Table of Contents
Too early to worry ....................................................................3
Emerging Markets' Monetary Cycles ....................................10
Brazil........................................................................................10
China .......................................................................................13
India .........................................................................................15
Indonesia.................................................................................17
Korea .......................................................................................19
Malaysia ..................................................................................21
Mexico .....................................................................................22
Philippines ..............................................................................25
Russia......................................................................................27
South Africa ............................................................................29
Taiwan .....................................................................................31
Thailand...................................................................................33
Turkey......................................................................................35
Developed Asia Monetary Cycles .........................................37
Australia ..................................................................................37
Hong Kong ..............................................................................39
Singapore................................................................................41
Appendix - History lesson from last rate increasing cycle.43
Appendix - History lessons from other rate cycles .............47