{"id":6302,"date":"2019-08-28T08:30:09","date_gmt":"2019-08-27T22:30:09","guid":{"rendered":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/?p=6302"},"modified":"2024-03-18T21:05:33","modified_gmt":"2024-03-18T11:05:33","slug":"inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu","status":"publish","type":"post","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\/","title":{"rendered":"Inclusion inspires global financial agenda but how does it fare in the small Pacific Island Countries? The case of Vanuatu"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">ALISON BAINAURI, AROLD BILL, TRACEY WEST, <a href=\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/tag\/parmendra-sharma\/\">PARMENDRA SHARMA<\/a>, NIRODHA HAYAWARDENA AND TINGXI ZHANG<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The ideology of inclusion is indeed increasingly inspiring and influencing the global financial sector agenda\u2014the literature is becoming progressively replete with country, regional and worldwide studies investigating the status quo, extent, determinants and policy direction.\u00a0 The concept connotes access to useful and affordable financial products and services delivered in a responsible and sustainable manner.\u00a0 For instance, access to a basic bank account\u2014a standard measure of inclusion\u2014enhances savings, empowerment, as well as consumption and productive investment of entrepreneurs.\u00a0 Financially included individuals and firms are promised a safe place for future savings, which may foster financial stability since bank deposits become the most secure funding base in times of uncertainty and crisis, especially in the case of smaller banks and otherwise those with limited access to financial markets.\u00a0 Financial services make it easier to manage financial emergencies\u2014such as job losses or crop failure\u2014that can push families into destitution.\u00a0 The macro-economic benefits are equally compelling\u2014inclusion triggers economic development and thereby contributes to poverty reductions via, among others, investments in education and entrepreneurship.\u00a0 <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Financial <em>exclusion<\/em>\nthen becomes problematic when it is involuntary or forced. Exclusion warrants policy\naction when there are individuals whose marginal benefit from using financial\nservices exceeds the marginal costs, but who are excluded by barriers such as\nhigh account fees, large distances, and lack of suitable products\u2014that result\nfrom market failures.&nbsp; And the extent and\ninstances of exclusion, globally, has indeed been concerning.&nbsp; According to the latest available global\ntrends, in 2017, around 1.7 billion\npeople worldwide (approximately \u00bc of world population)\nremained unbanked i.e. without an account at a financial institution or through\na mobile money provider; virtually all of these in developing economies\u2014nearly\nhalf in just seven: Bangladesh, China, India, Indonesia, Mexico, Nigeria, and\nPakistan.&nbsp; Gaps persist as well; e.g.\nfifty-six percent of all unbanked adults are women and poorer households\u2014those who have no easy access to banks in their regions or who have\ndeveloped a deep mistrust of the financial system. &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Remarkably, conspicuously missing from the World Bank&#8217;s Global Findex database and the financial inclusion literature so far are a host of economies located to the East and North-East of Australia\u2014the Pacific Island Countries (PICs)\u2014not only are these among the world\u2019s most remote and geographically-dispersed but also small in size, with limited natural resources, narrow-based economies, large distances to major markets, and vulnerable to exogenous shocks\u2014a sure recipe for growth, development and poverty and inequality challenges and high degree of volatility.&nbsp; These economies are also among the most vulnerable in the world to the effects of climate change and natural disasters\u2014at least eight PICs are among the world\u2019s 20 countries with the highest average annual disaster losses scaled by gross domestic product.&nbsp; Add to this the relatively underdeveloped, bank-centric, financial systems and the state of affairs becomes rapidly somber.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This study attempts to fill this gnawing gap in the\nliterature by bringing to light the case of one such PIC\u2014Vanuatu.&nbsp; The data source is a 2016 field survey,\nspanning 991 households, based on the Findex framework and methodology, including\nthe survey instrument.