1. Despite rapid growth in the last few years, Papua New Guinea's
financial system is likely to remain relatively immune from the
turmoil in global financial markets. Since 2000, a favorable
external environment and the introduction of financial sector
reforms provided a strong foundation for financial sector
expansion. This chapter examines the potential vulnerabilities in
Papua New Guinea's expanded financial sector given the current
state of global capital markets. In particular, it focuses on
liquidity and asset quality, the areas that have proven to be most
vulnerable in other financial systems, and concludes that Papua New
Guinea's financial system is relatively well positioned to ride out
the current storm.
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