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

International Monetary Fund

No 2003/008, IMF Occasional Papers from International Monetary Fund

Abstract: 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 developments in the literature on dollarization and examine the costs and benefits of dollarization in Cambodia, including the ensuing macroeconomic policy implications. They carry out an econometric estimation of cash foreign currency circulation in Cambodia in order to gauge the degree of dollarization. In addition to this analysis, the authors present a short description of Cambodia’s economic, financial, and structural background.

Keywords: OP; dollar; foreign currency; currency; cash dollar; board arrangement; de facto dollarization; dollar supply; dollarization in Cambodia; Currencies; Dollarization; Commercial banks; Bank deposits; Currency boards; East Asia; Baltics; South Asia (search for similar items in EconPapers)
Pages: 40
Date: 2003-09-30
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