&nbsp; The Demand Side\nSurvey (DSS) data is the first of its kind for the country, giving\npolicy-makers valuable baseline information of consumers\u2019 access to and use of\nformal financial services, and laying the groundwork for future research into\nhow these services fit into and transform the lives of everyday Ni-Vanuatu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Key findings and implications of the study are as follows:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Men are less likely to have general savings and formal credit compared to women.&nbsp; However men are more likely to have formal accounts.&nbsp; As well, education and income are positively related to inclusion and the rural population is largely unbanked<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Barriers include lack of identification, distance to access points, preference for cash, the perceived cost of setting up formal accounts, lack of knowledge in document handling, lack of trust in banking systems, and someone else in the family owning a bank account<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While the results are not too different from the rest of the region and compared to similar economies elsewhere, there is vast room for continuing to drive the financial inclusion agenda<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An individual\u2019s decision to remain unbanked can have long-lasting effects, since having a bank account can facilitate asset building and wealth creation that may allow for consumption smoothing at retirement or when faced with shocks <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The relatively low reliance on formal credit can in the long run lead to slower economic growth, as borrowing prospects for individuals would be reduced. It can also hamper financial stability, since all credits granted outside the formal system are beyond the scope of banking regulation. Growth and financial stability provide incentives for authorities to encourage the use of formal credit in Vanuatu.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<p class=\"author label wp-block-paragraph\">AUTHORS<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Alison Bainauri<\/strong> and <strong>Arold Bill<\/strong>, Reserve Bank of Vanuatu, <strong>Tracey West<\/strong>,  <strong>Parmendra Sharm<\/strong>a, <strong>Nirodha Jayawardena<\/strong> and <strong>Tingxi Zhang<\/strong>, Griffith University<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This&nbsp; paper was presented at the December 2018 South Pacific Central Banks\u2014Griffith University inaugural research conference in Suva.&nbsp; Key stakeholders attending the conference included Reserve Banks of Australia and New Zealand, ADB, World Bank, IMF\/PFTAC and DFAT.&nbsp; The views and opinions expressed in this study are those of the authors and do not reflect those of the  Reserve Bank of Vanuatu or its Board.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Please click here to read the full working paper,&nbsp;\u201c<a href=\"https:\/\/www.griffith.edu.au\/__data\/assets\/pdf_file\/0029\/836741\/JPRWP8-web.pdf\">Inclusion inspires global financial agenda but how does it fare in the small Pacific Island Countries? The case of Vanuatu<\/a>\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ALISON BAINAURI, AROLD BILL, TRACEY WEST, PARMENDRA SHARMA, NIRODHA HAYAWARDENA AND TINGXI ZHANG The ideology of inclusion is indeed increasingly inspiring and influencing the global financial sector agenda\u2014the literature is becoming progressively replete with country, regional and worldwide studies investigating the status quo, extent, determinants and policy direction.\u00a0 The concept connotes access to useful and [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":6303,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[2064,2065,1755,1021,248,2115],"tags":[995,309,994,2018,891],"class_list":["post-6302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-governance-and-diplomacy","category-inclusive-growth-and-rural-development","category-governance-democracy","category-pacific-outlook","category-png-and-the-pacific","category-working-paper","tag-dr-nirodha-jayawardena","tag-dr-parmendra-sharma","tag-dr-tracey-west","tag-parmendra-sharma","tag-spccb"],"acf":[],"modified_by":"Jill Moriarty","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Inclusion inspires global financial agenda but how does it fare in the small Pacific Island Countries? The case of Vanuatu | Griffith Asia Insights<\/title>\n<meta name=\"description\" content=\"ALISON BAINAURI, AROLD BILL, TRACEY WEST, PARMENDRA SHARMA, NIRODHA HAYAWARDENA AND TINGXI ZHANG The ideology of inclusion is indeed increasingly\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inclusion inspires global financial agenda but how does it fare in the small Pacific Island Countries? The case of Vanuatu | Griffith Asia Insights\" \/>\n<meta property=\"og:description\" content=\"ALISON BAINAURI, AROLD BILL, TRACEY WEST, PARMENDRA SHARMA, NIRODHA HAYAWARDENA AND TINGXI ZHANG The ideology of inclusion is indeed increasingly\" \/>\n<meta property=\"og:url\" content=\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\/\" \/>\n<meta property=\"og:site_name\" content=\"Griffith Asia Insights\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/griffithasiainstitute\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-27T22:30:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-18T11:05:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2019\/08\/vanuatu-money-900x500.