Asia and Pacific Small States - Raising Potential Growth and Enhancing Resilience to Shocks
Title | Asia and Pacific Small States - Raising Potential Growth and Enhancing Resilience to Shocks PDF eBook |
Author | International Monetary Fund. Asia and Pacific Dept |
Publisher | International Monetary Fund |
Pages | 28 |
Release | 2013-02-20 |
Genre | Business & Economics |
ISBN | 1498342280 |
The small states of the Asia and Pacific region face unique challenges in raising their growth potential and living standards. These countries are particularly vulnerable because of their small populations, geographical isolation and dispersion, narrow export and production bases, lack of economies of scale, limited access to international capital markets, exposure to shocks (including climate change), and heavy reliance on aid. In providing public services, they face higher fixed government costs relative to other states because public services must be provided regardless of their small population size. Low access to credit by the private sector is an impediment to inclusive growth. Capacity constraints are another key challenge. The small states also face more limited policy tools. Five out of 13 countries do not have a central bank and the scope for diversifying their economies is narrow. Given their large development needs, fiscal policies have been, at times, pro-cyclical. Within the Asia-Pacific small states group, the micro states are subject to more vulnerability and macroeconomic volatility than the rest of the Asia-Pacific small states.
Resilience and Growth in the Small States of the Pacific
Title | Resilience and Growth in the Small States of the Pacific PDF eBook |
Author | Hoe Ee Khor |
Publisher | International Monetary Fund |
Pages | 462 |
Release | 2016-08-10 |
Genre | Business & Economics |
ISBN | 1475522711 |
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.
Seychelles
Title | Seychelles PDF eBook |
Author | International Monetary Fund. African Dept. |
Publisher | International Monetary Fund |
Pages | 60 |
Release | 2017-06-20 |
Genre | Business & Economics |
ISBN | 1484304802 |
This paper takes stock of Seychelles’ plans to manage climate change, from the perspective of its macroeconomic implications. It suggests macro-relevant reforms that could strengthen the plans’ likelihood of success. It highlights high public awareness and a body of existing sustainable development planning, which puts Seychelles several steps ahead toward preparedness. Next steps would be to ensure that climate change planning is integrated with the forthcoming National Development Plan. Disaster preparedness is a relatively strong point, but there is much still to be done—from improving warning systems to resilience building to contingency financing.
Are the Asia and Pacific Small States Different from Other Small States?
Title | Are the Asia and Pacific Small States Different from Other Small States? PDF eBook |
Author | Ms.Patrizia Tumbarello |
Publisher | International Monetary Fund |
Pages | 29 |
Release | 2013-05-22 |
Genre | Business & Economics |
ISBN | 1484365372 |
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.
Regional Economic Outlook, April 2013, Asia and Pacific
Title | Regional Economic Outlook, April 2013, Asia and Pacific PDF eBook |
Author | International Monetary Fund. Asia and Pacific Dept |
Publisher | International Monetary Fund |
Pages | 68 |
Release | 2013-04-29 |
Genre | Business & Economics |
ISBN | 1484360834 |
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.
What Drives Interest Rate Spreads in Pacific Island Countries? An Empirical Investigation
Title | What Drives Interest Rate Spreads in Pacific Island Countries? An Empirical Investigation PDF eBook |
Author | Mr.Fazurin Jamaludin |
Publisher | International Monetary Fund |
Pages | 26 |
Release | 2015-05-04 |
Genre | Business & Economics |
ISBN | 1484362268 |
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.
Vanuatu
Title | Vanuatu PDF eBook |
Author | International Monetary Fund. Asia and Pacific Dept |
Publisher | International Monetary Fund |
Pages | 71 |
Release | 2018-04-26 |
Genre | Business & Economics |
ISBN | 1484353137 |
Three years after Cyclone Pam struck Vanuatu causing extensive damages, reconstruction efforts are near completion with full recovery in sight. However, capacity constraints and coordination issues have hampered the use of committed funds by donors and development partners, thereby slowing down recovery. Meanwhile, the government’s ambitious development agenda is making good progress with several major infrastructure projects completed or projected to be completed in the next year.