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The Lao People's Democratic Republic
			: Systemic Transformation and Adjustment

The Lao People's Democratic Republic : Systemic Transformation and Adjustment »

Series: Occasional Papers

Author(s): Ichiro Otani , and Chi Pham

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 May 1996

DOI: http://dx.doi.org/10.5089/9781557755605.084

ISBN: 9781557755605

Keywords: banking, exchange rate, foreign exchange, privatization, foreign investment

Faced with a steadily worsening economy, the government of the Lao Peoples Democratic Republic took its first steps toward reforming its centrally planned economy in December 1979. The reform process gathered momen...

I Introduction and Summary

I Introduction and Summary »

Source: The Lao People's Democratic Republic : Systemic Transformation and Adjustment

Series: Occasional Papers

Author(s): Ichiro Otani , and Chi Pham

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 May 1996

ISBN: 9781557755605

Keywords: banking, exchange rate, foreign exchange, privatization, foreign investment

This paper assesses the experience of the Lao People's Democratic Republic (P.D.R.) 1 with systemic transformation during 1989—94; when the IMF provided financial support under th...

II Setting of Economic Reform

II Setting of Economic Reform »

Source: The Lao People's Democratic Republic : Systemic Transformation and Adjustment

Series: Occasional Papers

Author(s): Ichiro Otani , and Chi Pham

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 May 1996

ISBN: 9781557755605

Keywords: banking, exchange rate, foreign exchange, privatization, foreign investment

The Country at a Glance The Lao P.D.R. is a landlocked, largely mountainous country in the center of the Indochina peninsula. Rugged terrain and elevations separate the country from...

III Recent Macroeconomic Performance and Structural Reforms

III Recent Macroeconomic Performance and Structural Reforms »

Source: The Lao People's Democratic Republic : Systemic Transformation and Adjustment

Series: Occasional Papers

Author(s): Ichiro Otani , and Chi Pham

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 May 1996

ISBN: 9781557755605

Keywords: banking, exchange rate, foreign exchange, privatization, foreign investment

Against the background summarized in the previous subsection, the Government adopted a major medium-term adjustment program in 1989, followed by another in 1993. This section summarizes the main objectives a...

IV Monetary Policy and Financial Sector Reforms

IV Monetary Policy and Financial Sector Reforms »

Source: The Lao People's Democratic Republic : Systemic Transformation and Adjustment

Series: Occasional Papers

Author(s): Ichiro Otani , and Chi Pham

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 May 1996

ISBN: 9781557755605

Keywords: banking, exchange rate, foreign exchange, privatization, foreign investment

Nominal anchors, in the form of either nominal exchange rates or predetermined rates of money growth, have proved to be useful in the process of disinflation in many developing countries or transition econom...

V Exchange Rate Policy and Trade Liberalization

V Exchange Rate Policy and Trade Liberalization »

Source: The Lao People's Democratic Republic : Systemic Transformation and Adjustment

Series: Occasional Papers

Author(s): Ichiro Otani , and Chi Pham

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 May 1996

ISBN: 9781557755605

Keywords: banking, exchange rate, foreign exchange, privatization, foreign investment

Prior to 1985, when the Lao P.D.R, embarked on the new system of economic management, the exchange and trade regime was characterized by strong centralization. Trade operations were dominated by the state se...

VI Fiscal Adjustment

VI Fiscal Adjustment »

Source: The Lao People's Democratic Republic : Systemic Transformation and Adjustment

Series: Occasional Papers

Author(s): Ichiro Otani , and Chi Pham

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 May 1996

ISBN: 9781557755605

Keywords: banking, exchange rate, foreign exchange, privatization, foreign investment

The systemic reform, which accelerated following the introduction of the NEM in 1985, has dramatically changed the importance and operation of the budgetary process in the Lao P.D.R. With the emergence of a...

VII Privatization and State Enterprise Reform

VII Privatization and State Enterprise Reform »

Source: The Lao People's Democratic Republic : Systemic Transformation and Adjustment

Series: Occasional Papers

Author(s): Ichiro Otani , and Chi Pham

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 May 1996

ISBN: 9781557755605

Keywords: banking, exchange rate, foreign exchange, privatization, foreign investment

In the late 1980s, the Government, responding to increasing concerns about the weak performance of the state-owned enterprises, began to formulate a strategy for privatization and state enterprise reform. At...

VIII Past Reforms and Future Challenges

VIII Past Reforms and Future Challenges »

Source: The Lao People's Democratic Republic : Systemic Transformation and Adjustment

Series: Occasional Papers

Author(s): Ichiro Otani , and Chi Pham

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 May 1996

ISBN: 9781557755605

Keywords: banking, exchange rate, foreign exchange, privatization, foreign investment

Assessment of Past Reforms Overall, the reform efforts of the Lao Government from the mid-1980s to 1994 resulted in considerable progress in both systemic transformation and macro-ec...

Appendix I Real Exchange Rate Movements and External Competitiveness

Appendix I Real Exchange Rate Movements and External Competitiveness »

Source: The Lao People's Democratic Republic : Systemic Transformation and Adjustment

Series: Occasional Papers

Author(s): Ichiro Otani , and Chi Pham

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 May 1996

ISBN: 9781557755605

Keywords: banking, exchange rate, foreign exchange, privatization, foreign investment

Movements in the real exchange rate are summarized in Charts 6 and 7, which show the path of the real effective exchange rate (that is, the trade-weighted exchange rate adjusted for...