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Surviving the Global Financial and Economic Downturn

The Cambodia Experience

Hossein Jalilian (author) Kem Sothorn (author)
Glenda Reyes (author)
Tong Kimsun (author)

ISBN: 9789814459662

Publication Date: Jul 2014

Format: Hardback

Also available as: Paperback  

The global financial and economic shock of 2007-09 is the third major economic crisis to have buffeted Cambodia in its post-conflict period. Like the two shocks that preceded it however, the way it impacted on Cambodia cannot be understood in isolation from the overall post-conflict milieu. The thesis here is not that endogenous factors caused the crisis. It is simply that endogenous factors shaped the impact of the crisis and a historical, as opposed to a static, analysis better illuminates the nature of the impact.
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The global financial and economic shock of 2007-09 is the third major economic crisis to have buffeted Cambodia in its post-conflict period, coming in the wake of the food crisis of 2007-08 and just a decade after the Asian financial crisis of 1997-98 (the "triple crises"). Cambodia's post-conflict history can be divided into two periods: 1991-98, referred to as the early phase of transition during which the first of the triple crises, the Asian financial crisis, occurred; and 1998 to the present, the late phase of transition during which the food and economic shocks transpired. A stocktake of the developments in Cambodia's post-conflict history suggests that the country has come a long way in reinstituting the foundations of a capitalist economic and procedural democracy but has yet to make significant headway in economic sophistication and substantive democracy. The triple crises were different, yet had similar characteristics. They were all exogenously-driven shocks with their own specific causes but their effects were shaped by the country's situation at the time.

In terms of magnitude of impact, the global financial and economic downturn was the worst of the three crises. That it caused the first ever growth contraction in the post-conflict period was sufficient rationale for the series of studies that substantiate this book. Like the two shocks that preceded it however, the way it impacted on Cambodia cannot be understood in isolation from the overall post-conflict milieu. The thesis here is not that endogenous factors caused the crisis. It is simply that endogenous factors shaped the impact of the crisis and a historical, as opposed to a static, analysis better illuminates the nature of the impact.

This book is an in-depth comprehensive examination of the impact of the global financial and economic crisis on Cambodia. It probes into the effects of the shock at macro, sectoral and micro levels using qualitative and quantitative techniques.
Pages 236
Dimensions 229 x 152
Date Published 30 Jul 2014
Publisher ISEAS - Yusof Ishak Institute
Subject/s Financial crises & disasters   Microeconomics   Macroeconomics  
Hossein Jalilian, Reader, University of Bradford, UK, was the director of research at Cambodia Development Resource Institute (CDRI) (2007-2010).

Kem Sothorn is Research Associate at Cambodia Development Resource Institute (CDRI).

Glenda Reyes is a researcher at Cambodia Development Resource Institute (CDRI).

Tong Kimsun is Research Fellow and Programme Coordinator at Cambodia Development Resource Institute (CDRI).

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