Exchange Rate Movements in a Dollarized Economy : The Case of Cambodia
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概要
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There has been an on-going debate on whether dollarization helps stabilize exchange rates for emerging economies. This paper discusses this issue in a highly dollarized country, Cambodia, by empirically examining the relationship between dollarization and exchange rate movements. The GARCH analysis suggests that dollarization induces the depreciation of the Cambodian riel as well as intensifies exchange rate variability. The result is consistent with the argument that dollarization is one of the crucial causesof exchange rate instability. Dollarization in Cambodia could be a constraint on povertyreduction since it tends to affect the living standard of the poor who earn the income in the riel through the depreciation of the currency and intensified volatility of exchange rates.
著者
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Kotani Koji
International Development Program Graduate School Of International Relations International Universit
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Kakinaka Makoto
International Development Program Graduate School Of International Relations International Universit
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Lay Sok
Exchange Department, National Bank of Cambodia
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Lay Sok
Exchange Department National Bank Of Cambodia
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