Papua New Guinea: Selected Issues and Statistical Appendix

International Monetary Fund

No 2008/093, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper analyzes the workings and effectiveness of the monetary transmission mechanism in Papua New Guinea. The paper is organized as follows: it describes the current institutional structure in Papua New Guinea; interest rate is discussed; the evidence from vector autoregression analysis on the relationship between monetary policy variables and output and prices is considered; finally, implications are included. The Bank of Papua New Guinea (BPNG) uses a reserve money framework to conduct monetary policy operations. A macroeconomic balance approach estimates the REER, which simultaneously achieves internal and external balance.

Keywords: ISCR; CR; exchange rate; rate; repo rate; interest rate; cross-county inflation; transmission mechanism; broad money growth; excise tax; Income and capital gains taxes; Repo rates; Real effective exchange rates; Exchange rates; Inflation; Global; East Asia; Asia and Pacific; South Asia; Sub-Saharan Africa (search for similar items in EconPapers)
Pages: 100
Date: 2008-03-12
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Citations: View citations in EconPapers (1)

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