IDEAS home Printed from https://ideas.repec.org/p/pas/papers/2011-08.html
   My bibliography  Save this paper

Reducing Vulnerability in Transition Economies: Crises and Adjustment in Cambodia

Author

Listed:
  • Hal Hill
  • Jayant Menon

Abstract

This paper examines the impact of the global financial crisis on Cambodia, and the lessons learned. Cambodia is an interesting case study: after extremely rapid economic growth 2000-07, it experienced a sharp growth collapse in 2008-09. This highlighted a number of its peculiar vulnerabilities, including a narrow economic base, a pre-crisis asset price boom, a fragile financial system, and the limited array of defensive economic policy levers available to the government. The economy has begun to rebound since early 2010, and the crisis episode provides the government with an opportunity to place the country's economic growth trajectory on a more sustainable footing. Apart from diversifying the economy and creating the preconditions for dedollarization, we also consider policies that could improve the business climate and make growth more inclusive.

Suggested Citation

  • Hal Hill & Jayant Menon, 2011. "Reducing Vulnerability in Transition Economies: Crises and Adjustment in Cambodia," Departmental Working Papers 2011-08, The Australian National University, Arndt-Corden Department of Economics.
    • Handle: RePEc:pas:papers:2011-08
    as

    Download full text from publisher

    File URL: https://crawford.anu.edu.au/acde/publications/publish/papers/wp2011/wp_econ_2011_08.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Menon, Jayant & Melendez, Anna Cassandra, 2011. "Trade and Investment in the Greater Mekong Subregion: Remaining Challenges and the Unfinished Policy Agenda," Working Papers on Regional Economic Integration 78, Asian Development Bank.
    2. Ms. Nombulelo Braiton, 2011. "Dollarization in Cambodia: Causes and Policy Implications," IMF Working Papers 2011/049, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Prema‐chandra Athukorala & Nobuaki Yamashita, 2009. "Global Production Sharing and Sino–US Trade Relations," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 17(3), pages 39-56, May.
    2. Hal Hill, 2012. "The Best of Times and the Worst of Times: Indonesia and Economic Crises," Departmental Working Papers 2012-03, The Australian National University, Arndt-Corden Department of Economics.
    3. Hal Hill & Jayant Menon, 2013. "Cambodia: Rapid Growth with Weak Institutions," Asian Economic Policy Review, Japan Center for Economic Research, vol. 8(1), pages 46-65, June.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Peerapeng, Suk-Rutai & Chaitip, Prasert & Chaiboonsri, Chukiat & Kovacs, Sandor & Balogh, Peter, 2013. "Impact Of Economic Globalization On The Human Trafficking In The Greater Mekong Sub-Region Countries," APSTRACT: Applied Studies in Agribusiness and Commerce, AGRIMBA, vol. 6(5), pages 1-8, April.
    2. Hamanaka, Shintaro, 2013. "A note on detecting biases in assessing the use of FTAs," Journal of Asian Economics, Elsevier, vol. 29(C), pages 24-32.
    3. Mr. Geoffrey J Bannister & Mr. Jarkko Turunen & Malin Gardberg, 2018. "Dollarization and Financial Development," IMF Working Papers 2018/200, International Monetary Fund.
    4. Hidenobu Okuda & Daiju Aiba, 2018. "Determinants of Firms’ Capital Structure Decisions in Highly Dollarized Economies: Evidence from Cambodia," Working Papers 160, JICA Research Institute.
    5. Hal Hill & Jayant Menon, 2013. "Cambodia: Rapid Growth with Weak Institutions," Asian Economic Policy Review, Japan Center for Economic Research, vol. 8(1), pages 46-65, June.
    6. Okuda, Hidenobu & Aiba, Daiju, 2018. "Capital structure decisions in a highly dollarized economy: Evidence from Cambodian firms," Journal of Asian Economics, Elsevier, vol. 58(C), pages 1-18.
    7. Buth, Bora & Kakinaka, Makoto & Miyamoto, Hiroaki, 2015. "Inflation and inflation uncertainty: The case of Cambodia, Lao PDR, and Vietnam," Journal of Asian Economics, Elsevier, vol. 38(C), pages 31-43.
    8. Richard Pomfret, 2013. "ASEAN's New Frontiers: Integrating the Newest Members into the ASEAN Economic Community," Asian Economic Policy Review, Japan Center for Economic Research, vol. 8(1), pages 25-41, June.
    9. Teerawat Charoenrat & Piriya Pholphirul, 2022. "The Industrial Sector Participation in Global Value Chains for Sustainable Development of the Greater Mekong Subregion (GMS)," Global Business Review, International Management Institute, vol. 23(3), pages 608-640, June.
    10. Aiba, Daiju & Odajima, Ken & Khou, Vouthy, 2018. "Foreign currency borrowing and risk-hedging behavior: Evidence from Cambodian households," Journal of Asian Economics, Elsevier, vol. 58(C), pages 19-35.

    More about this item

    Keywords

    Cambodia; transition economies; economic crises;
    All these keywords.

    JEL classification:

    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pas:papers:2011-08. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Prema-chandra Athukorala (email available below). General contact details of provider: https://edirc.repec.org/data/asanuau.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.