Money, Finance, and Prices

Transcription

1 232 Key Indicators for Asia and the Pacific 2013 Money, Finance, and Prices Snapshots Inflation eased across the Asia and Pacific region in 2012, reflecting softer economic growth in the region, relatively stable global food and commodity prices, and currency appreciation in some economies. Six economies (including India and Pakistan) recorded double-digit inflation on average between 2008 and Capital inflows contributed to appreciation of regional currencies against the United States (US) dollar during , although n currencies mostly depreciated. Banks nonperforming loans generally declined based on the data from reporting economies. Key trends Figure 3.1 Inflation rate, Inflation slowed across the region in Softer economic growth in the region and relatively stable global food and commodity prices contributed to dampening price pressures. Appreciation of local currencies against those of major trading partners tempered inflation in some economies. The simple average of inflation rates for 46 regional economies fell from 6.4% in 2011 to 4.2% in Consumer inflation on a year-average basis decelerated in 34 economies, with particularly sharp declines in the Kyrgyz Republic, from 16.6% in 2011 to 2.8% in 2012, and Viet Nam, from 18.6% to 9.2% (Figure 3.1). For the Kyrgyz Republic, lower food prices brought down inflation. In Viet Nam, inflation subsided largely owing to a tightening of fiscal and monetary policies in 2011, together with good harvests in 2012 (ADB 2013). Improved food supplies lowered food price inflation in many economies, including the People s Republic of China where inflation eased to 2.6% in 2012 (Figure 3.2), and Indonesia, where inflation fell to a 12-year low of 4.3%. Food prices have a heavy weighting, often exceeding 30%, in consumer price index baskets in developing member economies. Table 3.2 shows that food price inflation in 2012 eased in all but a handful of economies. In seven economies, food prices fell in 2012 from 2011 (Figure 3.2). Inflation picked up to 10.5% in India in 2012, partly reflecting the impact of bad weather on food production. Double-digit inflation also was recorded in Bhutan, the Maldives, Mongolia, and Pakistan. Mongolia Pakistan Bhutan Maldives India Viet Nam Bangladesh Afghanistan Sri Lanka Nepal Uzbekistan Tajikistan Solomon Islands Micronesia, Fed. States of Turkmenistan Kazakhstan Singapore Fiji Indonesia Lao PDR Hong Kong, China Palau Philippines Thailand Cook Islands Cambodia Kyrgyz Rep. China, People's Rep. of Armenia Papua New Guinea Korea, Rep. of Samoa Taipei,China Australia Malaysia Myanmar Tuvalu Vanuatu Tonga Azerbaijan New Zealand Brunei Darussalam Japan Nauru Georgia Kiribati Lao PDR = Lao People s Democratic Republic. Source: Table

2 Money, Finance, and Prices 233 Figure 3.2 Price increases for all items and food components, 2012 (annual % change) Bhutan Pakistan India Afghanistan Bangladesh Nepal Lao PDR Indonesia Hong Kong, China Tajikistan Taking a longer-term view, inflation averaged 10% or higher in six economies during Figure 3.3 presents the 10 economies with the highest average inflation in In Mongolia, the impact of severe winters on food production drove up inflation in some years and rapid increases in government spending also put upward pressure on prices. High rates of credit growth and currency devaluations in 2010 contributed to inflation in Viet Nam over recent years. In Pakistan, government policies, including borrowing from the central bank, fuelled public inflationary expectations (ADB 2013). Regional Trends and Tables Uzbekistan Thailand Sri Lanka Kazakhstan Palau Solomon Islands Fiji Taipei,China Korea, Rep. of Cambodia Cook Islands Vanuatu Malaysia Singapore Philippines Armenia Samoa Brunei Darussalam Papua New Guinea Tonga Azerbaijan Tuvalu Japan New Zealand Myanmar Australia Kyrgyz Rep. Kiribati Georgia China, People's Rep. of Lao PDR = Lao People s Democratic Republic. Sources: Tables 3.1. and All items Food Figure 3.3 Average growth rates of consumer price index, Mongolia Viet Nam Pakistan Kyrgyz Rep. Sri Lanka India Nepal Afghanistan Maldives Kazakhstan Source: Table 3.1. Capital inflows contributed to currency appreciation against the US dollar in 2011 and In Figure 3.4, bars to the left show appreciations against the US dollar and bars to the right show depreciations. More regional currencies appreciated than depreciated against the US dollar in both years, although the difference narrowed in Better economic prospects in Asia compared with Europe, Japan, and the US, rising global liquidity from the industrial economies, and associated capital flows into the region, contributed to currency appreciation. This in turn, played a role in keeping inflation in check. The Papua New Guinea kina strengthened by more than 10% in both 2011 and 2012, driven up by inflows of foreign direct investment. However, most n currencies weakened against the US dollar in The Indian rupee softened as the nation s economy slowed and its current account deficit widened. The Nepalese rupee, which is pegged to India s currency, eased against the dollar. The Sri Lankan rupee depreciated against the dollar when the central bank

