Pacific Island Countries [electronic resource] : Possible Common Currency Arrangement, Orsmond, David William Harold.

Orsmond, David William Harold.
Washington, D.C. : International Monetary Fund, 2006.
IMF eLibrary
IMF Working Papers; Working Paper No. 06/234.
IMF Working Papers; Working Paper No. 06/234
Government document
1 online resource (18 p.)
Local subjects:
Accession countries.
Adjustment process.
Alternative exchange rate.
American Samoa.
Balance of payments.
Balance of payments crises.
Basket of currencies.
Commodity prices.
Currency areas.
Currency basket.
Currency unions.
Domestic shocks.
Economic Integration.
Effective exchange rate.
Exchange controls.
Exchange rate.
Exchange rate actions.
Exchange rate adjustment.
Exchange rate adjustments.
Exchange rate appreciation.
Exchange rate arrangements.
Exchange rate devaluations.
Exchange rate flexibility.
Exchange rate pegs.
Exchange rate policies.
Exchange rate policy.
Exchange rate pressures.
Exchange rate regime.
Exchange rate regimes.
Exchange rate stability.
Exchange rate uncertainty.
Exchange rate volatility.
Exchange rates.
Export diversification.
Export markets.
Export share.
External shocks.
External tariff.
Financial Aspects of Economic Integration.
Fixed exchange rate.
Fixed exchange rate regime.
Fixed exchange rate regimes.
Foreign exchange.
Foreign exchange reserves.
Foreign ownership.
Foreign trade.
Geographic proximity.
History of exchange rate.
Increase trade flows.
Increasing integration.
International Monetary Arrangements and Institutions.
International trade.
Investment restrictions.
Monetary union.
Monetary unions.
National sovereignty.
Nominal exchange rate.
Nominal exchange rates.
Oil prices.
Open trade.
Open trade regime.
Partner countries.
Per capita income.
Preferential trade.
Preferential trade agreements.
Price fluctuations.
Real effective exchange rate.
Real exchange rates.
Reduction in tariffs.
Regional integration.
Reserve holdings.
Terms of trade.
Trade agreement.
Trade agreements.
Trade flows.
Trade partners.
Trade regime.
Trade sector.
Trade share.
Trade volumes.
Trading partner.
Trading partners.
Volume of trade.
Vulnerability to shocks.
Pacific Island Countries.
Papua New Guinea.
Solomon Islands.
This paper examines the potential advantages and disadvantages of adopting a common currency arrangement among the six IMF member Pacific island countries that have their own national currency. These countries are Fiji, Papua New Guinea, Samoa, Solomon Islands, Tonga, and Vanuatu. The study explains that the present exchange rate regimes-comprising pegging to a basket of currencies for five countries and the floating arrangement for Papua New Guinea-have generally succeeded in avoiding inflationary, balance of payments, external debt, and financial system problems. The study concludes that adopting a common currency in the Pacific would require greater convergence of domestic policies and substantial strengthening of regional policies, which would take time to achieve.
Description based on print version record.
Browne, Christopher.
Orsmond, David William Harold.
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