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While the world is focused on addressing the near-term ramifications of the COVID-19 shock, we turn attention to another important aspect of the pandemic: its fallout on medium-term potential output through scarring. Taking Australia and New Zealand as examples, we show that the pandemic will likely have a large and persistent impact on potential output, broadly in line with the experience of advanced economies from past recessions. The impact is driven by employment, capital stock, and productivity losses in the wake of an unprecedented sectoral reallocation, hightened uncertainty, and reduced migration. Maintaining fiscal and monetary policy support until the recovery is firmly entrenched and putting in place a strong structural policy agenda to counter the pandemic’s adverse effects on medium-term potential output will be important to support standards of living and strengthen economic resilience in case of renewed shocks.

Business and Economics --- Macroeconomics --- Economics: General --- International Economics --- Macroeconomics: Consumption, Saving, Production, Employment, and Investment: General (includes Measurement and Data) --- Economic Growth and Aggregate Productivity: General --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Economywide Country Studies: Oceania --- Economic & financial crises & disasters --- Economics of specific sectors --- Financial crises --- Economic sectors --- Currency crises --- Informal sector --- Economics --- Pandemics --- COVID-19 (Disease) --- Business and Economics. --- Macroeconomics. --- Economics: General. --- International Economics. --- Economic Growth and Aggregate Productivity: General. --- Measurement of Economic Growth. --- Aggregate Productivity. --- Cross-Country Output Convergence. --- Economywide Country Studies: Oceania. --- Economic & financial crises & disasters. --- Economics of specific sectors. --- Financial crises. --- Economic sectors. --- Currency crises. --- Informal sector. --- Economics. --- Economic aspects.

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This paper seeks to document key characteristics of small island states in the Pacific. It restricts itself to a limited number of indicators which are macro-orientated - population, fertility of land, ability to tap into economies of scale, income, and geographic isolation. It leaves aside equally important but more micro-orientated variables and development indicators. We show that small island states in the Pacific are different from countries in other regional groupings in that they are extremely isolated and have limited scope to tap economies of scale due to small populations. They often have little arable land. There is empirical evidence to suggest that these factors are related to income growth.

Geography --- Earth & Environmental Sciences --- Physical Geography --- Islands. --- Islands of the Pacific. --- Isles --- Islets --- Pacific Islands --- Pacific Ocean Islands --- Landforms --- Macroeconomics --- Demography --- Measurement and Analysis of Poverty --- Macroeconomic Analyses of Economic Development --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Infrastructure --- Economic Growth and Aggregate Productivity: General --- Economywide Country Studies: Oceania --- Comparative Studies of Countries --- Personal Income, Wealth, and Their Distributions --- Demographic Economics: General --- Measurement and Data on National Income and Product Accounts and Wealth --- Environmental Accounts --- Population & demography --- Personal income --- Population and demographics --- National income --- National accounts --- Income --- Population --- Tuvalu

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Bank interest rate spreads in Solomon Islands are high by regional standards. This paper examines the determinants of bank interest rates including bank specific, banking sector, macroeconomic, and legal indicators. The results show that the scale of operation, overhead costs, concentration index, and some macroeconomic variables (i.e., monetary policy rates and real growth) significantly influence interest rate margins. The paper particularly focus on the influence of the banking sector structure and finds strong evidence of bank collusion.

Banks and banking --- Interest rates --- Intermediation (Finance) --- Financial intermediation --- Finance --- Money market rates --- Rate of interest --- Rates, Interest --- Interest --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Financial institutions --- Money --- Banks and Banking --- Macroeconomics --- Money and Monetary Policy --- Industries: Financial Services --- Public Finance --- Inflation --- Interest Rates: Determination, Term Structure, and Effects --- Financial Markets and the Macroeconomy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Economywide Country Studies: Oceania --- Personal Income, Wealth, and Their Distributions --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Aggregate Factor Income Distribution --- Taxation, Subsidies, and Revenue: General --- Price Level --- Deflation --- Monetary economics --- Public finance & taxation --- Loans --- Personal income --- Bank credit --- Income --- National accounts --- Legal support in revenue administration --- Revenue administration --- Prices --- Credit --- Revenue --- Solomon Islands