3 234 Key Indicators for Asia and the Pacific 2013 moved toward greater exchange rate flexibility by limiting central bank intervention in the foreign exchange market (ADB 2013). These depreciations added to inflationary pressures in these economies. Figure 3.4 Percentage change in dollar exchange rates Papua New Guinea Solomon Islands Philippines New Zealand Cook Islands China, People's Rep. of Georgia Samoa Brunei Darussalam Singapore Cambodia Tonga Azerbaijan Vanuatu Australia Tuvalu Nauru Kiribati Hong Kong, China Lao PDR Fiji Japan Turkmenistan Taipei,China Malaysia Korea, Rep. of Viet Nam Kazakhstan Kyrgyz Rep. Thailand Tajikistan Maldives Indonesia Mongolia Armenia Pakistan Afghanistan Bangladesh Uzbekistan India Bhutan Nepal Sri Lanka Lao PDR = Lao People s Democratic Republic. Source: Table Money supply growth slowed in most of the region s economies in The simple average of money supply growth rates for 42 economies decelerated from 16.3% in 2011 to 13.9% in Among the reporting economies, money supply growth eased in 30 and picked up in 11 (Figure 3.5). Money supply contracted in four economies, three of them in the Pacific. Figure 3.5 Percentage of growth of money supply, (annual % change) Myanmar Turkmenistan Lao PDR Timor-Leste Uzbekistan Kyrgyz Rep. Nepal Tajikistan Cambodia Azerbaijan Armenia Cook Islands Mongolia Sri Lanka China, People's Rep. of Bangladesh Solomon Islands Pakistan Indonesia India Viet Nam Georgia Hong Kong, China Papua New Guinea Philippines Thailand Australia Malaysia Kazakhstan Singapore Afghanistan New Zealand Fiji Maldives Korea, Rep. of Taipei,China Japan Brunei Darussalam Vanuatu Bhutan Samoa Tonga Lao PDR = Lao People s Democratic Republic. Source: Table 3.5.

4 Money, Finance, and Prices 235 Yields on short-term Treasury bills generally eased. In 13 of 22 reporting economies, yields on shortterm Treasury bills fell in 2012, while yields rose in 8 (Figure 3.6). Interest rates offered on time deposits of 12 months also declined in most economies (Table 3.7). A subdued global economic outlook and generally benign inflation prompted monetary authorities in a number of regional economies to trim policy interest rates to support economic growth, bringing down marketdetermined rates. Bank nonperforming loans (NPLs) generally declined. In 18 economies for which data are available, NPLs as a percentage of total loans declined in 11 between 2010 and 2012 (Figure 3.7). Kazakhstan was a notable exception, with NPLs increasing sharply to 31.7% of total loans in One outcome of the high level of bad loans in Kazakhstan was that banks, growing more risk averse, increased investments in relatively secure government and central bank securities, which constrained bank lending to businesses (ADB 2013). Regional Trends and Tables Figure 3.6 Yield on short-term treasury bills, (%) Pakistan Data for 2011 show that NPLs were at double-digit levels in Kazakhstan, the Kyrgyz Republic, Pakistan, and Tajikistan (Table 3.12). Armenia India Figure 3.7 Bank nonperforming loans, (% of total gross loans) Maldives Kazakhstan Kazakhstan Kyrgyz Rep. Bangladesh Bhutan Australia Korea, Rep. of Malaysia Thailand Papua New Guinea New Zealand Philippines Solomon Islands Nepal Taipei,China Fiji Singapore Japan Hong Kong, China Bhutan Samoa Armenia Georgia India Thailand Philippines Malaysia Indonesia Australia New Zealand Korea, Rep. of Singapore China, People's Rep. of Hong Kong, China Uzbekistan Taipei,China Source: Table Source: Table 3.12.

