Macroeconomic Adjustment in a Highly Dollarized Economy; The Case of Cambodia
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.
|Date of creation:||01 May 2002|
|Date of revision:|
|Contact details of provider:|| Postal: International Monetary Fund, Washington, DC USA|
Phone: (202) 623-7000
Fax: (202) 623-4661
Web page: http://www.imf.org/external/pubind.htm
More information through EDIRC
|Order Information:||Web: http://www.imf.org/external/pubs/pubs/ord_info.htm|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Reinhart, Carmen & Calvo, Guillermo, 1999.
"Capital Flow Reversals,the Exchange Rate Debate,and Dollarization,"
8951, University Library of Munich, Germany.
- Reinhart, Carmen & Calvo, Guillermo, 1999.
"Inversión de las corrientes de capital, tipo de cambio y dolarización
[Capital Flow Reversals, the Exchange Rate Debate, and Dollarization]," MPRA Paper 13692, University Library of Munich, Germany.
- Reinhart, Carmen & Calvo, Guillermo, 1999. "Inversión de las corrientes de capital, tipo de cambio y dolarización
- Joannes Mongardini & Johannes Mueller, 2000.
"Ratchet Effects in Currency Substitution: An Application to the Kyrgyz Republic,"
IMF Staff Papers,
Palgrave Macmillan, vol. 47(2), pages 3.
- Joannes Mongardini & Johannes Mueller, 1999. "Rachet Effects in Currency Substitution; An Application to the Kyrgyz Republic," IMF Working Papers 99/102, International Monetary Fund.
- Johannes Mueller, 1994. "Dollarization in Lebanon," IMF Working Papers 94/129, International Monetary Fund.
- Nicolas A. Cuche & Martin K. Hess, 1999. "Estimating Monthly GDP In A General Kalman Filter Framework: Evidence From Switzerland," Working Papers 99.02, Swiss National Bank, Study Center Gerzensee.
- Milner, Chris & Mizen, Paul & Pentecost, Eric, 2000. "A Cross-Country Panel Analysis of Currency Substitution and Trade," Economic Inquiry, Western Economic Association International, vol. 38(2), pages 206-17, April.
- Mohsin S. Khan & Pierre-Richard AgÃ©nor, 1992.
"Foreign Currency Deposits and the Demand for Money in Developing Countries,"
IMF Working Papers
92/1, International Monetary Fund.
- Agenor, Pierre-Richard & Khan, Mohsin S., 1996. "Foreign currency deposits and the demand for money in developing countries," Journal of Development Economics, Elsevier, vol. 50(1), pages 101-118, June.
- Zeljko Bogetic, 2005. "Official Dollarization: Current Experiences and Issues, Cato Journal, Vol. 20, No. 2 (Fall 2000), 179-213," International Finance 0510006, EconWPA.
- Andrew Berg & Eduardo Borensztein, 2000.
"The Choice of Exchange Rate Regime and Monetary Target in Highly Dollarized Economies,"
Journal of Applied Economics,
Universidad del CEMA, vol. 3, pages 285-324, November.
- Eduardo Borensztein & Andrew Berg, 2000. "The Choice of Exchange Rate Regime and Monetary Target in Highly Dollarized Economies," IMF Working Papers 00/29, International Monetary Fund.
- Granger, C W J, 1969. "Investigating Causal Relations by Econometric Models and Cross-Spectral Methods," Econometrica, Econometric Society, vol. 37(3), pages 424-38, July.
- Fischer, Stanley, 1982. "Seigniorage and the Case for a National Money," Journal of Political Economy, University of Chicago Press, vol. 90(2), pages 295-313, April.
- Jeffrey A. Frankel & Andrew K. Rose, 2000. "Estimating the Effect of Currency Unions on Trade and Output," NBER Working Papers 7857, National Bureau of Economic Research, Inc.
- מחקר - ביטוח לאומי, 2001. "Annual Survey 2000," Working Papers 17, National Insurance Institute of Israel.
- Carlos A. VÃ©gh Gramont & Ratna Sahay, 1995.
"Dollarization in Transition Economies; Evidence and Policy Implications,"
IMF Working Papers
95/96, International Monetary Fund.
- Sahay, Ratna & Vegh, Carlos, 1995. "Dollarization in transition economies: Evidence and policy implications," MPRA Paper 20490, University Library of Munich, Germany.
- repec:cto:journl:v:20:y:2000:i:1:p:43-47 is not listed on IDEAS
- Hromcova, Jana, 1998. "A note on income velocity of money in a cash-in-advance economy with capital," Economics Letters, Elsevier, vol. 60(1), pages 91-96, July.
- repec:cto:journl:v:20:y:2000:i:2:p:179-213 is not listed on IDEAS
- Poloz, Stephen S., 1986. "Currency substitution and the precautionary demand for money," Journal of International Money and Finance, Elsevier, vol. 5(1), pages 115-124, March.
- Eichengreen, Barry, 2001. "What problems can dollarization solve?," Journal of Policy Modeling, Elsevier, vol. 23(3), pages 267-277, April.
- Sarajevs, Vadims, 2000. "Econometric analysis of currency substitution : A case of Latvia," BOFIT Discussion Papers 4/2000, Bank of Finland, Institute for Economies in Transition.
- Ben S. Bernanke & Mark Gertler & Mark Watson, 1997.
"Systematic Monetary Policy and the Effects of Oil Price Shocks,"
Brookings Papers on Economic Activity,
Economic Studies Program, The Brookings Institution, vol. 28(1), pages 91-157.
- Bernanke, Ben S. & Gertler, Mark & Waston, Mark, 1997. "Systematic Monetary Policy and the Effects of Oil Price Shocks," Working Papers 97-25, C.V. Starr Center for Applied Economics, New York University.
- זק בדנלק, 2001. "חברות בקופת חולים 1999-2000," Working Papers 450, National Insurance Institute of Israel.
- Adam Bennett & Eduardo Borensztein & TomÃ¡s J. T. BaliÃ±o, 1999. "Monetary Policy in Dollarized Economies," IMF Occasional Papers 171, International Monetary Fund.
- Bolbol, Ali A., 1999. "Seigniorage, Dollarization and Public Debt: The Lebanese Civil War and Recovery Experience, 1982-97," World Development, Elsevier, vol. 27(10), pages 1861-1873, October.
- Ortiz, Guillermo, 1983. "Currency Substitution in Mexico: The Dollarization Problem," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 15(2), pages 174-85, May.
- Anonymous, 2001. "Cover Matter 2001," Proceedings: 2001 Regional Committee NC-221, October 1-2, 2001, McLean, Virginia 132381, Regional Research Committee NC-1014: Agricultural and Rural Finance Markets in Transition.
- Vetlov, Igor, 2001. "Dollarization in Lithuania : An econometric approach," BOFIT Discussion Papers 1/2001, Bank of Finland, Institute for Economies in Transition.
When requesting a correction, please mention this item's handle: RePEc:imf:imfwpa:02/92. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jim Beardow)or (Hassan Zaidi)
If references are entirely missing, you can add them using this form.