INTERNATIONALIZATION AND MACROECONOMIC MANAGEMENT IN VIETNAM: SOME LESSONS FROM SWEDISH EXPERIENCES

Ari Kokko (), Kerstin Mitlid and Arvid Wallgren
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Kerstin Mitlid: Central Bank of Sweden
Arvid Wallgren: Center for Business and Policy Studies

No 237, EIJS Working Paper Series from The European Institute of Japanese Studies

Abstract: The main macroeconomic challenges at the early stages of Vietnam¡¯s economic reforms were related to stability and growth. The main achievements of Doi Moi are also related to the success in meeting these two challenges: Vietnam has managed to combine high growth with reasonable price stability since the early 1990s. However, meeting these challenges has become more difficult over time as new challenges have emerged. In the mid-1990s, economic structure and external balance entered the policy debate. In the late 1990s, the Asian crisis created further problems. In recent years, issues related to social and regional development gaps and investment quality have become important policy objectives. At the same time, it is clear that the instruments for economic policy making have changed. While the challenges of the early 1990s could be handled with various direct interventions like credit ceilings and quantitative trade restrictions, indirect instruments for macroeconomic management are gradually becoming more important. For instance, the choice of exchange rate regime is becoming much more important than in the past. This paper summarizes Vietnam¡¯s macroeconomic development, and illustrates some of the alternative approaches to macroeconomic management in an increasingly internationalized and deregulated environment by recounting some experiences from Swedish macroeconomic management during the past three decades.

Keywords: Vietnam; internationalization; macroeconomic management; growth; stability (search for similar items in EconPapers)
JEL-codes: E60 F40 O11 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac, nep-sea and nep-tra
Date: 2007-06-01

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Persistent link: http://EconPapers.repec.org/RePEc:hhs:eijswp:0237

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