By Giovanni Capannelli, Jayant Menon
The transitional economies of Cambodia, the Lao humans Democratic Republic, and Viet Nam the CLV international locations percentage financial and fiscal structures characterised to varied levels via a number of currencies, akin to the U.S. buck or the Thai baht, as well as every one country's family foreign money. simply because there are bills in addition to merits linked to a multiple-currency approach, nationwide experts have to determine the ramifications and undertake financial suggestions and trade expense regimes according to their improvement priorities. whereas facing a number of currencies is finally a subject matter of nationwide fiscal coverage, the CLV nations may benefit from larger nearby cooperation on financial and fiscal matters. they might have the capacity to make the most economies of scale, introduce most sensible practices, and facilitate the adoption of universal regulatory criteria. larger local discussion on financial coverage can also aid the CLV international locations discover a option to the so-called multiple-currency phenomenon and acquire extra advantages from their expanding neighborhood fiscal interdependence. This examine, performed through a crew of economists from the Asian improvement financial institution, lecturers, and group of workers from CLV finance ministries and valuable 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 studies the most matters regarding the financial and alternate cost coverage judgements taken by means of CLV nationwide professionals, and discusses the choices and possibilities on hand for boosting financial and fiscal balance within the ASEAN zone.
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Extra resources for Dealing With Multiple Currencies in Transitional Economies: The Scope for Regional Cooperation in Cambodia, the Lao People's Democratic Republic, and Viet Nam
In all three CLV countries, price stability is usually the goal of monetary policy, but not always the only one. In Chapter 4, for example, Phouphet Kyophilavong shows that the Lao PDR monetary policy is seen to play a key role in reducing poverty, as was the case in other ASEAN countries in the past. Similarly, in Chapter 5, Nguyen Van Dinh describes how the monetary authorities in Viet Nam formulate their policy to take into account concerns about income equality as well as growth, and by creating an economy that is based both on market and socialist principles.
1 Real Sector Integration B ased on the traditional theory of economic regionalism, and on the experience of integration in the EU, real sector integration is a natural precursor to monetary integration. In East Asia, however, the pattern is different, with integration occurring in the real and financial sectors at the same time. This is because of the initiatives taken in the wake of the Asian financial crisis, which accelerated the path to regional financial cooperation, and eventually to regional financial integration.
This absence of reciprocal trade flows is quite telling about the low degree of economic integration among Cambodia, the Lao PDR, and Viet Nam. 2 As discussed earlier, however, such low intra-regional trade among the CLV countries does not represent a serious disadvantage from a broader regional perspective because the CLV countries could participate 2Intra-regional trade share of region i = (Xii + Mii) / (XiT + MiT), where: Xii = intra-regional exports (exports of region i to region i), Mii = (intra-regional imports) imports of region i from region i, XiT = total exports of region i to the world, and MiT = total imports of region i from the world.