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International Monetary Fund

This Selected Issues paper analyzes the surprising strength of remittances in Bangladesh and other countries in South Asia and the Philippines in 2009. The empirical analysis suggests that the continued strong growth of remittances in these countries is related to the resilience of non-oil GDP growth in the GCC countries and the surge in the GCC countries’ hiring of migrant workers from South Asia during 2006–08. The remittances-to-GDP ratio in South Asia and the Philippines are likely to remain robust in the near term.

Mr. Sumio Ishikawa, Ms. Sibel Beadle, Mr. Damien Eastman, Ms. Srobona Mitra, Mr. Alejandro Lopez Mejia, Ms. Wafa F Abdelati, Mr. Koji Nakamura, Mr. Il Houng Lee, Ms. Sònia Muñoz, Mr. Robert P. Hagemann, Mr. David T. Coe, and Ms. Nadia Rendak

Abstract

Cambodia's reconstruction and reform efforts have spanned almost 25 years following the Khmer Rouge period, which ended in 1979. Economic reforms began in earnest in the early 1990s, but reform efforts were beset by ongoing internal tensions and civil unrest. Although external factors, including sizable aid inflows and a trade agreement with the United States, helped boost growth in the past decade, the country remains one of the poorest in the region. The current coalition government has announced a strategy aimed at revitalizing economic reforms, and in 2004 Cambodia formally joined the World Trade Organization. But elimination of the garment quota system under the Agreement on Textiles and Clothing is exposing an underlying deterioration in competitiveness, which, coupled with slow growth in the agriculture sector and other structural obstacles to private sector growth, has resulted in a medium-term outlook that remains uncertain.

International Monetary Fund

This Selected Issues paper for Cambodia explores the implications for long-term sustainable growth from cross-country analysis of the sources of growth. Cambodia’s low labor productivity, inadequate and expensive infrastructure, and a cumbersome regulatory environment do not bode well for future sustainable growth. Favorable external conditions, including foreign aid flows and trade agreements, have helped propel growth. As with other transition economies, Cambodia lags in institutional and market development. Cambodia has also benefited from large aid inflows, which have boosted economic activity.

International Monetary Fund

This paper discusses major macroeconomic issues confronting Cambodia. The report also discusses recent growth performance of the economy and presents recently updated national accounts estimates. Revenue mobilization remains a key objective since, despite recent significant improvements, revenue performance is still low by international standards. The costs and benefits of a high degree of dollarization are briefly discussed. Export performance and trade policy are also reviewed. Maintaining export growth will depend on maintaining Cambodia's commitment to an open trade and exchange system.

International Monetary Fund

This Selected Issues paper for Cambodia explores the implications for long-term sustainable growth from cross-country analysis of the sources of growth. Cambodia’s low labor productivity, inadequate and expensive infrastructure, and a cumbersome regulatory environment do not bode well for future sustainable growth. Favorable external conditions, including foreign aid flows and trade agreements, have helped propel growth. As with other transition economies, Cambodia lags in institutional and market development. Cambodia has also benefited from large aid inflows, which have boosted economic activity.

International Monetary Fund

Abstract

This study examines the challenges and issues facing policymakers in highly dollarized economies. Focusing on Cambodia, which achieved almost complete dollarization during 1991-95, the authors review recent developments in the literature on dollarization and examine the costs and benefits of dollarization in Cambodia, including the ensuing macroeconomic policy implications. They carry out an econometric estimation of cash foreign currency circulation in Cambodia in order to gauge the degree of dollarization. In addition to this analysis, the authors present a short description of Cambodia’s economic, financial, and structural background.

Mr. Peter J Montiel, Bijan B. Aghevli, and Mr. Mohsin S. Khan

Abstract

This paper addresses analytical aspects of exchange rate policy and emphasizes the relationship among exchange rate flexibility, financial discipline, and international competitiveness.

Mr. Peter J Montiel, Bijan B. Aghevli, and Mr. Mohsin S. Khan

Abstract

The exchange rate performs a dual role in small open economies. Its movements can achieve and maintain international competitiveness and so ensure a viable balance of payments. At the same time, a stable exchange rate can anchor domestic prices. A debate has emerged, however, in both policymaking and academic circles on the relative weight that should be assigned to each of these objectives in formulating exchange rate policy.

International Monetary Fund

Abstract

In recent years a number of countries have adopted the U.S. dollar as their official currency. In some other countries the dollar has become a semi-official currency. This “dollarization” occurs in a variety of ways. Some countries allow several currencies to circulate side by side and over time the dollar dominates (so-called “de facto dollarization”). Others make a conscious choice, opting for the dollar because of its traditional stability. In Cambodia, this process has been particularly rapid and extensive.

José C. Sónchiz

“International Financial Statistics”—known wherever international monetary affairs are studied as IFS—is a compendium of information, issued monthly by the Fund. It is a major tool for understanding the international monetary system and the economic situation of individual countries.