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Macroeconomic Adjustment in a Highly Dollarized Economy: The Case of Cambodia

Author/Editor: de Zamaróczy, Mario | Sa, Sopanha
Authorized for Distribution: May 1, 2002
Electronic Access: Free Full Text (PDF file size is 2,249KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: Cambodia became dollarized suddenly in the early 1990s, as a result of massive dollar inflows stemming from a postconflict situation. Considering that the amount of dollars in circulation is unusually high, we attempt to estimate the true degree of dollarization empirically. Our results show that Cambodia has been virtually fully dollarized since 1995. Against a background of severe institutional limitations, the authorities have implemented in recent years policies akin to those of a de facto currency board arrangement, in particular with respect to fiscal discipline. The paper concludes that this policy mix has been appropriate for Cambodia's circumstances.
 
Series: Working Paper No. 02/92
Subject(s): Adjustment policy | Cambodia | Dollarization | Currency substitution | Exchange rates | Currency boards
Author's keyword(s): Dollarization | Currency Substitution | Co-Currency Circulation | Kalman Filter | Exchange Rates | Currency Board Arrangement
 
English  
    Published:   May 1, 2002        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA0922002   Pages:   53
    Price:   US$15.00
       
     
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