Moreover, all windfalls from the high copper price have been saved in sovereign funds deposited abroad. BIS Review 39/2008  5  International changes in terms of trade (cumulated growth between 2003 and 2007, percent)  Venezuela Russia Chile Peru Norway Australia Colombia Mexico Argentina Canada South Africa New Zealand Thailand Brazil Poland United Kingdom China Malaysia Switzerland Turkey Israel Hungary Sweden United States Singapore South Korea Japan Philippines  -40  -20  0  20  40  60  80  100  Source: Institute of International Finance, International Monetary Fund. The downside of commodity price increases is inflation. The rise in the prices of specific goods leads to an increase in measured inflation. The effects of these external shocks on inflation will depend on a number of factors. First, on the weight each commodity has in total CPI. In general, in poorer countries commodities in general (foodstuff and energy in particular) have more weight, while in richer countries, services are more important. Also important is the level of price protection (tariffs, price bands and other mechanisms to isolate internal prices from international fluctuations), price controls or subsidies. In Chile, the shock to food prices has been further aggravated by weather problems.
Zeti Akhtar Aziz: Greater financial integration and financial stability Opening remarks by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the SEACEN 30th Anniversary Conference “Greater financial integration and financial stability”, Kuala Lumpur, 20 October 2013. *  *  *  Bank Negara Malaysia is honoured to welcome you to the SEACEN 30th Anniversary Conference on “Greater Financial Integration and Financial Stability”. We are especially honoured by the presence of Governors and senior officials who are here today, despite the pressing demands on our institutions during this period of persistent uncertainties in the global financial and economic environment. We continue to face challenging and often testing times. Over the recent five years, we have been confronted with recurring episodes of turbulence, followed by phases of transitory recoveries. We have seen, and have been part of, extensive collaborative measures and reforms pursued at both the regional and global level. Yet, the calm after the storm continues to evade us. The SEACEN and Asian economies have seen significant structural adjustments and wide ranging financial reforms in this decade. During this period intra-regional trade activity has rapidly increased, signifying the deepening of economic ties within the region. Intra-regional trade in East Asia has expanded from an average of 44% of total trade in 1995, to 50% in 2012. Intra-regional investment activity has also been on an uptrend.