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    Private Investment and Macroeconomic Environment in the South Pacific Island Countries: A Cross-Country Analysis

    Jayaraman, T K | October 1996
    Abstract
    The paper undertakes an empirical investigation of key macroeconomic factors affecting private investment in the South Pacific developing member countries (SPDMCs), namely Fiji, Kiribati, Solomon Islands, Tonga, Vanuatu, and Western Samoa. The study finds that instability in the real exchange rate had a sizeable adverse effect on private investment. This particular instability is a product of many uncertainties, reflecting the SPDMCs' structural rigidities as well as fiscal and monetary imbalances. On the other hand, growth in output had an expansionary effect on private investment, although of a low magnitude, while public investment had a contractionary influence. The SPDMCs' macroeconomic management needs vast improvements. Annual fiscal balances should be reduced and rising recurring expenditures that encroach upon domestic savings should be kept under control. These measures would contribute to maintaining low inflation and reducing the variability in inflation and the real exchange rate.
    Citation
    Jayaraman, T K. 1996. Private Investment and Macroeconomic Environment in the South Pacific Island Countries: A Cross-Country Analysis. © Asian Development Bank. http://hdl.handle.net/11540/3163. License: CC BY 3.0 IGO.
    ISSN
    0117-5492
    Keywords
    Macroeconomic
    Macroeconomic Analysis
    Performance Evaluation
    Impact Evaluation
    Economic indicators
    Growth models
    Gross domestic product
    Macroeconomics
    Economic forecast
    Exports
    Economic development projects
    Economic policy
    Economic forecasting
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    Citable URI
    http://hdl.handle.net/11540/3163
    Metadata
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    PDF (2.783Mb)
    Author
    Jayaraman, T K
    Theme
    Economics
    Evaluation

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