Download or read book Global and Regional Spillovers to Pacific Island Countries written by Niamh Sheridan and published by International Monetary Fund. This book was released on 2012-06-01 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Regional integration of Pacific Island countries (PICs) with Australia, New Zealand, and emerging Asia has increased over the last two decades. PICs have become more exposed to the region’s business cycles, and spillovers from regional economies are more important for PICs than from advanced economies outside the region. While strong linkages with Asia would help in the event of a global downturn, PICs remain particularly vulnerable to global commodity price shocks. In this paper, we use a Vector Error Correction Model (VECM) for each PIC to gauge the impact of global and regional growth spillovers. The analysis reveals that the impact on PICs’ growth from an adverse oil shock would be substantial, and in some cases even larger than from a negative global demand shock. We also assess the spillovers to the financial sector from the deterioration of the global outlook. PICs should continue to rebuild policy buffers and implement growth-oriented structural reforms to ensure sustained and inclusive growth.

Download or read book Global Shocks and the New Global and Regional Financial Architecture written by Naoyuki Yoshino and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asian economies continue to be subject to new shocks: US monetary policy tightening, the adoption of negative-interest-rate policies by central banks all over the world, the slowdown of the People's Republic of China, and the sharp drop in oil and other commodity prices. All these highlight the vulnerability of the region to volatile trade and capital flows even as the global and Asian regional financial architecture evolves. This volume analyzes the vulnerabilities of Asian economies to external economic and financial shocks and assesses the performance of Asian regional institutions in financial surveillance and cooperation. It also evaluates ongoing reforms of the global financial architecture, including the International Monetary Fund (IMF), the Financial Stability Board, and reviews the experience of the "Troika" (European Commission, European Central Bank, and the IMF) in managing the European sovereign debt and banking crisis. Based on these, the book develops valuable recommendations to strengthen the Asian regional financial architecture and improve cooperation with global multilateral institutions.

Download or read book Resilience and Growth in the Small States of the Pacific written by Hoe Ee Khor and published by International Monetary Fund. This book was released on 2016-08-10 with total page 462 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pacific island countries face unique challenges to realizing their growth potential and raising living standards. This book discusses ongoing challenges facing Pacific island countries and policy options to address them. Regional cooperation and solutions tailored to their unique challenges, as well as further integration with the Asia and Pacific region will each play a role. With concerted efforts, Pacific island countries can boost potential growth, increase resilience, and improve the welfare of their citizens.

Download or read book Regional Economic Outlook April 2013 Asia and Pacific written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2013-04-29 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Growth in the Asia-Pacific region shows signs of improving as extreme risks emanating from advanced economies have receded and domestic demand remains resilient, supported by relatively easy financial conditions and robust labor markets. A small and gradual pick-up in growth to over 53⁄4 percent is projected in the course of 2013. Risks to the outlook from within the region, such as rising financial imbalances and asset prices in some economies, are coming clearer into focus. Although Asia’s banking and corporate sectors have solid buffers, monetary policymakers should stand ready to respond early and decisively to shifting risks, and macroprudential measures will also have a role to play. In many Asian economies, some fiscal consolidation could also rebuild the space needed to respond to future shocks and preempt potential overheating pressures from capital inflows. In particular, there is a growing need to make tax and spending policies more efficient. To sustain high growth rates and alleviate the “middle-income trap” across Emerging Asia, the policy agenda will vary by jurisdiction but will also often include strengthening infrastructure investment and reforming goods and labor markets.

Download or read book Tuvalu written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-09-04 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses Tuvalu’s economic condition, internal happenings, external linkages, and climate. The country has reported slow economic growth after the global crisis. The export and economic expansions have been minimal with many of its goods imported. The main source of income for the country continue to be remittances from its citizens working abroad and donor assistance. The government has laid out a rigid agenda for improving fiscal strength, literacy rate, power, health, and reducing nonpriority expenditure. The authorities believe that these challenges have given a fighting spirit to the country.

