7  7  6  6 5 07  09  Main scenario  11  13  Lower policy rate  15  4  3  3  2  2  1  1  0  0 07  8  5  CPIF  4  09  11  13  15  Household debt ratio  180  180  170  170  160  160  150  150 07  09  11  13  15  Own calculations  Note. Forecasts from the Monetary Policy Report, October 2013. Repo rate, per cent, quarterly averages. The CPIF, annual percentage change, quarterly averages. Unemployment, percentage of labour force, 15–74 years, seasonally-adjusted data. Real interest rate, 1 year, per cent, quarterly averages. Debt ratio, per cent of disposable income. Effects on CPIF and unemployment according to the Riksbank’s macro model, Ramses. Effects on debt ratio according to own calculations – see footnote 14. Sources: Statistics Sweden, Riksbank and own calculations. BIS central bankers’ speeches  11  Figure 3.
Joseph Yam: Changes in Asia – a brief look at the dynamics within the region Statement by Mr Joseph Yam, Chief Executive of the Hong Kong Monetary Authority, and Alternate Governor for Hong Kong, China in the Asian Development Bank, at the 40th Asian Development Bank Annual Meeting, Kyoto, 6 May 2007. *  *  *  I would like to thank the Government of Japan and the people of Kyoto for their hospitality in hosting this year’s Annual Meeting of the Asian Development Bank (ADB). I would also like to congratulate Mr Kuroda on his re-election as the President of the ADB. This year marks the 40th anniversary of the ADB. Over the past four decades, Asia has achieved remarkable development, particularly in terms of economic growth and the reduction of poverty, and clearly the ADB has contributed significantly to this achievement and has established itself as a regional financial institution of strategic importance. Asia has undergone remarkable changes too over the past four decades and in many ways, in particular in terms of the economic dynamics within the region, and between the region and the rest of the world. Changes have been particularly marked in the past decade or so, under the influence of globalisation and the revolution of information technology. There has, for example, been rapidly increasing trade integration, encouraged obviously by the high degree of freedom in international trade, and consequently increasing economic interdependence within the region. Changes always present new challenges and opportunities.