5 236 Key Indicators for Asia and the Pacific 2013 Data issues and comparability Some economies need to meet international reporting standards and classifications on the compilation of monetary and financial statistics. The consumer price index coverage differs from country to country. Sometimes the basket of goods and services in the index is outdated or represents only urban areas or the capital city. Other price measurements, such as the wholesale price index and the producer price index, are not available in the Pacific countries and it is recommended that they make an effort to compile these indexes. Money supply in most economies relates to M2 but eight of the 42 reporting economies report M3, which is broader than M2 as it also includes less liquid financial assets. It should also be noted that countries like Japan, Malaysia, and the Philippines have shifted from M2 to M3. The methodology in compiling or measuring banks average deposit and lending rates also vary for each economy. Some countries use the central bank policy rate while others commercial bank rates.

6 Money, Finance, and Prices Prices 237 Table 3.1 Growth Rates of Consumer Price Index a (%) Afghanistan Armenia Azerbaijan Georgia Kazakhstan Kyrgyz Republic Pakistan Tajikistan Turkmenistan Uzbekistan Regional Trends and Tables China, People s Rep. of Hong Kong, China Korea, Rep. of Mongolia Taipei,China Bangladesh Bhutan India Maldives Nepal b Sri Lanka c Brunei Darussalam Cambodia c Indonesia d Lao PDR Malaysia Myanmar Philippines Singapore Thailand Viet Nam Cook Islands Fiji Kiribati c Marshall Islands c Micronesia, Fed. States of Nauru Palau Papua New Guinea Samoa Solomon Islands c Timor-Leste Tonga Tuvalu e Vanuatu c Australia Japan New Zealand = Data not available at cutoff date, 0.0 = Magnitude is less than half of unit employed, = Magnitude equals zero. a Unless otherwise indicated, data refer to the whole country. b Data refer to urban areas only. c Data refer to capital city. d For 1990 and 1995, data refer to CPI for 27 cities; for , 43 cities; for , 45 cities; and for 2008 onward, 66 cities. e Data prior to 1999 cover Funafuti only. Source: Country sources.

7 238 Key Indicators for Asia and the Pacific 2013 Prices Table 3.2 Growth Rates of Food Consumer Price Index a (%) Afghanistan Armenia Azerbaijan Georgia Kazakhstan Kyrgyz Republic Pakistan Tajikistan Turkmenistan Uzbekistan China, People s Rep. of Hong Kong, China Korea, Rep. of Mongolia Taipei,China Bangladesh Bhutan b India Maldives Nepal c Sri Lanka d Brunei Darussalam Cambodia d Indonesia e Lao PDR Malaysia Myanmar Philippines Singapore Thailand Viet Nam Cook Islands Fiji Kiribati d Marshall Islands d Micronesia, Fed. States of Palau Papua New Guinea Samoa Solomon Islands d Timor-Leste Tonga Tuvalu f Vanuatu d Australia Japan New Zealand = Data not available at cutoff date, = Magnitude equals zero. a Coverage of food varies by country. Unless otherwise indicated, data refer to the whole country. b Prior to third quarter of 2003, no quarterly price indices were calculated and, therefore, year-on-year rate of change of the CPI cannot be computed. c Data refer to urban areas only. d Data refer to capital city. e For 1990 and 1995, data refer to CPI for 27 cities; for 2000, 43 cities; for , 45 cities; and for 2008 onward, 66 cities. f Data prior to 1999 cover Funafuti only. Sources: Country sources; for the People s Republic of China: CEIC; for Bhutan and Maldives: economy sources.

