{"id":6792,"date":"2020-01-06T08:30:36","date_gmt":"2020-01-05T22:30:36","guid":{"rendered":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/?p=6792"},"modified":"2024-09-19T05:18:55","modified_gmt":"2024-09-18T19:18:55","slug":"determinants-of-private-sector-credit-in-papua-new-guinea","status":"publish","type":"post","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/determinants-of-private-sector-credit-in-papua-new-guinea\/","title":{"rendered":"Determinants of private sector credit in Papua New Guinea"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">SOLOMON KASINGU, GAIL SABOK, DIANA TUAM, JECONIAH HAMUA, <a href=\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/tag\/jen-je-su\/\">JEN-JE SU<\/a> AND <a href=\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/tag\/parmendra-sharma\/\">PARMENDRA SHARMA<\/a>  |  <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is widely\naccepted that finance is <em>sine qua non<\/em>\nfor start-up, establishment and expansion of a private sector enterprise;\ncapital is indeed critical for operational as well non-operational\nactivities.&nbsp; Generally, the capital\nstructure encompasses a mix of internal and external sources, with the latter financed\nprimarily and commonly by financial sector institutions like commercial\nbanks.&nbsp; Growth and expansion of the\nprivate sector then becomes almost invariably dependent on credit available and\naccessible from the financial sector, begging the question\u2014what might the\ndeterminants of such credit to the private sector be?&nbsp; This question is important because a\nwell-functioning private sector is in turn <em>sine\nqua non<\/em> for economic growth and development and thereby poverty and income\ninequality alleviation, enhanced employment and well-being of a country and its\ncitizens.&nbsp; Hence the purpose of the\nstudy\u2014what indeed are the determinants of private sector credit in the case of\nPapua New Guinea (PNG), a Pacific island Country, located in the North-East of\nAustralia.&nbsp; <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">PNG is a small,\nopen, developing economy endowed with natural resources, and is an exporter of primary\ncommodities (example: palm oil, coffee, cocoa, fish, gold, copper, oil and gas)\nand importer of manufactured items (example: fuel, rice, vehicle, machinery and\nequipment). Among the Pacific Island Countries (PICs), PNG is relatively larger,\nin terms of both the population and economy. The latter is dominated by two\nbroad sectors\u2014agriculture, fisheries and forestry\u2014the biggest sectoral employer;\nand the mineral and extractive energy sector which accounts for majority of\nexport earnings and gross domestic product. The mineral sector is made up\nmainly of foreign-owned mining and quarrying companies funded predominantly by external\nsources. The other sectors are largely locally-owned and dependent on the local\nfinancial sector for investment and expansion.&nbsp;\n<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since the early\n2000\u2019s PNG has experienced sustained economic growth which peaked between 2009\nand 2013 as a result of the construction phase of the multi-billion-kina PNG\nLiquefied Natural Gas (LNG) project. Economic growth has slowed since 2014\nafter the completion of the project\u2019s construction phase at the end of 2013 and\nthe fall in international commodity prices in the second quarter of 2014.&nbsp; The financial sector comprises of commercial\nbanks, finance companies, merchant banks, savings and loans societies,\nsuperannuation funds, life insurance companies, and other licensed\ninstitutions. Four commercial banks make up the largest part of the financial\nsector\u2014Bank South Pacific (BSP); Australia and New Zealand Banking Group (ANZ)\nPNG Limited; Westpac Bank (PNG) Limited; and Kina Bank Limited. The largest of\nthese is BSP, with over 40 branches across the country. Westpac and ANZ are\nsubsidiaries of Australian Banks and operate around 15 and 9 branches,\nrespectively in PNG, while Kina Bank has only one branch in the country. &nbsp;According to the World Bank\u2019s Development\nIndicator database, domestic credit to the private sector as percentage of GDP\nby commercial banks in PNG has been hovering between 13 and 20 percent since\n1994. This ratio reached 20 percent in 2013 but declined to 15 percent in 2017,\nfar lower than the ratios in other PICs. For instance, the ratio for Fiji was\n40 percent in 1994 but had reached 60 percent in 2006 and since then has been\nmaintained around that level. Vanuatu\u2019s ratio has also improved from 35 percent\nin 1994 to 68 percent in 2017. &nbsp;Thus, the\ngreater relevance of the study\u2019s question\u2014what might the determinants of\nprivate sector credit be <em>in the case of\nPNG<\/em>?&nbsp; <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Using quarterly data from for the period 2000 to 2017, an autoregressive distributed lag model and, various demand and supply-side factors our study finds that deposits at the commercial banks, real gross domestic product, real effective exchange rate, and net foreign assets have significant positive influence on credit to the private sector in both the short and the long-run. Interestingly, lending rates have no significant influence on credit to the private sector.<\/p>\n\n\n\n<p class=\"label author wp-block-paragraph\"><strong>AUTHORS <\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mr Solomon Kasingu, Ms Gail Sabok, Ms Diana Tuam and Mr Jeconiah Hamua, Bank of Papua New Guinea,  Dr Jen-Je Su and Dr Parmendra Sharma, Griffith Asia Institute.<\/p>\n\n\n<p><!--EndFragment-->This&nbsp; paper was presented at the December 2018 South Pacific Central Banks\u2014Griffith University Research Conference and Regional Policy Dialogue in Suva.&nbsp; &nbsp;The views and opinions expressed in this study are those of the authors and do not reflect those of the Bank of Papua New Guinea or its Board.&nbsp;<\/p>\n<p>Please click here to read the full working paper, &#8220;<a href=\"https:\/\/www.griffith.edu.au\/__data\/assets\/pdf_file\/0024\/945240\/JPRWP11-web.pdf\">Determinants of private sector credit in Papua New Guinea<\/a>&#8220;.<\/p>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.&nbsp; Generally, the capital structure encompasses a mix of internal and external 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