Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/109535
Authors: 
Menon, Jayant
Year of Publication: 
2008
Series/Report no.: 
ADB Working Paper Series on Regional Economic Integration 19
Abstract: 
Cambodia's economic and social achievements over the past ten years have been the most impressive in its history. Nevertheless, Cambodia today is still as dollarized, if not more so, than it was ten years ago. What is this so, and what, if anything, should the Government do? This paper attempts to answer both these questions, by examining the reasons behind the apparent paradox between a decade of economic and political improvements and continued dollarization, and drawing policy implications from it. We advise against pursuing enforced dedollarization, and advocate a policy option that focuses instead on accelerating accommodative reforms, especially in the financial sector and on legal and institutional reforms. We also identify a host of institutional barriers that need to be overcome to prepare the groundwork for a natural process of de-dollarization.
Subjects: 
Cambodia
dollarization
exchange rates
currency board
hysteresis
JEL: 
E42
E58
F31
F33
Persistent Identifier of the first edition: 
Creative Commons License: 
http://creativecommons.org/licenses/by/3.0/igo
Document Type: 
Working Paper

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