Reducing Vulnerability in Transition Economies: Crises and Adjustment in Cambodia

Hal Hill and Jayant Menon ()

Departmental Working Papers from The Australian National University, Arndt-Corden Department of Economics

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.

Keywords: Cambodia; transition economies; economic crises (search for similar items in EconPapers)
JEL-codes: O53 P20 (search for similar items in EconPapers)
Pages: 39 pages
Date: 2011
New Economics Papers: this item is included in nep-dev, nep-fdg and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:pas:papers:2011-08

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