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Hoe Ee Khor

. Financial markets are underdeveloped and credit to the private sector is only 35 percent of GDP. Business climate and investment . The geographic isolation and business climate shortcomings of Marshall Islands hinder private investment. Business entry is relatively easy, but the absence of a legislative framework for bankruptcy and the heavy presence of state-owned enterprises make business more difficult. Registering property appears to be particularly cumbersome, owing to complex land-ownership issues. Monetary policy . The U.S. dollar is legal tender and Marshall

Hoe Ee Khor, Mr. Roger P. Kronenberg, and Ms. Patrizia Tumbarello

Abstract

Pacific island countries face unique challenges to realizing their growth potential and raising living standards. This book discusses ongoing challenges facing Pacific island countries and policy options to address them. Regional cooperation and solutions tailored to their unique challenges, as well as further integration with the Asia and Pacific region will each play a role. With concerted efforts, Pacific island countries can boost potential growth, increase resilience, and improve the welfare of their citizens.

Hoe Ee Khor

. Financial sector . The formal financial sector consists of a single foreign-owned commercial bank, a government-owned development bank, a provident fund, and an insurance company. Formal financial intermediation and access to credit for the private sector are very limited. Communal land and cumbersome access procedures restrict the use of land as collateral. That said, private sector credit as a percent of GDP has risen sharply since 2011, albeit from very low levels. Investment and business climate . Infrastructure and business climate shortcomings curtail private and