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Cambodia: Rapid Growth with Institutional Constraints

Author

Listed:
  • Hill, Hal

    (Australian National University)

  • Menon, Jayant

    (Asian Development Bank)

Abstract

This paper examines Cambodia’s socioeconomic development since the early 1990s peace settlement. The country’s economic growth has arguably been the fastest among post-conflict societies, driven by the credible restoration of peace and security, large public and private capital inflows, economic openness, reasonably prudent macroeconomic management, and a dynamic, integrating neighborhood. A legacy of history and small size is that the government has limited policy space, although this has not necessarily retarded economic development. We also highlight some key challenges, including rising inequality, uneven spatial development, weak institutions, and high levels of corruption. Looking forward, we highlight the importance of strengthening supply side capabilities, broadening the benefits of growth, and developing stronger institutions and property rights.

Suggested Citation

  • Hill, Hal & Menon, Jayant, 2013. "Cambodia: Rapid Growth with Institutional Constraints," ADB Economics Working Paper Series 331, Asian Development Bank.
  • Handle: RePEc:ris:adbewp:0331
    Note: http://www.adb.org/sites/default/files/pub/2013/economics-wp331-cambodia-rapid-growth.pdf
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    Citations

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    Cited by:

    1. Tanaka, Kiyoyasu & Hashiguchi, Yoshihiro, 2015. "Agglomeration effects of informal sector: evidence from Cambodia," IDE Discussion Papers 495, Institute of Developing Economies, Japan External Trade Organization(JETRO).
    2. Tanaka, Kiyoyasu & Keola, Souknilanh, 2015. "Shedding light on the shadow economy : a nighttime light approach," IDE Discussion Papers 531, Institute of Developing Economies, Japan External Trade Organization(JETRO).
    3. Hal Hill & Jayant Menon, 2014. "Cambodia: Rapid Growth in an Open, Post-conflict Economy," The World Economy, Wiley Blackwell, vol. 37(12), pages 1649-1668, December.
    4. Sothea Oum, 2013. "Comment on “Cambodia: Rapid Growth with Weak Institutions”," Asian Economic Policy Review, Japan Center for Economic Research, vol. 8(1), pages 66-67, June.
    5. Takatoshi Ito & Kazumasa Iwata & Colin McKenzie & Shujiro Urata, 2013. "Association of Southeast Asian Nations' New Frontiers: Editors' Overview," Asian Economic Policy Review, Japan Center for Economic Research, vol. 8(1), pages 1-24, June.
    6. Cantor-Graae, Elizabeth & Chak, Thida & Sunbaunat, Ka & Jarl, Johan & Larsson, Charlotte A., 2014. "Long-term psychiatric consequences of exposure to trauma in Cambodia: A regional household survey," Social Science & Medicine, Elsevier, vol. 123(C), pages 133-140.
    7. Tanaka, Kiyoyasu, 2017. "Trade and investment in Cambodia," IDE Discussion Papers 667, Institute of Developing Economies, Japan External Trade Organization(JETRO).
    8. Richard Pomfret, 2013. "ASEAN's New Frontiers: Integrating the Newest Members into the ASEAN Economic Community," Asian Economic Policy Review, Japan Center for Economic Research, vol. 8(1), pages 25-41, June.
    9. Tanaka, Kiyoyasu & Hashiguchi, Yoshihiro, 2017. "Agglomeration economies in the formal and informal sectors : a Bayesian spatial approach," IDE Discussion Papers 666, Institute of Developing Economies, Japan External Trade Organization(JETRO).

    More about this item

    Keywords

    Cambodia; transition economies; economic growth; institutions; conflict;

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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