The Pedroni (2000) panel cointegration method is used to estimate the cointegrating equations for the demand for narrow money for a panel of five Pacific Island Countries (Fiji, Samoa, Solomons, Vanuatu and Papua New Guinea) for the period 1975-2007. The effects of financial reforms are analyzed...

Should Reserve Bank of Fiji (RBF) use rate of interest to control private consumption expenditure in Fiji? This paper investigates whether rate of interest is an appropriate monetary policy instrument to reduce consumption in Fiji. Results indicate that interest rate has no effect on private...

The effects of financial reforms on money demand (M1) are analyzed with estimates for two sets of sub-samples and two break dates for twenty developing Asian and African countries. In all cases, the magnitude of income elasticity does not change significantly when compared with sub-samples and...