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Macroeconomic Experiences of the Transition Economies in Indochina

Author

Listed:
  • Mr. Chi D Pham
  • Mr. Ajai Chopra
  • Mr. John R Dodsworth
  • Mr. Hisanobu Shishido

Abstract

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.

Suggested Citation

  • Mr. Chi D Pham & Mr. Ajai Chopra & Mr. John R Dodsworth & Mr. Hisanobu Shishido, 1996. "Macroeconomic Experiences of the Transition Economies in Indochina," IMF Working Papers 1996/112, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1996/112
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    Citations

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    Cited by:

    1. Mr. Arvind Subramanian, 1997. "The Egyptian Stabilization Experience: An Analytical Retrospective," IMF Working Papers 1997/105, International Monetary Fund.
    2. Thanh, Nguyen Ngoc & Kalirajan, Kaliappa, 2006. "Can devaluation be effective in improving the balance of payments in Vietnam?," Journal of Policy Modeling, Elsevier, vol. 28(4), pages 467-476, May.

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