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Selective credit controls refer to measures taken by the Bank to restrict certain types of credit extended by financial institutions. For example, during the second half of the 1980s, Taiwan experienced asset price inflation which was mainly characterized by soaring stock and real estate prices. To battle against this asset inflation, the Bank once imposed a series of selective credit controls on bank loans secured against vacant plots of land and on loans made to investment companies, in addition to raising required reserve ratios and the discount rate.