Exchange Rate and Macro-economic Policy in Independent Papua New Guinea PDF Download
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Author: Ross Garnaut
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 200
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Author: Ross Garnaut
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 200
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Author: James Guest
Publisher:
ISBN:
Category : Debts, Public
Languages : en
Pages : 76
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Author: Ross Garnaut
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 196
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Author: John Fallon
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 156
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Author: Economic Insights
Publisher:
ISBN:
Category : Informal sector (Economics)
Languages : en
Pages : 200
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Book Description
Given the openness of the PNG economy, the primary focus of macro-economic management has been external stability, as measured by a prudent level of external reserves, a sustainable balance of payments and a relatively stable exchange rate. It was recognized that fiscal deficits would fuel import demand and place the balance of payments under pressure.
Author: Faitele Yabom
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Mr.Suman S Basu
Publisher: International Monetary Fund
ISBN: 1484309812
Category : Business & Economics
Languages : en
Pages : 37
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To investigate the effects on Papua New Guinea’s economy of substantial liquified natural gas revenues arriving in 2015, we employ a model to examine the macroeconomic effects of a scalingup of natural resource windfall revenues and the implications for a variety of policy responses. The model is a multi-sector dynamic stochastic general equilibrium (DSGE) model, and features components that allow for a detailed study of the effects of both fiscal and monetary policy in response to a positive shock to the mineral resource value of a country. The model contains tradable, non-tradable, and mining sectors, as well as an independent central bank and fiscal authority. We calibrate the model to the current economy of Papua New Guinea and run a suite of policy simulations. We find that macroeconomic effects from a resource boom typically associated with Dutch Disease effects such as a real appreciation and a fall in tradable sector production stem largely from the non-tradable component of government spending. The central bank can offset the real appreciation, but not without crowding out the private sector. A sovereign wealth fund (SWF), combined with a smooth capital spending path, entails the best means of dealing with macroeconomic volatility and maintaining a stable fiscal regime.
Author: Ryota Nakatani
Publisher: International Monetary Fund
ISBN: 1484325060
Category : Business & Economics
Languages : en
Pages : 36
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How should resource-rich economies handle the balance of payments adjustment required after commodity price declines? This paper addresses the question theoretically by developing a simple two-period multi-sector model based on Nakatani (2016) to compare different exchange rate policies, and empirically by estimating elasticities of imports and commodity exports with respect to exchange rates using Papua New Guinean data. In the empirical part, using various econometric methods, I find the statistically significant elasticities of commodity exports to real exchange rates. In the theoretical part, by introducing the notion of a shadow exchange rate premium, I show how the rationing of foreign exchange reduces consumer welfare. Using the estimated elasticities and theoretical outcomes, I further discuss policy implications for resource-rich countries with a focus on Papua New Guinea.
Author: P. A. S. Dahanayake
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 58
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Author:
Publisher:
ISBN:
Category : Papua New Guinea
Languages : en
Pages : 13
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