Macroeconomic Experiences of the Transition Economies in Indochina /

This paper examines stabilization policies in Vietnam, Cambodia, and Laos since the late 1980s. Compared with other transition economies, the Indochinese countries avoided an output collapse and moved quickly to strong GDP growth and low inflation. Each adopted a similar mix of policies centered on...

Fuld beskrivelse

Bibliografiske detaljer
Hovedforfatter: Pham, Chi
Andre forfattere: Chopra, Ajai, Dodsworth, John, Shishido, Hisanobu
Format: Tidsskrift
Sprog:English
Udgivet: Washington, D.C. : International Monetary Fund, 1996.
Serier:IMF Working Papers; Working Paper ; No. 1996/112
Online adgang:Full text available on IMF
Beskrivelse
Summary:This paper examines stabilization policies in Vietnam, Cambodia, and Laos since the late 1980s. Compared with other transition economies, the Indochinese countries avoided an output collapse and moved quickly to strong GDP growth and low inflation. Each adopted a similar mix of policies centered on flexible exchange rates, high real interest rates, fiscal adjustment through expenditure cuts, and the imposition of hard budget constraints on public enterprises. In none of the countries was an exchange rate anchor considered feasible, and money-based stabilization proved effective, despite evident instability in the demand for money.
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Fysisk beskrivelse:1 online resource (44 pages)
Format:Mode of access: Internet
ISSN:1018-5941
Adgang:Electronic access restricted to authorized BRAC University faculty, staff and students