The financial and banking crises in USA in late 2007 led to a decline in economic activities in the industrialized countries, triggering a world-wide recession since then. The ongoing global economic downturn has brought into sharp focus the subject of macroeconomic interdependence of Pacific...

Remittances have been a great support to Pacific island countries (PICs). Aside from providing additions to domestic savings and hence real resources, they have been one of the major sources of foreign exchange earnings. In the context of falling exports and limited options to diversify their...