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Marshall Islands --- Marshall Islands. --- Economic policy --- Environmental conditions --- Politics and government --- Social conditions
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This paper looks at the role Sovereign Wealth Funds have played in the Pacific Island Countries in achieving key macro-fiscal policy objectives, namely, protecting the budget from high revenue volatility and strengthening fiscal prospects. Evidence shows that the funds' effectiveness has been hampered by lack of integration with the budget, institutional weaknesses, and inadequate controls. These factors, together with weak asset management, have sometimes led to substantial financial losses and undermined fiscal policy. Funds, if well designed, could be used as a tool to support a sound fiscal framework, but should not be seen as a substitute for fiscal reforms.
Business & Economics --- Economic History --- Wealth --- Fiscal policy --- Finance, Public --- Management. --- Cameralistics --- Public finance --- Tax policy --- Taxation --- Affluence --- Distribution of wealth --- Fortunes --- Riches --- Government policy --- Currency question --- Economic policy --- Business --- Economics --- Finance --- Capital --- Money --- Property --- Well-being --- Public finances --- Budgeting --- Financial Risk Management --- Public Finance --- National Budget --- Budget Systems --- Fiscal Policy --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- National Government Expenditures and Related Policies: General --- Budgeting & financial management --- Macroeconomics --- Public finance & taxation --- Budget planning and preparation --- Sovereign wealth funds --- Public financial management (PFM) --- Extra-budgetary funds --- Budget --- Marshall Islands, Republic of the
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The small states of the Asia and Pacific region face unique challenges in raising their growth potential and living standards relative to other small states due to their small populations, geographical isolation and dispersion, narrow export and production bases, exposure to shocks, and heavy reliance on aid. Higher fixed government costs, low access to credit by the private sector, and capacity constraints are also key challenges. The econometric analysis confirms that the Pacific Island Countries (PICs) have underperformed relative to their peers over the last 20 years. Although these countries often face more limited policy tools, policies do matter and can further help build resilience and raise potential growth, as evidenced in the recent business cycle. The Asia and Pacific small states should continue rebuilding buffers and improve the composition of public spending in order to foster inclusive growth. Regional solutions should also continue to be pursued.
States, Small --- Small economies --- Economic conditions. --- Asia --- Banks and Banking --- Exports and Imports --- Macroeconomics --- Demography --- Environmental Economics --- Economic Integration --- Open Economy Macroeconomics --- International Policy Coordination and Transmission --- Economic Growth of Open Economies --- Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation --- Aggregate Factor Income Distribution --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Empirical Studies of Trade --- Macroeconomics: Consumption --- Saving --- Wealth --- Demographic Economics: General --- Climate --- Natural Disasters and Their Management --- Global Warming --- Banking --- International economics --- Population & demography --- Climate change --- Income --- Terms of trade --- Government consumption --- Population and demographics --- National accounts --- International trade --- Environment --- Banks and banking --- Economic policy --- nternational cooperation --- Consumption --- Economics --- Population --- Climatic changes --- Marshall Islands, Republic of the
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