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Economic Policy in a Highly Dollarized Economy
			: The Case of Cambodia

Economic Policy in a Highly Dollarized Economy : The Case of Cambodia »

Series: Occasional Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2003

DOI: http://dx.doi.org/10.5089/9781589061897.084

ISBN: 9781589061897

Keywords: Dollarization, national bank, inflation, foreign currency, currency board

This study examines the challenges and issues facing policymakers in highly dollarized economies. Focusing on Cambodia, which achieved almost complete dollarization during 1991-95, the authors review recent develop...

Independent Currency Authorities

Independent Currency Authorities »

Source: Independent Currency Authorities : An Analytic Primer

Volume/Issue: 1992/50

Series: IMF Working Papers

Author(s): Kent Osband , and Delano Villanueva

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 1992

ISBN: 9781451846881

Keywords: central bank, currency board, reserve currency, domestic currency

This paper provides an analytic overview of independent currency authorities (ICAs), sometimes called currency boards. ICAs issue and redeem domestic currency against an exchange standard on demand and back such op...

I Overview

I Overview »

Source: Economic Policy in a Highly Dollarized Economy : The Case of Cambodia

Series: Occasional Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2003

ISBN: 9781589061897

Keywords: Dollarization, national bank, inflation, foreign currency, currency board

In recent years a number of countries have adopted the U.S. dollar as their official currency. In some other countries the dollar has become a semi-official currency. This “dollarization” occurs in a variety...

II Economic and Financial Developments

II Economic and Financial Developments »

Source: Economic Policy in a Highly Dollarized Economy : The Case of Cambodia

Series: Occasional Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2003

ISBN: 9781589061897

Keywords: Dollarization, national bank, inflation, foreign currency, currency board

Cambodia became independent from France in 1953 and experienced a 17-year period of relative political stability and steady economic growth, starting from a development base similar, if not superior, to that...

III Dollarization in Cambodia

III Dollarization in Cambodia »

Source: Economic Policy in a Highly Dollarized Economy : The Case of Cambodia

Series: Occasional Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2003

ISBN: 9781589061897

Keywords: Dollarization, national bank, inflation, foreign currency, currency board

The notion of dollarization emerged as a novel economic phenomenon in the 1980s in Latin America. Early discussions of this phenomenon in the literature revolved around that region’s experience with the incr...

IV Costs and Benefits of High Dollarization in Cambodia

IV Costs and Benefits of High Dollarization in Cambodia »

Source: Economic Policy in a Highly Dollarized Economy : The Case of Cambodia

Series: Occasional Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2003

ISBN: 9781589061897

Keywords: Dollarization, national bank, inflation, foreign currency, currency board

Ahigh degree of dollarization can yield both costs and benefits. This section examines how dollarization can help or hurt an economy. Drawbacks of High Dollarization...

V Implications of High Dollarization for Macroeconomic Policy Design

V Implications of High Dollarization for Macroeconomic Policy Design »

Source: Economic Policy in a Highly Dollarized Economy : The Case of Cambodia

Series: Occasional Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2003

ISBN: 9781589061897

Keywords: Dollarization, national bank, inflation, foreign currency, currency board

The question arises as to what are the possible macroeconomic policy options for the Cambodian authorities in the context of very high dollarization. More specifically, the question is whether the authoritie...

VI Conclusion

VI Conclusion »

Source: Economic Policy in a Highly Dollarized Economy : The Case of Cambodia

Series: Occasional Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2003

ISBN: 9781589061897

Keywords: Dollarization, national bank, inflation, foreign currency, currency board

The involuntary form of dollarization, called partial or de facto dollarization, occurs when one or several foreign currencies circulate alongside a national currency, with usually the banking system also op...

Macroeconomic Adjustment in a Highly Dollarized Economy

Macroeconomic Adjustment in a Highly Dollarized Economy »

Source: Macroeconomic Adjustment in a Highly Dollarized Economy : The Case of Cambodia

Volume/Issue: 2002/92

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2002

ISBN: 9781451851601

Keywords: foreign currency, inflation, monetary policy, high inflation, Multiple or Simultaneous Equation Models: General, Central Banking, and the Supply of Money and Credit: General, Co-currency Circulation, Kalman Filter, Currency Board Arrangement,

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 atte...

Back Matter

Back Matter »

Source: Economic Policy in a Highly Dollarized Economy : The Case of Cambodia

Series: Occasional Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2003

ISBN: 9781589061897

Keywords: Dollarization, national bank, inflation, foreign currency, currency board

This study examines the challenges and issues facing policymakers in highly dollarized economies. Focusing on Cambodia, which achieved almost complete dollarization during 1991-95, the authors review recent develop...