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Reducing Vulnerability in Transition Economies: Crises and Adjustment in Cambodia

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  • Hal Hill
  • Jayant Menon

Abstract

This paper examines the impact of the global financial crisis on Cambodia, and the lessons learned. Cambodia is an interesting case study: after extremely rapid economic growth 2000-07, it experienced a sharp growth collapse in 2008-09. This highlighted a number of its peculiar vulnerabilities, including a narrow economic base, a pre-crisis asset price boom, a fragile financial system, and the limited array of defensive economic policy levers available to the government. The economy has begun to rebound since early 2010, and the crisis episode provides the government with an opportunity to place the country's economic growth trajectory on a more sustainable footing. Apart from diversifying the economy and creating the preconditions for dedollarization, we also consider policies that could improve the business climate and make growth more inclusive.

Suggested Citation

  • Hal Hill & Jayant Menon, 2011. "Reducing Vulnerability in Transition Economies: Crises and Adjustment in Cambodia," Departmental Working Papers 2011-08, The Australian National University, Arndt-Corden Department of Economics.
  • Handle: RePEc:pas:papers:2011-08
    as

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    File URL: https://crawford.anu.edu.au/acde/publications/publish/papers/wp2011/wp_econ_2011_08.pdf
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    References listed on IDEAS

    as
    1. Menon, Jayant & Melendez, Anna Cassandra, 2011. "Trade and Investment in the Greater Mekong Subregion: Remaining Challenges and the Unfinished Policy Agenda," Working Papers on Regional Economic Integration 78, Asian Development Bank.
    2. Nombulelo Braiton, 2011. "Dollarization in Cambodia; Causes and Policy Implications," IMF Working Papers 11/49, International Monetary Fund.
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    Cited by:

    1. Prema-chandra Athukorala & Nobuaki Yamashita, 2009. "Global Production Sharing and Sino-US Trade Relations," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 17(3), pages 39-56.
    2. Hal Hill, 2012. "The Best of Times and the Worst of Times: Indonesia and Economic Crises," Departmental Working Papers 2012-03, The Australian National University, Arndt-Corden Department of Economics.
    3. Hal Hill & Jayant Menon, 2013. "Cambodia: Rapid Growth with Weak Institutions," Asian Economic Policy Review, Japan Center for Economic Research, vol. 8(1), pages 46-65, June.

    More about this item

    Keywords

    Cambodia; transition economies; economic crises;

    JEL classification:

    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • P20 - Economic Systems - - Socialist Systems and Transition Economies - - - General

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