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During the global financial crisis, central banks in Pacific island countries eased monetary policy to stimulate economic activity. Judging by the ensuing movements in commercial bank interest rates and private sector credit, monetary policy transmission appears to be weak. This is confirmed by an empirical examination of interest rate pass-through and credit growth. Weak credit demand and underdeveloped financial markets seem to have limited the effectiveness of monetary policy, but the inflexibility of exchange rates and rising real interest rates have also served to frustrate the central banks’ efforts despite a supporting fiscal policy. While highlighting the importance of developing domestic financial markets in the long run, this experience also points to the need to coordinate macroeconomic policies and to use all macroeconomic tools available in conducting countercyclical policies, including exchange rate flexibility.
This departmental paper provides an in-depth overview of access to climate finance for Pacific Island Countries, evaluating successes and challenges faced by countries and proposes a way forward to unlock access to climate funds.
Brings together experts from around the world to consider specific issues pertaining to regional integration and governance within small states. The authors collectively address the challenges posed to small states by the quickened pace of globalisation. The lessons learnt from the experiences of small states are then used to draw policy lessons for the Pacific island countries.
"The Pacific Islands are feeling the effects of globalisation. Free trade in sugar and garments is threatening two of Fiji's key industries. At the same time other opportunities are emerging. Labour migration is growing in importance, and Pacific governments are calling for more access to Australia's labour market. Fiji has joined Samoa, Tonga, Tuvalu and Kiribati as a remittance economy, with thousands of its citizens working overseas. Meantime, Papua New Guinea and Solomon Islands grapple with an older kind of globalisation in which overseas companies exploit mineral and forest resources. The Pacific Islands confront unique problems of governance in this era of globalisation. The modern, democratic state often fits awkwardly with traditional ways of doing politics in that part of the world. Just as often, politicians in the Pacific exploit tradition or invent it to serve modern political purposes. The contributors to this volume examine Pacific globalisation and governance from a wide range of perspectives. They come from Papua New Guinea, Solomon Islands, Hawai'i, the Federated States of Micronesia, Samoa, Fiji, New Zealand and Jamaica as well as Australia."--Publisher's description.
The Bali Fintech Agenda highlights 12 principles for policymakers to consider when formulating their approaches to new financial technology (fintech). The agenda aims to harness the potential of fintech while managing associated risks. This paper looks at how some elements of the Bali Fintech Agenda could be used in Pacific island countries, which face significant financial-structural challenges.
This study examines how monetary and fiscal policies are implemented in Pacific small states and suggests policy options that can be used by these countries.
Since 2009 there has been a fundamental shift in the way that the Pacific Island states engage with regional and world politics. The region has experienced, what Kiribati President Anote Tong has aptly called, a ‘paradigm shift’ in ideas about how Pacific diplomacy should be organised, and on what principles it should operate. Many leaders have called for a heightened Pacific voice in global affairs and a new commitment to establishing Pacific Island control of this diplomatic process. This change in thinking has been expressed in the establishment of new channels and arenas for Pacific diplomacy at the regional and global levels and new ways of connecting the two levels through active use of intermediate diplomatic associations. The New Pacific Diplomacy brings together a range of analyses and perspectives on these dramatic new developments in Pacific diplomacy at sub-regional, regional and global levels, and in the key sectors of global negotiation for Pacific states – fisheries, climate change, decolonisation, and trade.
Victor Levine asks a fundamental question of increasing importance to a globalizing region: How can Pacific Island states provide decent public education to their children? Based on broad international experience, he examines the evidence regarding what does and does not work in public education. While the literature suggests numerous instances of declining quality in Pacific public-education systems, Levine finds some basis for optimism about what is possible. The underlying causes for generally declining standards do not point to a single factor. And additional funding is not necessarily the answer. Island countries generally spend considerably more per pupil on education and attain markedly poorer results, compared to countries in other regions with similar economic conditions. Outside support in terms of grants and personnel has not necessarily brought about the desired results. Rather than proposing a silver bullet or "grand remedy," Levine suggests several more-modest options that policymakers may want to consider for initiating educational reforms. He maintains that the teacher is the single most important factor affecting student outcomes. In the past, many of the grand remedies have not worked because they are remote from the basic problem of ineffective classroom teaching. Based on this assessment, Levine argues for teacher-centered policies, which provide material and nonmaterial incentives to the teaching profession. He urges moving to a system where demonstrating the ability to produce learning gains in children (value added) would be a precondition for continued employment as a teacher. Finally, Levine argues that new teachers probably do not need a formal teaching qualification to do the job that is so crucial for a better future for Pacific Island children.
"This collection of studies on the political economy of Pacific island countries was authored by writers from various disciplinary backgrounds. Their research confirms the results of political economy studies of economic reform in developing countries from elsewhere around the world and shines new light on the kinds of obstacles that have to be overcome for economic reform to be successful in the Pacific. This publication presents many valuable lessons for agencies assisting in the economic development of Pacific island countries"--Publisher's website.
This book presents the results of an assessment of Bank assistance to reform efforts in six Pacific Developing Member Countries (PDMCs). The assessment was undertaken at the request of the Board of Directors of the Bank. As the bank has transformed itself from being primarily a project lender to being a broad-based development institutions, a wave of economic, public sector and governance reform has broken on most PDMC shores.