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International Monetary Fund
This Selected Issues paper analyzes the underlying factors that explain the behavior of the Kiwi dollar. The findings suggest that the factors influencing the New Zealand dollar have been changing. The paper discusses that as New Zealand has become more integrated in global capital markets over time, the Kiwi dollar has become less of a commodity currency and more of a global currency that is influenced by interest rate spreads and global risk factors. The paper also looks at the strong preference for housing over financial assets exhibited by New Zealand households.
International Monetary Fund
Vanuatu has maintained macroeconomic stability, but real GDP growth slowed despite the receipt of considerable foreign assistance and the implementation of structural reforms under the Comprehensive Reform Program (CRP). A sharp increase in liquidity, a consequent bulge in consumption, and a rise in imports have affected Vanuatu's recent economic performance. Inflation, as measured by the consumer price index for the main urban centers, has remained moderate in recent years. The paper also discusses prices and population, financial sector, and external sector developments of Vanuatu.
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
International Monetary Fund
This paper reviews economic developments in Tonga during 1990–95. During 1990/91–1991/92, GDP rose by an average of 3.4 percent, fueled by a fourfold increase in squash exports. In 1992/93, GDP growth quickened to 3.7 percent, largely on the basis of a rebound in construction and a rise in domestically oriented manufacturing production—and despite a sharp fall in squash exports. In 1993/94, growth reached 4.7 percent, as squash exports again increased, construction boomed, and commerce accelerated.
International Monetary Fund
This paper reviews economic developments in Western Samoa during 1990–94. Economic growth resumed in 1993, led by a strong recovery in agriculture during the first half of the year and a rebound in tourism. With the recovery in domestic food production, the rate of inflation declined in 1993. However, although infrastructure repairs were largely completed, financial policies remained relaxed: the budget deficit widened further to 22 percent of GDP in the 1992/93 fiscal year, and credit to the private sector continued to expand rapidly.