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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...

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Bibliographic Details
Main Author: Pham, Chi
Other Authors: Chopra, Ajai, Dodsworth, John, Shishido, Hisanobu
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 1996
Series:IMF Working Papers
Subjects:
Depository Institutions
Government And The Monetary System
Payment Systems
Commercial Banks
Banks
Finance
Banks And Banking
Regimes
Monetary Economics
Financial Institutions
Micro Finance Institutions
Currency
Mortgages
Money
International Financial Markets
Currency Markets
Foreign Exchange
Standards
Financial Markets
Currencies
Monetary Systems
Banking
Foreign Exchange Market
Exchange Rates
Money And Monetary Policy
Finance: General
Vietnam
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
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
Physical Description:44 pages
ISBN:9781451853551

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