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Cambodia's Persistent Dollarization: Causes and Policy Options

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  • Menon, Jayant

    ()
    (Asian Development Bank)

Abstract

Cambodia's economic and social achievements over the past ten years have been the most impressive in its history. Nevertheless, Cambodia today is still as dollarized, if not more so, than it was ten years ago. What is this so, and what, if anything, should the Government do? This paper attempts to answer both these questions, by examining the reasons behind the apparent paradox between a decade of economic and political improvements and continued dollarization, and drawing policy implications from it. We advise against pursuing enforced dedollarization, and advocate a policy option that focuses instead on accelerating accommodative reforms, especially in the financial sector and on legal and institutional reforms. We also identify a host of institutional barriers that need to be overcome to prepare the groundwork for a natural process of de-dollarization.

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File URL: http://aric.adb.org/pdf/workingpaper/WP19_Cambodias_Persistent_Dollarization.pdf
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Bibliographic Info

Paper provided by Asian Development Bank in its series Working Papers on Regional Economic Integration with number 19.

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Length: 20 pages
Date of creation: 01 Sep 2008
Date of revision:
Handle: RePEc:ris:adbrei:0019

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Related research

Keywords: Cambodia; dollarization; exchange rates; currency board; hysteresis;

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Cited by:
  1. Hal Hill, 2014. "Is There a Southeast Asian Development Model?," Discussion Paper Series 26, Department of International Economic Policy, University of Freiburg, revised Jan 2014.
  2. Nombulelo Duma, 2011. "Dollarization in Cambodia," IMF Working Papers 11/49, International Monetary Fund.
  3. Warwick McKibbin & Waranya Pim Chanthapun, 2009. "Exchange Rate Regimes in the Asia-Pacific Region and the Global Financial Crisis," CAMA Working Papers 2009-30, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  4. Madhur, Srinivasa & Wignaraja, Ganeshan & Darjes, Peter, 2009. "Roads for Asian Integration: Measuring ADB's Contribution to the Asian Highway Network," Working Papers on Regional Economic Integration 37, Asian Development Bank.
  5. Rigg, Robert & Schou-Zibell, Lotte, 2009. "The Financial Crisis and Money Markets in Emerging Asia," Working Papers on Regional Economic Integration 38, Asian Development Bank.
  6. Schou-Zibell, Lotte & Madhur, Srinivasa, 2010. "Regulatory Reforms for Improving the Business Environment in Selected Asian Economies - How Monitoring and Comparative Benchmarking Can Provide Incentive for Reform," Working Papers on Regional Economic Integration 40, Asian Development Bank.

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