Bank of PNG has recently launched two working papers called Demand for Money in PNG and Estimating an Aggregate Import Demand Function for PNG in Port Moresby at the National Research Institute of PNG. The launching was attended by Bank of PNG Assistant Governor Dr. Gae Kauzi, PNG National Research Institute Director Dr. Charlies Yala and other reps from NRI, UPNG and Treasury department who set through a presentation from the BPNG working Papers authors explaining the fundamentals of those policies.
The first presentation was on working paper policies called Demand for money in PNG where author Tanu Irau a senior analyst with Bank of PNG who gave his speech on theories of money demand and money demand studies in PNG.
Whereas mentioned during his presentation on stable money demand function is necessary for monetary policy and a useful instrument for the properties of the money demand function and its linkage to the rest of the economy when formulating policy.
Second presentation was by two authors Boniface Aipi also a senior analyst with Bank of PNG and his colleague Gail Sabok who gave their presentation on working paper policies called Estimating an Aggregate Import Demand Function for PNG which gave a talk on Merchandise trade trends in PNG and import volumes in PNG.
Investigation into estimation of our country’s import demand function has gained much literature in international economics. For PNG by far the only study that was done on the estimation of the import demand function was in 1998. Establishing the determinants of import demand assists policy makers to design policies that enable macroeconomic stability and encourage growth.
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