8 Money, Finance, and Prices Prices 239 Table 3.3 Growth Rates of Wholesale/Producer Price Index (%) Afghanistan Armenia Azerbaijan Georgia Kazakhstan Kyrgyz Republic Pakistan Tajikistan Turkmenistan Uzbekistan Regional Trends and Tables China, People s Rep. of Hong Kong, China Korea, Rep. of Mongolia Taipei,China Bangladesh a Bhutan India Maldives Nepal Sri Lanka Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia Myanmar Philippines Singapore Thailand Viet Nam Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Palau Papua New Guinea Samoa Solomon Islands Timor-Leste Tonga Tuvalu Vanuatu Australia Japan New Zealand = Data not available at cutoff date, 0.0 = Magnitude is less than half of unit employed. a For agricultural and industrial products only. Source: Country sources.

9 240 Key Indicators for Asia and the Pacific 2013 Prices Table 3.4 Growth Rates of GDP Deflator (%) Afghanistan Armenia Azerbaijan Georgia Kazakhstan Kyrgyz Republic Pakistan Tajikistan Turkmenistan Uzbekistan China, People s Rep. of Hong Kong, China Korea, Rep. of Mongolia Taipei,China Bangladesh Bhutan India Maldives Nepal Sri Lanka Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia Myanmar Philippines Singapore Thailand Viet Nam Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Nauru Palau Papua New Guinea Samoa Solomon Islands Timor-Leste Tonga Tuvalu Vanuatu Australia Japan New Zealand = Data not available at cutoff date, 0.0 = Magnitude is less than half of unit employed. Sources: Country sources; IMF World Economic Outlook Database for Turkmenistan.

10 Money, Finance, and Prices Money and Finance 241 Table 3.5 Growth Rates of Money Supply (M2) (%) Afghanistan Armenia Azerbaijan Georgia a Kazakhstan a Kyrgyz Republic Pakistan Tajikistan Turkmenistan a Uzbekistan Regional Trends and Tables China, People s Rep. of Hong Kong, China Korea, Rep. of Mongolia Taipei,China Bangladesh Bhutan India a Maldives Nepal Sri Lanka Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia a Myanmar Philippines Singapore Thailand Viet Nam Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Palau Papua New Guinea a Samoa Solomon Islands a Timor-Leste Tonga Tuvalu Vanuatu Australia a Japan b New Zealand a = Data not available at cutoff date, 0.0 = Magnitude is less than half of unit employed. a Refers to M3. b Data from 2006 refer to M3, otherwise M2. Sources: Country sources; IMF World Economic Outlook Database for Turkmenistan.

11 242 Key Indicators for Asia and the Pacific 2013 Money and Finance Table 3.6 Money Supply (M2) (% of GDP) Afghanistan Armenia Azerbaijan Georgia a Kazakhstan a Kyrgyz Republic Pakistan Tajikistan Turkmenistan a Uzbekistan China, People s Rep. of Hong Kong, China Korea, Rep. of Mongolia Taipei,China Bangladesh Bhutan India a Maldives Nepal Sri Lanka Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia a Myanmar Philippines Singapore Thailand Viet Nam Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Palau Papua New Guinea a Samoa Solomon Islands a Timor-Leste b Tonga Tuvalu Vanuatu Australia a Japan c New Zealand a = Data not available at cutoff date. a Refers to M3. b GDP estimates refer to non-oil GDP. Before 2002, estimates include the value-added activities of United Nations activities. c Data from 2005 refer to M3, otherwise M2. Sources: Country sources; EBRD and ADB Staff Estimates for Turkmenistan.

12 Money, Finance, and Prices Money and Finance 243 Table 3.7 Interest Rate on Savings Deposits (% per annum, period averages) Afghanistan Armenia Azerbaijan Georgia Kazakhstan Kyrgyz Republic Pakistan Tajikistan Turkmenistan Uzbekistan Regional Trends and Tables China, People s Rep. of Hong Kong, China Korea, Rep. of Mongolia Taipei,China Bangladesh Bhutan India Maldives Nepal Sri Lanka Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia Myanmar Philippines Singapore Thailand Viet Nam Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Palau Papua New Guinea Samoa Solomon Islands Timor-Leste Tonga Tuvalu Vanuatu Australia Japan New Zealand = Data not available at cutoff date. Source: Country sources.

