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Economic Policy in a Highly Dollarized Economy


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  • International Monetary Fund
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    This study examines the challenges and issues facing policymakers in highly dollarized economies. Focusing on Cambodia, which achieved almost complete dollarization during 1991-95, the authors review recent developments in the literature on dollarization and examine the costs and benefits of dollarization in Cambodia, including the ensuing macroeconomic policy implications. They carry out an econometric estimation of cash foreign currency circulation in Cambodia in order to gauge the degree of dollarization. In addition to this analysis, the authors present a short description of Cambodia’s economic, financial, and structural background.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Occasional Papers with number 219.

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    Length: 40
    Date of creation: 30 Sep 2003
    Date of revision:
    Handle: RePEc:imf:imfocp:219

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    Postal: International Monetary Fund, Washington, DC USA
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    Keywords: Dollarization; national bank; inflation; foreign currency; currency board; monetary fund; banking; central bank; money supply; banking system; monetary authorities; monetary policy; high inflation; official reserves; domestic currency; clearinghouse; inflation rate; currency boards; exchange rate regimes; banking supervision; capital account liberalization; monetary union; reserve requirements; real interest rate; capital requirement; lower inflation; economic instability; structural adjustment; foreign exchange; terms of trade; domestic money supply; macroeconomic stability; monetary instrument; nominal interest rate; low inflation; monetary aggregate; reserve requirement; export sector; monetary financing; export earnings; exchange rate depreciation; capital expenditure; market exchange rates; current expenditure; demand for money; reexport; financial crises; money balances; excess liquidity; banknotes; bank liquidity; bank capital; sovereign default; foreign exchange market; balance of payments; bank operations; repayments; banking reform; bank credit; debt policies; specialized bank; bank branches; bank supervision; supplementary capital; banking regulations; bank law; domestic financing; capital flows; monetary statistics; monetary system; monetary institution; open market operations; export license; macroeconomic performance; macroeconomic stabilization; foreign investment; development banking; banking activities; paper money; total exports; trade liberalization; revenue collection; import prices; money demand; income velocity of money; real effective exchange rate; monetary economy; exporters; capital flight; money circulation; financial stability; rise in inflation; inflation performance; real interest rates; printing money; effective exchange rates; price level; bank financing; revenue mobilization; inflation rates;


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    Cited by:
    1. Jeta Menkulasi & Lodewyk Erasmus & Jules Leichter, 2009. "Dedollarization in Liberia-Lessons From Cross-Country Experience," IMF Working Papers 09/37, International Monetary Fund.


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