By Giovanni Capannelli, Jayant Menon
The transitional economies of Cambodia, the Lao humans Democratic Republic, and Viet Nam the CLV international locations proportion financial and monetary structures characterised to varied levels by way of a number of currencies, resembling the united states buck or the Thai baht, as well as every one country's family forex. simply because there are expenses in addition to merits linked to a multiple-currency method, nationwide experts have to investigate the ramifications and undertake financial innovations and alternate cost regimes in keeping with their improvement priorities. whereas facing a number of currencies is finally a subject matter of nationwide fiscal coverage, the CLV international locations may benefit from higher nearby cooperation on financial and monetary matters. they'd be ready to take advantage of economies of scale, introduce top practices, and facilitate the adoption of universal regulatory criteria. better nearby discussion on financial coverage may also support the CLV nations discover a technique to the so-called multiple-currency phenomenon and achieve extra advantages from their expanding nearby financial interdependence. This examine, carried out through a workforce of economists from the Asian improvement financial institution, lecturers, and team of workers from CLV finance ministries and imperative banks, explores the problems of a number of currencies and neighborhood financial cooperation one of the economies of the organization of Southeast Asian international locations (ASEAN) within the context of accelerating neighborhood financial interdependence. It reports the most matters relating to the financial and trade expense coverage judgements taken through CLV nationwide experts, and discusses the choices and possibilities to be had for boosting financial and fiscal balance within the ASEAN sector.
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Extra info for Dealing With Multiple Currencies in Transitional Economies: The Scope for Regional Cooperation in Cambodia, the Lao People's Democratic Republic, and Viet Nam
Actually, the exchange rate regime must also be compatible with the realities of a country’s past, contemporary politics, and the nature of its markets and institutions. Otherwise, there will be a great temptation to breach the rules (Hochreiter et al. 2002, 197). In other words, the choice of an optimal exchange rate regime does not occur in a vacuum, but rather in a context of specific economic and political conditions. It also cannot be chosen independently of the optimal monetary strategy. As emphasized in the literature on this subject,12 when selecting their optimal monetary policies, national authorities should compare alternative exchange rate regimes, looking at the credibility of anti-inflation policy and the spillover effects of monetary policy, as well as taking into account the degree of independence of the central bank.
A common history notwithstanding, it would be a mistake to treat the CLV countries as a homogenous group. They all differ in the pace of their economic and political reforms, the degree of openness, the extent of their international integration, and, consequently, in their economic performance. Viet Nam is acknowledged as the outstanding economic performer. It had a better-qualified labor pool to start with, has been able to implement extensive reforms, and now has the economy most open to international trade (Leung 2006, 2).
A major challenge the CLV countries face today is instituting market-oriented reforms and restructuring their economies quickly enough to find a meaningful place in a world of rising economic integration driven by market forces and marked by competition for export markets and foreign investments. During the last couple of decades, Asian regionalism has emerged as a powerful force, creating opportunities for the CLV countries to integrate with their East Asian neighbors. Market forces have established regional production networks and supply chains through a nexus of trade and investment.
Dealing With Multiple Currencies in Transitional Economies: The Scope for Regional Cooperation in Cambodia, the Lao People's Democratic Republic, and Viet Nam by Giovanni Capannelli, Jayant Menon