A RE-EXAMINATION OF THE DEMAND FOR MONEY IN FIJI
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
The demand for money is a crucial aspect of macroeconomic analysis, influencing monetary policy, economic stability, and overall economic growth. In the context of Fiji, understanding the dynamics of money demand is particularly significant due to the unique characteristics of its economy, which is heavily reliant on tourism, agriculture, and remittances (Kumar, 2020). Over the years, the demand for money in Fiji has exhibited fluctuations, often attributed to changes in income levels, inflation rates, and economic policies (Singh, 2021). Recent studies suggest that the traditional models of money demand may not fully capture the complexities of Fiji’s economic environment, necessitating a re-examination of this critical subject (Prasad & Tumbun, 2023).
Fiji's economy has undergone various transformations, especially in the aftermath of the COVID-19 pandemic, which significantly disrupted economic activities and altered consumer behavior (Fiji Bureau of Statistics, 2023). The pandemic led to a decline in tourism—a major source of foreign exchange and employment—resulting in increased uncertainty regarding the future demand for money. As individuals and businesses faced financial hardships, the patterns of saving and spending shifted, influencing the overall liquidity preference (Bhan & Singh, 2022). Thus, investigating the demand for money in this context not only provides insights into current economic conditions but also aids in formulating effective monetary policies to foster recovery and stability.
Furthermore, the relationship between money demand and interest rates has been a focal point of economic research in Fiji. Studies indicate that changes in interest rates, driven by central bank policies, significantly impact the public's willingness to hold money versus invest in other assets (Bhatia, 2021). As interest rates fluctuate in response to both domestic and global economic conditions, understanding their effect on money demand becomes essential for policymakers aiming to control inflation and stimulate economic growth (Fiji Reserve Bank, 2022).
The rise of digital payment systems in Fiji has also transformed the landscape of money demand. The increasing penetration of mobile banking and online payment platforms has altered the way consumers and businesses manage their finances (Naidu & Reddy, 2023). This technological shift calls for a re-examination of traditional theories of money demand, as the ease of access to digital financial services may
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