Tongas monetary authority, National Reserve Bank of Tonga (NRBT) is entrusted with the responsibility of managing Tongas monetary system and exchange rate stability. This paper undertakes an empirical study of monetary policies pursued by NRBT with specific focus on the transmission mechanism of...

Amongst the 14 Pacific island countries, Vanuatu is unique in many respects. It has no exchange controls. Further, it allows full freedom for its citizens and resident expatriates alike to hold domestic bank deposits in any major currency of their choice. The country has adopted a fixed exchange...