{"id":7379,"date":"2020-05-29T12:00:00","date_gmt":"2020-05-29T02:00:00","guid":{"rendered":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/?p=7379"},"modified":"2023-03-29T14:50:25","modified_gmt":"2023-03-29T04:50:25","slug":"capacity-building-and-central-banking-in-the-pacific","status":"publish","type":"post","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/capacity-building-and-central-banking-in-the-pacific\/","title":{"rendered":"Capacity building and central banking in the Pacific"},"content":{"rendered":"\n

COVID-19 has no doubt brought back to the policymaking table many lingering, once believed to be settled, issues\u2014much more than the 2007 Global Financial Crisis did or any other event in the past several decades. The consequences for economies worldwide\u2014of any size, type and characteristic\u2014has been devastating<\/a>, Pacific Island Countries (PICs) included.<\/p>\n\n\n\n

\"\"
Mr Luke Forau, Governor of the Central Bank of Solomon Islands.<\/figcaption><\/figure><\/div>\n\n\n\n

In times like these, policymakers\u2014governments and central banks\u2014naturally become more prominent as the guiding stars and sources of support and reassurances. As elsewhere, central banks in PICs endeavour to keep the financial sector afloat\u2014often, via extraordinary means, occasionally encompassing the notion of \u201cwhatever it takes\u201d.  But central banks anywhere in the world\u2014regardless of size, type and resources\u2014can do only so much, knowing very well that the outcomes of their actions may not always be positive. Moral hazards, distortions and bubbles are among some of the undesirable consequences.<\/p>\n\n\n\n

As one could imagine, the challenges of central banks in the PICs can be far greater than in many other parts of the world. In addition to resource constraints, PIC central banks have limited monetary policy tools and very weak transmission mechanisms. For various reasons, policymaking grounded in systematic and scientific research is often a challenge. This is where the efforts and mentoring by Griffith University\u2019s South Pacific Centre for Central Banking<\/a> (SPCCB) provides an effective and pioneering capacity building model. SPCCB has also provided a platform for cooperation and engagement in the region. One of the great benefits of such cooperation and research mentoring is the joint research papers<\/a> by Griffith University and the central banks. A targeted PhD program<\/a> is another benefit of this collaboration as it jointly funds up to four suitably qualified, Central Bank supported candidates to enrol in the Doctor of Philosophy program at Griffith University each year. The initiative is the first of its kind in the region and is greatly appreciated by the central bank governors in the region.<\/p>\n\n\n\n

There\u2019s a common view in the region that more can be done regarding the capacity building initiative launched and facilitated by SPCCB. And this is where I\u2019d like to share some thoughts. The intention is to initiate a regional discussion and deliberation on an issue that could have long-lasting positive implications.<\/p>\n\n\n\n

The SPCCB has the potential to become a \u201cresearch and policy formulation\u201d capacity building hub for the PIC central banks, much like Kenya School of Monetary Policy Studies<\/a> (KSMPS). To accomplish that vision and goal, however, a much greater, multi-lateral effort and partnership would be required. SPCCB\u2019s key stakeholders include Asian Development Bank, the World Bank Group\/International Financial Cooperation, International Monetary Fund\/Pacific Financial Technical Centre, Department of Foreign Affairs and Trade, and central banks of Australia and New Zealand. A collaborative approach among these stakeholders, the central banks and SPCCB would be required.<\/p>\n\n\n\n

The collaboration has commenced, with ADB\u2019s sponsorship of the 2020, now 2021 Regional Conference and co-convening of the 2020 Virtual Governors\u2019 Forum<\/a>. This multi-lateral steppingstone is a welcome start. But, of course, more is possible. As the Governor of the Reserve Bank of Vanuatu in his keynote address<\/a> at the 2019 Vila Conference indicated:<\/p>\n\n\n\n

\u201cwe central banks are very keen to formalise partnerships with the key stakeholders. We\u2019ve identified prospective collaborative opportunities as follows: collaborative working papers; research training attachments; conference convening for regional and international engagement; and preparing for PhD via the post graduate diploma phase<\/em>\u201d.<\/p>\n\n\n\n