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Griffith Asia Institute\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@GAIGriffith\" \/>\n<meta name=\"twitter:site\" content=\"@GAIGriffith\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Griffith Asia Institute\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\\\/\"},\"author\":{\"name\":\"Griffith Asia Institute\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#\\\/schema\\\/person\\\/8121b8aa336749474cbaca380c03029a\"},\"headline\":\"Inclusion inspires global financial agenda but how does it fare in the small Pacific Island Countries? The case of Vanuatu\",\"datePublished\":\"2019-08-27T22:30:09+00:00\",\"dateModified\":\"2024-03-18T11:05:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\\\/\"},\"wordCount\":953,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2019\\\/08\\\/vanuatu-money-900x500.jpg\",\"keywords\":[\"Dr Nirodha Jayawardena\",\"Dr Parmendra Sharma\",\"Dr Tracey West\",\"Parmendra Sharma\",\"SPCCB\"],\"articleSection\":[\"Governance and diplomacy\",\"Inclusive growth and rural development\",\"Pillar 1: Governance and democracy\",\"Region | Papua New Guinea and the Pacific\",\"Region-PNG and the Pacific\",\"Working paper\"],\"inLanguage\":\"en-AU\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\\\/\",\"url\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\\\/\",\"name\":\"Inclusion inspires global financial agenda but how does it fare in the small Pacific Island Countries? The case of Vanuatu | Griffith Asia Insights\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2019\\\/08\\\/vanuatu-money-900x500.jpg\",\"datePublished\":\"2019-08-27T22:30:09+00:00\",\"dateModified\":\"2024-03-18T11:05:33+00:00\",\"description\":\"ALISON BAINAURI, AROLD BILL, TRACEY WEST, PARMENDRA SHARMA, NIRODHA HAYAWARDENA AND TINGXI ZHANG The ideology of inclusion is indeed increasingly\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\\\/#breadcrumb\"},\"inLanguage\":\"en-AU\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-AU\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\\\/#primaryimage\",\"url\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2019\\\/08\\\/vanuatu-money-900x500.jpg\",\"contentUrl\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2019\\\/08\\\/vanuatu-money-900x500.jpg\",\"width\":900,\"height\":500},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Inclusion inspires global financial agenda but how does it fare in the small Pacific Island Countries? The case of Vanuatu\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#website\",\"url\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/\",\"name\":\"Griffith Asia Insights\",\"description\":\"Asia Insights is published by the Griffith Asia Institute. It offers latest commentary on Asia-Pacific affairs and aims to inform and foster academic scholarship, public awareness and considered and responsive policy making.\",\"publisher\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-AU\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#organization\",\"name\":\"Griffith Asia Institute\",\"url\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-AU\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/blogs.griffith.edu.au\\\/asiainsights\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/10\\\/GU_Griffith-Asia-Institute_rgb_red_horizontal.png?fit=2930%2C308&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/blogs.griffith.edu.au\\\/asiainsights\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/10\\\/GU_Griffith-Asia-Institute_rgb_red_horizontal.png?fit=2930%2C308&ssl=1\",\"width\":2930,\"height\":308,\"caption\":\"Griffith Asia Institute\"},\"image\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/griffithasiainstitute\\\/\",\"https:\\\/\\\/x.com\\\/GAIGriffith\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#\\\/schema\\\/person\\\/8121b8aa336749474cbaca380c03029a\",\"name\":\"Griffith Asia Institute\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-AU\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/f133de65681da3b20ddbc1917f066f458d355d7dfa1f214b10ff4bd135d5ab6c?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/f133de65681da3b20ddbc1917f066f458d355d7dfa1f214b10ff4bd135d5ab6c?