Download or read book Are the Asia and Pacific Small States Different from Other Small States written by Ms.Patrizia Tumbarello and published by International Monetary Fund. This book was released on 2013-05-22 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: The small states of the Asia and Pacific region face unique challenges in raising their growth potential and living standards relative to other small states due to their small populations, geographical isolation and dispersion, narrow export and production bases, exposure to shocks, and heavy reliance on aid. Higher fixed government costs, low access to credit by the private sector, and capacity constraints are also key challenges. The econometric analysis confirms that the Pacific Island Countries (PICs) have underperformed relative to their peers over the last 20 years. Although these countries often face more limited policy tools, policies do matter and can further help build resilience and raise potential growth, as evidenced in the recent business cycle. The Asia and Pacific small states should continue rebuilding buffers and improve the composition of public spending in order to foster inclusive growth. Regional solutions should also continue to be pursued.

Download or read book Regional Economic Outlook April 2014 Asia and Pacific written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2014-04-27 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: The five Regional Economic Outlooks published biannually by the IMF cover Asia and Pacific, Europe, the Middle East and Central Asia, Sub-Saharan Africa, and the Western Hemisphere. In each volume, recent economic developments and prospects for the region are discussed as a whole, as well as for specific countries. The reports include key data for countries in the region. Each report focuses on policy developments that have affected economic performance in the region, and discusses key challenges faced by policymakers. The near-term outlook, key risks, and their related policy challenges are analyzed throughout the reports, and current issues are explored, such as when and how to withdraw public interventions in financial systems globally while maintaining a still-fragile economic recovery.These indispensable surveys are the product of comprehensive intradepartmental reviews of economic developments that draw primarily on information the IMF staff gathers through consultation with member countries.

Download or read book Future of Regional Cooperation in Asia and the Pacific written by Bambang Susantono and published by Asian Development Bank. This book was released on 2020-11-01 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reviews progress with regional cooperation and integration in Asia and the Pacific and explores how it can be reshaped to achieve a more resilient, sustainable, and inclusive future. Consisting of papers contributed by renowned scholars and Asian Development Bank staff, the book covers four major areas: public goods, trade and investment, financial cooperation, and regional health cooperation. The book emphasizes how the region can better leverage regional integration to realize its vast potential as well as overcome challenges such as the coronavirus disease (COVID-19) pandemic.

Download or read book Handbook of Small States written by Lino Briguglio and published by Routledge. This book was released on 2018-05-11 with total page 628 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook covers a wide spectrum of issues relating to small states. Chapters in the volume have been grouped under the three main themes of economic, social and environmental issues. The economics sections include chapters dealing with trade, finance and regulatory frameworks, while the social theme covers health, migration, population ageing, as well as overall social wellbeing. The environmental theme examines matters such as measuring environmental performance, natural disasters, the ocean economy, and the validity of the Sustainable Development Goals. One major issue is the definition of small states. As this volume demonstrates, generally speaking, population is used to measure country size in the literature. However, it clearly emerges that there is no real consensus as to the population cut-off point that distinguishes small states from large ones. While the approaches taken by the authors vary, in all cases the chapters draw practical policy implications for small states. The book can therefore be considered as a wide-ranging depositary of information on small states with the aim of deriving policy prescriptions, and thus as an excellent resource for academics, students and policymakers.

Download or read book Challenges in Correspondent Banking in the Small States of the Pacific written by Jihad Alwazir and published by International Monetary Fund. This book was released on 2017-04-07 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Access to financial services in the small states of the Pacific is being eroded. Weaknesses in Anti-Money Laundering and Combating the Financing of Terrorism compliance in the context of high levels of remittances are contributing to banks’ decisions to withdraw corresponding banking relationships and close bank accounts of money transfer operators. In this paper, we gather evidence on these developments in the small states of the Pacific, discuss the main drivers, and the potentially negative impact on the financial sector and macroeconomy. We then identify the collective efforts needed to address the consequences of withdrawal of corresponding banking relationships and outline policy measures to help the affected countries mitigate the impact.

Download or read book Small Island States in the Pacific written by Mr.Chris Becker and published by International Monetary Fund. This book was released on 2012-09-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper seeks to document key characteristics of small island states in the Pacific. It restricts itself to a limited number of indicators which are macro-orientated - population, fertility of land, ability to tap into economies of scale, income, and geographic isolation. It leaves aside equally important but more micro-orientated variables and development indicators. We show that small island states in the Pacific are different from countries in other regional groupings in that they are extremely isolated and have limited scope to tap economies of scale due to small populations. They often have little arable land. There is empirical evidence to suggest that these factors are related to income growth.