13 244 Key Indicators for Asia and the Pacific 2013 Money and Finance Table 3.8 Interest Rate on Time Deposits of 12 Months (% per annum, period averages) Afghanistan Armenia a Azerbaijan Georgia Kazakhstan b Kyrgyz Republic c Pakistan Tajikistan d Turkmenistan Uzbekistan China, People s Rep. of Hong Kong, China Korea, Rep. of Mongolia Taipei,China Bangladesh Bhutan e India Maldives b Nepal Sri Lanka Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia Myanmar Philippines f Singapore Thailand Viet Nam Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Palau Papua New Guinea Samoa Solomon Islands Timor-Leste Tonga g Tuvalu Vanuatu Australia Japan h New Zealand a = Data not available at cutoff date. a Figures are derived simple averages of monthly rates for time deposits of 6 months. b For time deposits of over 12 months. c From 1996, data refer to interest rates of commercial banks in national currency for 6 12 months. d Figures are derived simple averages of monthly rates for time deposits of 6 months to 1 year. e For fixed deposits of 1 year to less than 3 years. f Refers to rates charged on interest-bearing deposits with maturities of over 1 year. g Beginning 1996, figures refer to weighted averages. h Refers to time deposits from 12 months to less than 2 years. It is computed as the arithmetic average of the monthly figures. Sources: Country sources; for the People s Republic of China: CEIC data.

14 Money, Finance, and Prices Money and Finance 245 Table 3.9 Lending Interest Rate (% per annum, period averages) Afghanistan Armenia Azerbaijan Georgia Kazakhstan Kyrgyz Republic Pakistan Tajikistan Turkmenistan Uzbekistan Regional Trends and Tables China, People s Rep. of Hong Kong, China Korea, Rep. of Mongolia Taipei,China a Bangladesh Bhutan India Maldives Nepal Sri Lanka Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia Myanmar Philippines Singapore Thailand Viet Nam Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Palau Papua New Guinea Samoa Solomon Islands Timor-Leste Tonga Tuvalu Vanuatu Australia Japan New Zealand = Data not available at cutoff date. a Refers to base lending rates but figures before 2003 are prime lending rates. Sources: International Financial Statistics (IMF 2013); CEIC data; World Development Indicators Online (World Bank 2013); for Taipei,China: economy sources.

15 246 Key Indicators for Asia and the Pacific 2013 Money and Finance Table 3.10 Yield on Short-Term Treasury Bills a (%) Afghanistan Armenia Azerbaijan Georgia Kazakhstan Kyrgyz Republic Pakistan b Tajikistan c Turkmenistan Uzbekistan China, People s Rep. of d Hong Kong, China Korea, Rep. of e Mongolia Taipei,China Bangladesh Bhutan f India g Maldives h Nepal Sri Lanka Brunei Darussalam Cambodia Indonesia Lao PDR i Malaysia Myanmar Philippines Singapore a Thailand j Viet Nam k Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Palau Papua New Guinea l Samoa Solomon Islands Timor-Leste Tonga Tuvalu Vanuatu Australia m Japan New Zealand n = Data not available at cutoff date, 0.0 = Magnitude is less than half of unit employed. a Refers to 3-month treasury bills unless otherwise indicated. b Refers to weighted average yield on 6-month treasury securities. c Refers to 91-day treasury bills. d Refers to 3-month treasury bonds trading rate. e Refers to 91-day certificates of deposit. f Refers to 91-day Royal Monetary Authority bills. g Figures are for fiscal year ending March. h Refers to rate on 28-day treasury bills. i Refers to weighted average auction rate for 6-month treasury bills. j Refers to government securities bills. k Refers to average monthly yield on 360-day treasury bills sold at auction. l Refers to rate on 182-day treasury bills. m Refers to 90-day bank-accepted bills. n Refers to financing bill rate. Sources: International Financial Statistics CD-ROM (IMF 2013); for the People s Republic of China and the Republic of Korea: OECD Statistics Online (OECD 2012); for Bangladesh, Bhutan, India, and Taipei,China: economy sources.

