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Starting in 2005, nontax revenue in Georgia is expected to rise significantly, in the form of transit fees for oil transported through the Baku-Tbilisi-Ceyhan Oil Pipeline. Transit fees for gas transported through the South Caucasus Pipeline are expected to start in 2007. This paper discusses (1) how much additional revenue can be expected, (2) prospects for monetizing gas that could be received as in-kind transit fees, in the light of pervasive nonpayment in the domestic gas sector, (3) the impact of these inflows on external competitiveness, (4) how to put in place appropriate reporting on these additional revenues, and (5) whether these inflows justify the creation of a special natural resource fund.

Revenue --- Gas pipelines --- Petroleum pipelines --- Petroleum --- Oil fields --- Pipelines --- Gas --- Government revenue --- Public revenue --- Finance, Public --- Taxation --- Pipe lines --- Equipment and supplies --- Transportation --- Investments: Energy --- Exports and Imports --- Infrastructure --- Public Finance --- Economic Development: Agriculture --- Natural Resources --- Energy --- Environment --- Other Primary Products --- Socialist Systems and Transitional Economies: Natural Resources --- Energy and the Macroeconomy --- Energy: General --- Business Taxes and Subsidies --- National Government Expenditures and Related Policies: General --- Trade: General --- Industry Studies: Transportation and Utilities: General --- Investment & securities --- Public finance & taxation --- International economics --- Macroeconomics --- Oil --- Oil, gas and mining taxes --- Public expenditure review --- Oil exports --- Commodities --- Taxes --- Expenditure --- International trade --- National accounts --- Petroleum industry and trade --- Expenditures, Public --- Exports --- Saving and investment --- Georgia

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During the global financial crisis, central banks in Pacific island countries eased monetary policy to stimulate economic activity. Judging by the ensuing movements in commercial bank interest rates and private sector credit, monetary policy transmission appears to be weak. This is confirmed by an empirical examination of interest rate pass-through and credit growth. Weak credit demand and underdeveloped financial markets seem to have limited the effectiveness of monetary policy, but the inflexibility of exchange rates and rising real interest rates have also served to frustrate the central banks’ efforts despite a supporting fiscal policy. While highlighting the importance of developing domestic financial markets in the long run, this experience also points to the need to coordinate macroeconomic policies and to use all macroeconomic tools available in conducting countercyclical policies, including exchange rate flexibility.

Monetary policy --- Transmission mechanism (Monetary policy) --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Monetary transmission mechanism --- Islands of the Pacific --- Pacific Islands --- Pacific Ocean Islands --- Economic policy. --- Banks and Banking --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Interest Rates: Determination, Term Structure, and Effects --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Price Level --- Deflation --- Currency --- Foreign exchange --- Banking --- Monetary economics --- Macroeconomics --- Conventional peg --- Central bank policy rate --- Exchange rate arrangements --- Credit --- Interest rates --- Prices --- Fiji, Republic of