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Monetary policy transmission in an undeveloped South Pacific Island country: a case study of Samoa

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  • T.K. Jayaraman
  • Jauhari Dahalan

Abstract

Amongst the South Pacific's least developed small island countries, Samoa has emerged as a successful economy. Its achievements of low inflation and high growth rates have been due to sustained fiscal adjustment programmes and appropriate monetary policy measures. This paper undertakes an empirical study of transmission mechanism of monetary policy by adopting a VAR approach and using quarterly data over a 17-year period (1990-2006). The study findings are that money and exchange rate channels are important channels in transmitting monetary impulses to Samoa's output.

Suggested Citation

  • T.K. Jayaraman & Jauhari Dahalan, 2008. "Monetary policy transmission in an undeveloped South Pacific Island country: a case study of Samoa," International Journal of Monetary Economics and Finance, Inderscience Enterprises Ltd, vol. 1(4), pages 380-398.
    • Handle: RePEc:ids:ijmefi:v:1:y:2008:i:4:p:380-398
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    Cited by:

    1. Federico Inchausti-Sintes & Ubay Pérez-Granja, 2022. "Monetary policy and exchange rate regime in tourist islands," Tourism Economics, , vol. 28(2), pages 325-348, March.
    2. Min Lu, 2012. "Current account dynamics and optimal monetary policy in a two-country economy," International Journal of Monetary Economics and Finance, Inderscience Enterprises Ltd, vol. 5(3), pages 299-324.
    3. International Monetary Fund, 2011. "Solomon Islands: Selected Issues," IMF Staff Country Reports 2011/360, International Monetary Fund.

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