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International Monetary Fund. Asia and Pacific Dept

In the past several years, authorities in a number of Asian countries have implemented, or are considering implementing, policies to deal with rising housing prices and attendant risks. In India and Korea, the focus has been on tightening prudential regulations on real-estate-related finance. In Australia and New Zealand, monetary policy is shaped in part by concerns that rising housing prices could lead to domestic demand overheating and overall inflationary pressures. And in several countries, there is growing emphasis on increasing the public supply of

Capital account convertibility 1 has now been adopted by all industrial countries other than Iceland. Convertibility came to this group of countries significantly after the 1973 generalized shift to floating exchange rate regimes: e.g., Germany, Switzerland, and the United Kingdom in the late 1970s, Australia and New Zealand in the early 1980s, and most European industrial countries in the late 1980s. In contrast, relatively few developing countries had liberalized capital controls by the late 1980s; about one in four had free or virtually free systems, and