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/f133de65681da3b20ddbc1917f066f458d355d7dfa1f214b10ff4bd135d5ab6c?s=96&d=mm&r=g\",\"caption\":\"Griffith Asia Institute\"},\"url\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/author\\\/gaigriffith-edu-au\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Inclusion inspires global financial agenda but how does it fare in the small Pacific Island Countries? The case of Vanuatu | Griffith Asia Insights","description":"ALISON BAINAURI, AROLD BILL, TRACEY WEST, PARMENDRA SHARMA, NIRODHA HAYAWARDENA AND TINGXI ZHANG The ideology of inclusion is indeed increasingly","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\/","og_locale":"en_US","og_type":"article","og_title":"Inclusion inspires global financial agenda but how does it fare in the small Pacific Island Countries? The case of Vanuatu | Griffith Asia Insights","og_description":"ALISON BAINAURI, AROLD BILL, TRACEY WEST, PARMENDRA SHARMA, NIRODHA HAYAWARDENA AND TINGXI ZHANG The ideology of inclusion is indeed increasingly","og_url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\/","og_site_name":"Griffith Asia Insights","article_publisher":"https:\/\/www.facebook.com\/griffithasiainstitute\/","article_published_time":"2019-08-27T22:30:09+00:00","article_modified_time":"2024-03-18T11:05:33+00:00","og_image":[{"width":900,"height":500,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2019\/08\/vanuatu-money-900x500.jpg","type":"image\/jpeg"}],"author":"Griffith Asia Institute","twitter_card":"summary_large_image","twitter_creator":"@GAIGriffith","twitter_site":"@GAIGriffith","twitter_misc":{"Written by":"Griffith Asia Institute","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\/#article","isPartOf":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\/"},"author":{"name":"Griffith Asia Institute","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#\/schema\/person\/8121b8aa336749474cbaca380c03029a"},"headline":"Inclusion inspires global financial agenda but how does it fare in the small Pacific Island Countries? The case of Vanuatu","datePublished":"2019-08-27T22:30:09+00:00","dateModified":"2024-03-18T11:05:33+00:00","mainEntityOfPage":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\/"},"wordCount":953,"commentCount":0,"publisher":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#organization"},"image":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\/#primaryimage"},"thumbnailUrl":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2019\/08\/vanuatu-money-900x500.jpg","keywords":["Dr Nirodha Jayawardena","Dr Parmendra Sharma","Dr Tracey West","Parmendra Sharma","SPCCB"],"articleSection":["Governance and diplomacy","Inclusive growth and rural development","Pillar 1: Governance and democracy","Region | Papua New Guinea and the Pacific","Region-PNG and the Pacific","Working paper"],"inLanguage":"en-AU","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/testblogs.griffith.edu.au\/asiainsights\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\/","url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\/","name":"Inclusion inspires global financial agenda but how does it fare in the small Pacific Island Countries? The case of Vanuatu | Griffith Asia Insights","isPartOf":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#website"},"primaryImageOfPage":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\/#primaryimage"},"image":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\/#primaryimage"},"thumbnailUrl":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2019\/08\/vanuatu-money-900x500.jpg","datePublished":"2019-08-27T22:30:09+00:00","dateModified":"2024-03-18T11:05:33+00:00","description":"ALISON BAINAURI, AROLD BILL, TRACEY WEST, PARMENDRA SHARMA, NIRODHA HAYAWARDENA AND TINGXI ZHANG The ideology of inclusion is indeed increasingly","breadcrumb":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\/#breadcrumb"},"inLanguage":"en-AU","potentialAction":[{"@type":"ReadAction","target":["https:\/\/testblogs.griffith.edu.au\/asiainsights\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\/"]}]},{"@type":"ImageObject","inLanguage":"en-AU","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\/#primaryimage","url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2019\/08\/vanuatu-money-900x500.jpg","contentUrl":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2019\/08\/vanuatu-money-900x500.jpg","width":900,"height":500},{"@type":"BreadcrumbList","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/inclusion-inspires-global-financial-agenda-but-how-does-it-fare-in-the-small-pacific-island-countries-the-case-of-vanuatu\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/"},{"@type":"ListItem","position":2,"name":"Inclusion inspires global financial agenda but how does it fare in the small Pacific Island Countries? The case of Vanuatu"}]},{"@type":"WebSite","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#website","url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/","name":"Griffith Asia Insights","description":"Asia Insights is published by the Griffith Asia Institute. It offers latest commentary on Asia-Pacific