Download or read book Pacific Economic Monitor December 2012 written by Asian Development Bank and published by Asian Development Bank. This book was released on 2012-12-01 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: The December 2012 edition of the Pacific Economic Monitor examines the fiscal position of ADB's Pacific developing member countries and their budget plans for 2013. Special articles included in this issue focus on economic management and growth prospects in smaller Pacific island economies.

Download or read book Making Money Work written by Asian Development Bank and published by Asian Development Bank. This book was released on 2015-07-01 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: The new sustainable development agenda is expected to touch every country, person, and activity. Therefore, shouldn't every dollar count toward achieving it? Asia and the Pacific, home to more than half of humanity, has the money to improve the lives of all its people, and protect the planet in fair and durable ways. However, funds are in many hands, invested elsewhere, or used for various purposes. It is time to move beyond this fragmentation and align finance behind sustainable development, recognizing that while capital will be key, so will the capacity to apply and attract it effectively. This report explores some of the ways forward. It highlights not just the need to inject more money into investments that contribute to sustainable development, but also the need to attract funds toward them---to finance human needs, infrastructure, and cross-border public goods. The report spans public and private options, in their distinct roles and in combination. An eight-point agenda suggests how key constituents can do their parts. Working together, they can make money work for development where benefits are not only more equitably shared, but will last for generations to come.

Download or read book Republic of Fiji written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2014-11-12 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2014 Article IV Consultation highlights that growth in Fiji in 2013 accelerated to 4.6 percent. Consumption and investment indicators suggest continued strength in 2014, with economic growth projected at 3.8 percent. Headline inflation is currently low as imported commodity and food prices have remained stable. The Reserve Bank of Fiji lowered its policy rate to 0.5 percent in 2011, and monetary policy has been on hold since then. In response to lower rates and improved confidence, net domestic credit accelerated in the first half of 2014. Based on developments in the first half of 2014, the deficit financing target is on track to be met.

Download or read book Solomon Islands written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-06-29 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The First Review Under the Standby Credit Facility (SCF) discusses Solomon Islands’ satisfactory performance under the SCF-supported program, approved in December 2011. The current arrangement is intended to be precautionary and, given the current level of reserves, the authorities do not intend to draw on the IMF's resources unless an unexpected need arises. The outlook remains favorable, but with large near-term downside risks. Substantial progress has been made toward implementing structural benchmarks.

Download or read book What Drives Interest Rate Spreads in Pacific Island Countries An Empirical Investigation written by Mr.Fazurin Jamaludin and published by International Monetary Fund. This book was released on 2015-05-04 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Growth has been sluggish in Pacific island countries (PICs). High cost of credit is likely one of the reasons. While the small scale, geographic dispersion, and vulnerability to shocks increase the cost and risk of credit in this country group, there is considerable variability in interest rate spreads both across countries and over time. This paper examines the determinants of lending rates and interest rate spreads in a panel of six PICs, extending the literature that was largely descriptive in nature or focused on a single country. Our results are in line with economic theory. We find that the size of the economy is negatively correlated with spreads, confirming the importance of scale. Inflation appears to have only marginal impact on spreads. High loan loss provisions and nonperforming loans increase the cost of credit. So does banking system concentration. Higher institutional quality is associated with lower spreads.

Download or read book IMF Research Bulletin September 2012 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2012-09-21 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: The research summaries in the September 2012 issue of the IMF Research Bulletin are "Surges in Capital Flows: Why History Repeats Itself" (by Mahvash S. Qureshi) and "The LIC-BRIC Linkage: Growth Spillovers" (by Issouf Samake, Yongzheng Yang, and Catherine Pattillo). The Q&A covers "Seven Questions on Monetary Transmission in Low-Income Countries" (by Prachi Mishra and Peter Montiel). "Conversations with a Visiting Scholar" features an interview with IMF Fellow Olivier Coibion. Also included in this issue are details on the IMF Fellowship Program, visiting scholars at the IMF, a listing of recently published IMF Working Papers and Staff Discussion Notes, and an announcement on IMF Economic Review's first Impact Factor.