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"Monetary policy Pacific Area."
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Macro-financial linkages in the Pacific region
\"Growth perspectives in emerging market economies are increasingly dependent on international capital flows in recent decades because of their influences on business cycles. In fact, volatile international capital flows has been one of the main concerns for the macroeconomic policy authorities. Focusing on emerging economies in the Pacific region, this book reveals how they are different from those in other regions in terms of international macro-financial linkages to the global capital market and domestic financial development. The book also discusses how these characteristics have interacted with their macroeconomic policy regimes and their macroeconomic performance throughout the two major international financial crises in the past more than two decades. It suggests facts that have strengthened the resilience of these emerging economies in the Pacific region against the global financial crisis along with the intensified intra-regional economic integration through trade and investment. The book also examines their macroeconomic management focusing on monetary policy regimes and suggests that their factual unorthodox policies with exchange rate management and capital controls have contributed to their resilience against the intrinsic volatility of the international capital market and financial flows\"-- Provided by publisher.
Book
Monetary policy with very low inflation in the Pacific Rim
Extremely low inflation rates have moved to the forefront of monetary policy discussions. In Asia, a number of countries—most prominently Japan, but also Taiwan and China—have actually experienced deflation over the last fifteen years. Monetary Policy with Very Low Inflation in the Pacific Rim explores the factors that have contributed to these circumstances and forecasts some of the potential challenges faced by these nations, as well as some potential solutions. The editors of this volume attribute low inflation and deflation in the region to a number of recent phenomena. Some of these episodes, they argue, may be linked to rapid growth on the supply side of economies. Here, inadequate demand policy can produce what is referred to as a \"liquidity trap\" in which the expectation of falling prices encourages agents to defer costly purchases, thereby discouraging growth. Low inflation rates can also be traced to the presence of a \"zero-lower bound\" on interest rates, as well as the inflation-targeting phenomenon. Targets have been set so low, the editors argue, that in some cases a few bad shocks lead to deflation.
eBook
Monetary policy with very low inflation in the Pacific Rim
Extremely low inflation rates have moved to the forefront of monetary policy discussions. In Asia, a number of countries-most prominently Japan, but also Taiwan and China-have actually experienced deflation over the last fifteen years. Monetary Policy with Very Low Inflation in the Pacific Rim explores the factors that have contributed to these circumstances and forecasts some of the potential challenges faced by these nations, as well as some potential solutions.The editors of this volume attribute low inflation and deflation in the region to a number of recent phenomena. Some of these episod
Publication
The elite paradigm driving Australian aid policy: Learning to live with the 'cautious consensus'
This article explores the underlying reasons for why the Albanese Labor Governmentʼs stated policy ambition to 'rebuild Australiaʼs international development program' has not yet been accomplished and is unlikely to be realised, at least in the near- to-medium term. Based on interviews conducted with 21 Australian Members of Parliament, we find that the 'cautious consensus' - a collection of ideas guiding elite perspectives on Australian aid policy that emerged during the COVID-19 pandemic - has rapidly consolidated, to the point where it can now be considered a paradigm. We identify three main factors that have led to this consolidation: the declining salience of aid; growing elite scepticism about the usefulness of aid; and a combination of political challenges that are difficult for Labor to navigate, as it seeks to become a long-term Government. Given the prospects of shifting the unambitious status quo are unlikely in the in the near-to-medium term, we examine what 'living with the cautious consensus' means for the Australian development sector.
Journal Article
2019 Papua New Guinea economic survey
Although official statistics show that an economic recovery is underway in Papua New Guinea, the country's new Prime Minister has stated that the economy is \"bleeding and struggling.\" Disappointing 2019 first-half-year revenue results and the reintensification of foreign exchange shortages suggest that last year's (nonresource) recovery, which was based on unsustainable fiscal expansion, has not endured; that this year's growth statistics may need to be further revised downwards; and that the government's growth and fiscal challenges are once again intensifying. The new government's governance reforms are promising; but they are no substitute for reviewing exchange rate and fiscal policy, perhaps by turning to the International Monetary Fund for advice and support to address the problems it has inherited, including in relation to arrears, guarantees, and state-owned enterprise debt.