I anticipate this will provide food for thought and trigger a much-needed discussion and debate regarding central banking functions, obligations and opportunities in the Pacific.<\/p>\n\n\n\n

AUTHOR<\/p>\n\n\n\n

Mr Luke Forau, <\/strong>Governor of the Central Bank of Solomon Islands.<\/p>\n","protected":false},"excerpt":{"rendered":"

COVID-19 has no doubt brought back to the policymaking table many lingering, once believed to be settled, issues\u2014much more than the 2007 Global Financial Crisis did or any other event in the past several decades. The consequences for economies worldwide\u2014of any size, type and characteristic\u2014has been devastating, Pacific Island Countries (PICs) included. In times like […]<\/p>\n","protected":false},"author":14,"featured_media":7389,"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":[1170,1105,1427,1755,1021,248,1055],"tags":[969,1050,1023,789,892,891],"class_list":["post-7379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commentary","category-coronavirus-in-the-pacific","category-pacific-forum","category-governance-democracy","category-pacific-outlook","category-png-and-the-pacific","category-economies-and-development","tag-pacific-islands","tag-pacific-outlook","tag-solomon-islands","tag-south-pacific-centre-for-central-banking","tag-spcb-conference","tag-spccb"],"acf":[],"modified_by":"Jill Moriarty","yoast_head":"\nCapacity building and central banking in the Pacific | Griffith Asia Insights<\/title>\n<meta name=\"description\" content=\"COVID-19 has no doubt brought back to the policymaking table many lingering, once believed to be settled, issues\u2014much more than the 2007 Global Financial\" \/>\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\/capacity-building-and-central-banking-in-the-pacific\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Capacity building and central banking in the Pacific | Griffith Asia Insights\" \/>\n<meta property=\"og:description\" content=\"COVID-19 has no doubt brought back to the policymaking table many lingering, once believed to be settled, issues\u2014much more than the 2007 Global 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Coupled with the lack of political commitment to adequately resource national institutions responsible for collection and dissemination of economic data, the outbreak of COVID-19 and the scale down of the government\u2019s workforce to\u2026","rel":"","context":"In "Commentary"","block_context":{"text":"Commentary","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/publication\/commentary\/"},"img":{"alt_text":"Office empty due to COVID-19","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/07\/pacific-covid-data-disruption-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\/07\/pacific-covid-data-disruption-900x500-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/07\/pacific-covid-data-disruption-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\/07\/pacific-covid-data-disruption-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":7379,"position":2},"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 "Commentary"","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":7460,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/information-sharing-among-pacific-central-banks-some-thoughts\/","url_meta":{"origin":7379,"position":3},"title":"Information sharing among Pacific central banks","author":"Griffith Asia Institute","date":"12 June 2020","format":false,"excerpt":"RAYNOLD MICAH MOVENI\u00a0 |\u00a0\u00a0 In a previous article on the Pacific Forum, I raised the prospect of information sharing among the people of the South Pacific\u2014particularly those in rural areas. 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Briefly, key recommendations of the review include:\u00a0 A monetary policy fit for the future\u00a0~ A clear monetary policy framework\u00a0~ Stronger monetary policy decision-making\u2026","rel":"","context":"In "Commentary"","block_context":{"text":"Commentary","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/publication\/commentary\/"},"img":{"alt_text":"financial figures and laptop over Pacific island background","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/01\/2-RBA-fit-for-purpose.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\/2-RBA-fit-for-purpose.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/01\/2-RBA-fit-for-purpose.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/01\/2-RBA-fit-for-purpose.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":10302,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/enhancing-the-ecosystem-for-entrepreneurship-and-innovation-in-the-pacific\/","url_meta":{"origin":7379,"position":5},"title":"Enhancing the ecosystem for entrepreneurship and innovation in the Pacific","author":"Griffith Asia Institute","date":"16 November 2023","format":false,"excerpt":"JEFF LIEW\u00a0 |\u00a0 Liliana is a young mother and small business owner in an island community. 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