affairs and aims to inform and foster academic scholarship, public awareness and considered and responsive policy making.","publisher":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-AU"},{"@type":"Organization","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#organization","name":"Griffith Asia Institute","url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/","logo":{"@type":"ImageObject","inLanguage":"en-AU","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/blogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/10\/GU_Griffith-Asia-Institute_rgb_red_horizontal.png?fit=2930%2C308&ssl=1","contentUrl":"https:\/\/i0.wp.com\/blogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/10\/GU_Griffith-Asia-Institute_rgb_red_horizontal.png?fit=2930%2C308&ssl=1","width":2930,"height":308,"caption":"Griffith Asia Institute"},"image":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/griffithasiainstitute\/","https:\/\/x.com\/GAIGriffith"]},{"@type":"Person","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#\/schema\/person\/8121b8aa336749474cbaca380c03029a","name":"Griffith Asia Institute","image":{"@type":"ImageObject","inLanguage":"en-AU","@id":"https:\/\/secure.gravatar.com\/avatar\/f133de65681da3b20ddbc1917f066f458d355d7dfa1f214b10ff4bd135d5ab6c?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/f133de65681da3b20ddbc1917f066f458d355d7dfa1f214b10ff4bd135d5ab6c?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f133de65681da3b20ddbc1917f066f458d355d7dfa1f214b10ff4bd135d5ab6c?s=96&d=mm&r=g","caption":"Griffith Asia Institute"},"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/author\/gaigriffith-edu-au\/"}]}},"jetpack_featured_media_url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2019\/08\/vanuatu-money-900x500.jpg","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":10478,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/reserve-bank-of-australia-review-research-to-policy-r2p\/","url_meta":{"origin":6302,"position":0},"title":"Reserve Bank of Australia Review: Research to policy (R2P)","author":"Griffith Asia Institute","date":"1 February 2024","format":false,"excerpt":"PARMENDRA SHARMA\u00a0 |\u00a0 The eagerly awaited Reserve Bank of Australia (RBA) Review report was delivered in May 2023. The anticipation stemmed from two key factors: RBA\u2019s functions and roles had not been comprehensively reviewed in decades and public sentiments had gained much momentum; the latter, founded on the public\u2019s dissatisfaction\u2026","rel":"","context":"In &quot;Commentary&quot;","block_context":{"text":"Commentary","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/publication\/commentary\/"},"img":{"alt_text":"Reserve Bank of Australia","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/01\/1-RBA-Review.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/01\/1-RBA-Review.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/01\/1-RBA-Review.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/01\/1-RBA-Review.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":5305,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/inaugural-south-pacific-central-banking-research-conference\/","url_meta":{"origin":6302,"position":1},"title":"Inaugural South Pacific Central Banking Research Conference","author":"Jill Moriarty","date":"2 January 2019","format":false,"excerpt":"Approximately 100 central bank researchers, academics, business leaders and policymakers attended a two-day conference in Suva on 12-13 December to share current research on various economic and financial issues affecting the region. The conference gave participants an\u00a0opportunity to explore vital links between research and policy issues related to central banking\u2026","rel":"","context":"In &quot;Events&quot;","block_context":{"text":"Events","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/events\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2019\/01\/2018-conference-2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2019\/01\/2018-conference-2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2019\/01\/2018-conference-2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2019\/01\/2018-conference-2.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":6792,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/determinants-of-private-sector-credit-in-papua-new-guinea\/","url_meta":{"origin":6302,"position":2},"title":"Determinants of private sector credit in Papua New Guinea","author":"Griffith Asia Institute","date":"6 January 2020","format":false,"excerpt":"SOLOMON KASINGU, GAIL SABOK, DIANA TUAM, JECONIAH HAMUA, JEN-JE SU AND PARMENDRA SHARMA | It is widely accepted that finance is sine qua non for start-up, establishment and expansion of a private sector enterprise; capital is indeed critical for operational as well non-operational activities.