For successful monetary policy formulation and implementation, monetary authorities need to establish the existence of a stable relationship between reserve money and money supply so that changes in reserve money manipulated by policy changes can have desirable, intended effects on money stock....

This paper seeks to investigate connection between current account deficits in the balance of payments and domestic budget deficits in Vanuatu. Based on the results of an empirical analysis of data covering a 23-year period (1983- 2005), this paper concludes that there is strong evidence to...

Applying the procedures of variance decomposition and impulse response functions, this working paper aims to examine the impact of changes in policy variables namely, monetary aggregate (M1), exchange rate and interest rate on two monetary goal variables, namely output and price level in Fiji...

This paper investigates the nexus between economic growth and oil price in Pacific island countries (PICs). Except Papua New Guinea, none of the PICs has fossil fuel resources. Consequently, the 13 PICs are totally dependent on oil imports for their economic activities. Since PICs have limited...

The South Asian Association of Regional Cooperation (SAARC) is now 25 years old. The charter, which was signed by Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka in 1985, has many similarities to the founding charters of similar regional associations signed elsewhere....