16 Money, Finance, and Prices Money and Finance 247 Table 3.11 Domestic Credit Provided by Banking Sector a (% of GDP) Afghanistan Armenia Azerbaijan Georgia Kazakhstan Kyrgyz Republic Pakistan Tajikistan Turkmenistan Uzbekistan Regional Trends and Tables China, People s Rep. of Hong Kong, China Korea, Rep. of Mongolia Taipei,China Bangladesh Bhutan India Maldives Nepal Sri Lanka Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia Myanmar Philippines Singapore Thailand Viet Nam Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Palau Papua New Guinea Samoa Solomon Islands Timor-Leste Tonga Tuvalu Vanuatu Australia Japan New Zealand = Data not available at cutoff date, 0.0 = Magnitude is less than half of unit employed. a Domestic credit provided by the banking sector as a share of GDP is a measure of banking sector depth and financial sector development in terms of size. Since the claims on the central government are a net item (claims on the central government minus central government deposits), this net figure may be negative, resulting in a negative figure of domestic credit provided by the banking sector. Sources: World Development Indicators Online (World Bank 2013); for Taipei,China: economy sources.

17 248 Key Indicators for Asia and the Pacific 2013 Money and Finance Table 3.12 Bank Nonperfoming Loans (% of total gross loans) Regional Member Afghanistan Armenia a, b Azerbaijan Georgia Kazakhstan Kyrgyz Republic Pakistan Tajikistan Turkmenistan Uzbekistan China, People s Rep. of Hong Kong, China c Korea, Rep. of c Mongolia Taipei,China Bangladesh Bhutan India d Maldives Nepal Sri Lanka Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia e Myanmar Philippines f, g Singapore h Thailand Viet Nam Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Nauru Palau Papua New Guinea Samoa Solomon Islands Timor-Leste Tonga Tuvalu Vanuatu Australia i Japan j New Zealand = Data not available at cutoff date. a Loans classified as loss, which are fully provisioned against, are held off-balance sheet. b Includes loans that are overdue less than 90 days. c Loans classified as substandard, doubtful and loss; not necessarily linked to a 90-day criterion. d Unless otherwise indicated, data refers to the end of the fiscal year, i.e., March of the indicated calendar year. e Loans with principal and/or interest past over 180 days; credit card debt and bankers acceptances past over 90 days; loans secured by cash and cash substitutes past 365 days. f Thirty days for loans payable in lump sum or payable in quarterly, semi-annual, or annual installments; 90 days for loans payable in monthly installments; as soon as they are past due for loans payable in daily, weekly, or semi-monthly installments. g Interbank loans are excluded. h Non-bank nonperforming loans to total non-bank loans. Other characteristics may be considered beyond the 90-day past-due criterion to classify a loan as nonperforming. i Includes both impaired and past due items. j For nine major banks only. Unless otherwise indicated, data refer to the end of the fiscal year, i.e., March of the next calendar year. Sources: World Development Indicators Online (World Bank 2013); for Taipei,China: economy sources.

18 Money, Finance, and Prices Money and Finance 249 Table 3.13 Growth Rates of Stock Market Price Index (%) Afghanistan Armenia Azerbaijan Georgia Kazakhstan Kyrgyz Republic Pakistan Tajikistan Turkmenistan Uzbekistan Regional Trends and Tables China, People s Rep. of Hong Kong, China Korea, Rep. of Mongolia Taipei,China Bangladesh Bhutan India Maldives Nepal Sri Lanka Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia Myanmar Philippines Singapore Thailand Viet Nam Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Palau Papua New Guinea Samoa Solomon Islands Timor-Leste Tonga Tuvalu Vanuatu Australia Japan New Zealand = Data not available at cutoff date. Sources: International Financial Statistics CD-ROM (IMF 2013); for Taipei,China: economy sources.