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Private Investment and Macroeconomic Environment in the South Pacific Island Countries : A Cross-Country Analysis


  • Jayaraman, T-K


The paper undertakes an empirical investigation of key macroeconomic factors affecting private investment in the South Pacific developing member countries. The study finds that instability in the real exchange rate had a sizeable adverse effect on private investment.

Suggested Citation

  • Jayaraman, T-K, 1996. "Private Investment and Macroeconomic Environment in the South Pacific Island Countries : A Cross-Country Analysis," Papers 14, Asian Development Bank.
  • Handle: RePEc:fth:asdbed:14

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    References listed on IDEAS

    1. Joshua Greene & Delano Villanueva, 1991. "Private Investment in Developing Countries: An Empirical Analysis," IMF Staff Papers, Palgrave Macmillan, vol. 38(1), pages 33-58, March.
    2. Perron, Pierre, 1988. "Trends and random walks in macroeconomic time series : Further evidence from a new approach," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 297-332.
    3. Fielding, David, 1997. "Adjustment, trade policy and investment slumps: evidence from Africa," Journal of Development Economics, Elsevier, vol. 52(1), pages 121-137, February.
    4. Granger, C. W. J. & Newbold, P., 1974. "Spurious regressions in econometrics," Journal of Econometrics, Elsevier, vol. 2(2), pages 111-120, July.
    5. Kalpana Kochhar & Erik Offerdal & Louis Dicks-Mireaux & Mauro Mecagni & Jianping Zhou & Balázs Horváth & David John Goldsbrough & Sharmini Coorey, 1996. "Reinvigorating Growth in Developing Countries; Lessons from Adjustment Policies in Eight Economies," IMF Occasional Papers 139, International Monetary Fund.
    6. Kormendi, Roger C. & Meguire, Philip G., 1985. "Macroeconomic determinants of growth: Cross-country evidence," Journal of Monetary Economics, Elsevier, vol. 16(2), pages 141-163, September.
    7. Dhaneshwar Ghura, 1997. "Private Investment and Endogenous Growth; Evidence From Cameroon," IMF Working Papers 97/165, International Monetary Fund.
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    Cited by:

    1. Muyambiri, Brian & Chiwira, Oscar & Enowbi Batuo, Michael & Chiranga, Ngonidzashe, 2010. "The Causal Relationship between Private and Public Investment in Zimbabwe," MPRA Paper 26671, University Library of Munich, Germany.
    2. Teuea Toatu, 2002. "Unravelling the Pacific Paradox," International and Development Economics Working Papers idec02-2, International and Development Economics.

    More about this item



    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements


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