\u00a0 Generally, the capital structure encompasses a\u2026","rel":"","context":"In &quot;Feature series&quot;","block_context":{"text":"Feature series","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/publication\/feature-series\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/01\/PNG-money-counter-900x500-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/01\/PNG-money-counter-900x500-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/01\/PNG-money-counter-900x500-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/01\/PNG-money-counter-900x500-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":7441,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/trade-and-poverty-some-considerations-for-pacific-island-countries\/","url_meta":{"origin":6302,"position":3},"title":"Trade and poverty: Some considerations for Pacific island countries","author":"Griffith Asia Institute","date":"11 June 2020","format":false,"excerpt":"DEVENDRA NARAIN, KELERA ROGOIRUWAI AND TARLOK SINGH In September 2015, the United Nations general assembly adopted 17 Sustainable Development Goals (SGDs) to be achieved by 2030. Goal number one is to eradicate extreme poverty for all people everywhere and to reduce the share of people of all ages living in\u2026","rel":"","context":"In &quot;Commentary&quot;","block_context":{"text":"Commentary","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/publication\/commentary\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/06\/fiji-trade-900x500-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/06\/fiji-trade-900x500-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/06\/fiji-trade-900x500-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/06\/fiji-trade-900x500-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":5216,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wrapping-up-a-remarkable-2018\/","url_meta":{"origin":6302,"position":4},"title":"Wrapping up a remarkable 2018","author":"Griffith Asia Institute","date":"14 December 2018","format":false,"excerpt":"CAITLIN BYRNE\u00a0 | The year began, for me at least, in New Delhi as part of Australian Government delegation to the Raisina Dialogue (India\u2019s answer to Singapore\u2019s well established Shangri-La Dialogue). And now, it\u2019s coming to an end in Suva, where I\u2019ll be taking part in a conference on South\u2026","rel":"","context":"In &quot;Feature series&quot;","block_context":{"text":"Feature series","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/publication\/feature-series\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2018\/12\/Caitlin-Christmas.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2018\/12\/Caitlin-Christmas.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2018\/12\/Caitlin-Christmas.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2018\/12\/Caitlin-Christmas.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":10635,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/financial-system-development-in-the-solomon-islands\/","url_meta":{"origin":6302,"position":5},"title":"Financial system development in the Solomon Islands","author":"Griffith Asia Institute","date":"14 March 2024","format":false,"excerpt":"ANGELINE ROHOIA, KATIE LONGE\u2019AU AND RAYNOLD MICAH MOVENI\u00a0 |\u00a0\u00a0 The undeniable importance of finance in fostering growth and development is now firmly established. Countless studies have explored the finance-growth nexus and development of financial sectors, per se, across developed and developing countries. Despite this wealth of research, the Pacific region\u2026","rel":"","context":"In &quot;Commentary&quot;","block_context":{"text":"Commentary","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/publication\/commentary\/"},"img":{"alt_text":"Financial system development in the Solomon Islands","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/02\/4-Financial-systems-SI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/02\/4-Financial-systems-SI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/02\/4-Financial-systems-SI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/02\/4-Financial-systems-SI.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"jetpack_likes_enabled":true,"featured_image_thumbnail_url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2019\/08\/vanuatu-money-900x500.jpg","_links":{"self":[{"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/posts\/6302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/comments?post=6302"}],"version-history":[{"count":0,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/posts\/6302\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/media\/6303"}],"wp:attachment":[{"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/media?parent=6302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/categories?post=6302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/tags?post=6302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}