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Vietnam in the 1980s: price reforms and stabilisation

Author

Listed:
  • S. LEUNG

    (Australian National University)

  • T.T. VO

    (Australian National University)

Abstract

Before the 1980s, Vietnam was modelled as a centrally-planned economy (CPE) along the same lines as the Soviet economy. During the 1980-88 period a kind of 'modified' planned economy (MPE) developed in which some partial reforms were effected within the CPE framework. These reforms and Vietnam's latest plans and reforms are surveyed. Economic reform measures in 1985 focused on the insignificant monetary overhang problem, which involved 'forced' money holdings by households owing to shortages in consumer goods. At the same time, it failed to address the problem of 'flow' of net domestic credit extended to the government and state-owned enterprises. Confiscatory monetary reform aggravated the situation as it reduced the demand for real balances. Budgetary and credit limits and shifts in asset portfolio choices by the Vietnamese, on the other hand, were responsible for the success of the 1989 reforms.

Suggested Citation

  • S. Leung & T.T. Vo, 1996. "Vietnam in the 1980s: price reforms and stabilisation," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 49(197), pages 187-207.
    • Handle: RePEc:psl:bnlaqr:1996:23
    as

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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/10612/10496
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    References listed on IDEAS

    as
    1. Dollar David, 1994. "Macroeconomic Management and the Transition to the Market in Vietnam," Journal of Comparative Economics, Elsevier, vol. 18(3), pages 357-375, June.
    2. Wood, Adrian, 1989. "Deceleration of Inflation with Acceleration of Price Reform: Vietnam's Remarkable Recent Experience," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 13(4), pages 563-571, December.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Economic Programs; Administration of Economic Programs; Economic policy; Vietnam; Economic stabilisation;
    All these keywords.

    JEL classification:

    • P26 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Property Rights
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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