Journal Article
Regional economic outlook, April 2012
Barring the realization of downside risks to the global economy, growth in the Asia and the Pacific region is expected to gain momentum over the course of 2012, according to this report, and now projected at 6 percent in 2012, rising to about 6½ percent in 2013. Stronger economic and policy fundamentals have helped buffer the region's economies against the global financial crisis, by limiting adverse financial market spillovers and ameliorating the impact of deleveraging by European banks, but a sharp fall in exports to advanced economies and a reversal of foreign capital flows would have a severe impact on the region. The region's policymakers now face the difficult task of calibrating the amount of insurance needed to support stable, noninflationary growth. Some Asian and Pacific economies can afford to lengthen the pause in the normalization of their macroeconomic policies that was initiated when the global recovery stalled late in 2011; others may need a faster return to more neutral policy stances. Similarly, the pace of fiscal consolidation should be calibrated to country-specific circumstances. Additional chapters in the report discuss whether China is rebalancing and the particular challenges facing Asian low-income and small island economies.
eBook
Coordination of Monetary and Fiscal Policies in Small Island Developing States: Two Case Studies
The American financial crisis which began in the second half of 2007 ultimately deteriorated into a world economic downturn. Despite hopeful signs of recovery in early 2011, there was another setback in the second half of 2011, consequent to the euro zone debt crisis. These developments posed challenges of unprecedented nature to the small island developing states (SIDS). Being prone to shocks of all kinds, such as natural disasters and volatility in prices of fuel and food, SIDS have been struggling to keep their economies afloat with their limited range of fiscal and monetary policies, success of which depended on coordination between ministries of finance and central banks. This paper seeks to examine the subject with two case studies in two regions, the Indian Ocean and the Pacific.
Journal Article
Regional Economic Outlook, October 2007
Economic developments in Asia have been positive so far in 2007. Growth has been stronger (and in many cases more balanced) than expected across much of the region, again led by China and India, and inflation pressures remain largely contained. Moreover, Asia weathered the recent financial turbulence relatively well. The outlook is favorable, with growth expected to decline only modestly in 2008 as foreign demand for Asia's exports slows. The main risk for the region is a sharper-than-expected global slowdown.
eBook
Regional Economic Outlook, April 2008
2008 is shaping up as a challenging year for Asia. Activity in most economies remains fairly buoyant, but growth in the United States and, to a lesser extent, Europe is slowing sharply. Given its extensive trade and financial linkages with the rest of the world, Asia is unlikely to delink. At the same time, inflation pressures are picking up across much of the region. Moreover, the still-unfolding global financial crisis adds a dimension of uncertainty to the picture, and the balance of risks remains on the downside. However, most countries in the region are well-placed to undertake counter-cyclical policies should these prove necessary.
eBook
Seamless sustainable transport connectivity in Asia and the Pacific: prospects and challenges
In view of the ongoing financial and economic crisis originated during 2008–09 and the possibility of a double dip recession in advanced economies, export-dependent economies of Asia and the Pacific need to rebalance its growth toward domestic and regional demand for sustainable growth of Asia and the world. Despite remarkable growth during the last decade, the region still faces extensive basic infrastructure needs such as transport, energy, telecommunications and water. Asia, therefore, needs to enhance its connectivity through developing transport infrastructure at the national and regional level to rebalance its growth through enhancing intraregional trade, to enhance economic integration and to meet basic infrastructure needs. Transport plays a significant role in enhancing connectivity within and across Asian economies. However, building massive transport infrastructure will have profound implications on environment and climate change at the national, regional and global levels. In this evolving scenario, Asia needs to build efficient, safe, affordable, timely, world-class, socially and environmentally sustainable and seamless transport connections within the region, and with the rest of the world, in order to be competitive and prosperous. This paper analyzes the major challenges in developing sustainable transport connectivity, by fostering regional cooperation toward a seamless Asia. The paper examines the needs and benefits of transport connectivity and financing requirement for 2010–2020. It examines the impact of transport connectivity on environment and the prospects and challenges for developing seamless sustainable transport connectivity. Finally, the paper provides policy recommendations on what the region can do to meet these challenges.
Journal Article