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Central bank’s response in Pacific Island countries to global economic crisis

Jayaraman, Tiruvalangadu K. (2009) Central bank’s response in Pacific Island countries to global economic crisis. The Asia-Pacific Economic Journal, 7 (1). pp. 25-44. ISSN 1354-7860

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Abstract

The financial crisis in USA in late 2007 led to fall in economic activities in the industrialized countries. A global recession was triggered, with resulting decline in imports from Pacific island countries (PICs) and falling tourism earnings. Monetary policy options available to six PICs, which have independent currencies, are explored. Except PNG, which switched on to a flexible exchange regime in 1994, the other five PICs namely, Fiji, Samoa, Solomon Islands, Tonga and Vanuatu, have fixed exchange rate regimes. The policy response has to vary with the nature of exchange rate regimes. An evaluation of the measures undertaken so far by the central banks of the six PICs is attempted.

Item Type: Journal Article
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Business and Economics (FBE) > School of Economics
Depositing User: Ms Neha Harakh
Date Deposited: 24 May 2009 15:35
Last Modified: 10 Jul 2012 20:03
URI: http://repository.usp.ac.fj/id/eprint/1078
UNSPECIFIED

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