Macroeconomic Adjustment in a Highly Dollarized Economy: The Case of Cambodia
Macroeconomic Adjustment in a Highly Dollarized Economy: The Case of Cambodia
复制标题
高度美元化经济中的宏观经济调整：柬埔寨案例
DOI：
10.5089/9781451851601.001
复制
发表时间：
2002
期刊：
影响因子：
--
通讯作者：
Sopanha Sa
中科院分区：
文献类型：
--
作者：
M. de Zamaróczy;Sopanha Sa
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.
