{"id":4632,"date":"2018-07-31T08:30:34","date_gmt":"2018-07-30T22:30:34","guid":{"rendered":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/?p=4632"},"modified":"2024-09-19T05:26:40","modified_gmt":"2024-09-18T19:26:40","slug":"finance-and-socio-economic-development-in-fiji","status":"publish","type":"post","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/finance-and-socio-economic-development-in-fiji\/","title":{"rendered":"Finance and socio-economic development in Fiji"},"content":{"rendered":"

A recent joint study by Reserve Bank of Fiji\u2019s Krishal Prasad and Griffith University\u2019s Parmendra Sharma and Samsul Alam\u00a0begins to fill the gaps in the literature on financial development trends in Pacific Island Countries using Fiji as a case study.\u00a0 The study also briefly tests the finance vis-\u00e0-vis economic growth, poverty, income inequality and health relationships.<\/p>\n

A large and growing body of studies conclude that finance matters for the above socio-economic indicators.<\/p>\n

The financial development literature, aimed at investigating trends, relationships, and making policy recommendations has expanded substantially over the last few decades and has spanned numerous countries and regions, both developed and less developed.\u00a0 Financial sector reforms intended to expand scope and depth too have been a commonplace.\u00a0 Reforms have not evaded the small island nations of the Pacific as well.\u00a0 For example, in the case of Fiji, reforms have included major revisions to the banking act and prudential policies, guidelines and directives.<\/p>\n

Yet, intriguingly, little rigorous academic research is available to systematically understand the trends, status, various relationships and policy recommendations in the PIC context.<\/p>\n

To understand trends, the paper uses common measures such as private sector credit to GDP, financial sector deposit to GDP, stock market capitalisation, bank branches per 100,000 adults and bank credit to bank deposit ratio.\u00a0 For a more meaningful insight, the paper then compares Fiji\u2019s trends with comparable economies.\u00a0 Fiji is an upper middle income, island economy; comparable economies thus include Guyana, Jamaica, Maldives, Panama as well as Pacific Island countries (PICs). Data sources include the Global Financial System Database, International Monetary Fund, World Bank and Reserve Bank of Fiji.<\/p>\n

In addition, using the above several measures of financial development, the paper quickly tests a number of finance related relationships for Fiji.\u00a0 Among these, the finance-health<\/em> nexus is of keen interest as the literature on this is just beginning to emerge.<\/p>\n

Results show that Fiji\u2019s financial sector has been developing positively over the last 26 years and the performance has been encouraging against comparable economies.\u00a0 Among others, positive growth in lending to the private sector, deposits to GDP, credit to deposit ratios, more access to financial services, coupled with reforms and policy initiatives seem to have contributed to the positive financial development.\u00a0 Results also indicate positive relationships of finance with economic growth, poverty, income inequality and health.<\/p>\n

While preliminary, this study provides a basis for further investigations into the finance vis-\u00e0-vis various socio-economic relationships.\u00a0 The next study takes a deeper look into the finance\u2014health relationship.<\/p>\n

AUTHORS<\/div>\n
Krishal Prasad<\/strong>\u00a0(Reserve Bank of Fiji), Samsul Alam<\/strong> and Parmendra Sharma<\/strong> (Griffith University).<\/div>\n

NB. The views and opinions expressed in this study are those of the authors and do not reflect those of the Reserve Bank of Fiji or its Board.<\/p>\n

The full article may be accessed from the Griffith Asia Institute<\/a> or the Reserve Bank of Fiji<\/a> websites.<\/p>\n","protected":false},"excerpt":{"rendered":"

A recent joint study by Reserve Bank of Fiji\u2019s Krishal Prasad and Griffith University\u2019s Parmendra Sharma and Samsul Alam\u00a0begins to fill the gaps in the literature on financial development trends in Pacific Island Countries using Fiji as a case study.\u00a0 The study also briefly tests the finance vis-\u00e0-vis economic growth, poverty, income inequality and healthContinue reading “Finance and socio-economic development in Fiji”<\/span><\/a><\/p>\n","protected":false},"author":14,"featured_media":4633,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[233,1427,1021,248,2115],"tags":[309,809],"class_list":["post-4632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feature-series","category-pacific-forum","category-pacific-outlook","category-png-and-the-pacific","category-working-paper","tag-dr-parmendra-sharma","tag-samsul-alam"],"acf":[],"modified_by":"Jill Moriarty","yoast_head":"\nFinance and socio-economic development in Fiji | Griffith Asia Insights<\/title>\n<meta name=\"description\" content=\"A recent joint study by Reserve Bank of Fiji\u2019s Krishal Prasad and Griffith University\u2019s Parmendra Sharma and Samsul 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