Ebook Global Financial Crisis Discussion Series
Over the past few decades, financial crises have become a recurrent phenomenon. A number have taken place in Latin America, including those originating in Argentina, Brazil and Mexico. The mid- to late-1990s saw the Japanese, East Asian and Russian financial crises. We are now experiencing a global financial crisis. All of the previous crises had considerable impacts for far more countries than just the countries of origin, but none has been as serious and as all-encompassing as the one we are witnessing now. In terms of its impact and spread, the global financial crisis, whose epicentre is the US, has been unprecedented, and arguably more serious in its impact than those associated with the Great Depression. The purpose of this paper is to look more deeply into the impact of the crisis on growth and poverty in Cambodia. Details of methodological issues as well as the broader literature will be provided by the Overseas Development Institute (ODI).
Assessing and attributing the impact of the crisis is not likely to be easy, given the various events that have taken place around the same time with similar impacts. Prior to the crisis, Cambodia, along with many other developing countries, faced a crisis as a result of food and oil price increases, which created hardship for a large number of vulnerable groups in the country. In addition, last year, a serious border dispute between Thailand and Cambodia affected both countries. Disentangling some of the impacts associated with the global financial crisis from those arising from other events taking place within the same period is likely to be a difficult task.
The rest of the paper is organised as follows. Section 2 provides a brief overview of the impact of the global financial crisis and its transmission mechanisms in Cambodia. Section 3 deals with the impact of the crisis on growth and poverty in Cambodia. Section 4 considers policy implications that follow from these analyses, and Section 5 concludes this paper.
Contents
Acronyms
Abstract
1. Introduction
2. The global financial crisis and shocks at the national level
3. The effects of the global financial crisis on growth and development
- 3.1 Effects on trade
3.2 Effects on tourism
3.3 Effects on construction
3.4 Effects on external resource flows
3.5 Effects on the domestic banking system
3.6 Effects on poor and vulnerable groups
4. Policy implications
- 4.1 Actual policy response
4.2 Possible policy response
5. Conclusion
References
Annex 1: Nature of Cambodian growth and its implications for poverty and inequality
Annex 2: Summary of the findings of the Moving out of Poverty Study
Annex 3: Cambodian garment industry: A model sector?
Annex 4: Cambodia’s domestic banking system: Underlying weaknesses
Annex 5: Microfinance institutions: The success of ACLEDA
Annex 6a: Global crisis: A window of opportunity for deeper reforms on fiscal management
Annex 6b: Global crisis: A window of opportunity for deeper reforms on tourism
Annex 6c: Global crisis: A window of opportunity for deeper reforms on the garment industry
Appendix 7: Summary of stakeholders’ perspectives on impacts of financial crisis on specific sectors
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