One piece of received wisdom, accepted also in the ADB report, is that developing Asia has been the none-too-welcome recipient of a flood of money created by US quantitative easing and similar policies in other developed countries. This is said to have pushed up their currencies and asset prices, justifying restrictions on capital inflows through new regulations and tax measures.But the data actually given by the ADB suggest that the main cause of upward pressure has been the rise in the current account surpluses of these countries. Full story
