- 期刊
The Effect of Formal and Informal Economic Sectors to Cambodian Economy
摘要
This paper seeks to understand the effects of formal and informal economic sectors to Cambodian economy as a small developing country. To accomplish this goal, a small simple small new Keynesian dynamic stochastic general equilibrium (DSGE) model has been constructed featuring characteristic of developing economy such as price nominal rigidity, monopolistic competition, and fixed exchange rate regime. The model is estimated by using Bayesian estimation with annual Cambodian data from 1995 to 2016. The estimation results and impulse response function (IRF) of shocks such as formal non-tradable productivity shock, domestic tradable productivity shock, monetary policy shock, imported inflation shock, and foreign demand shock show that there is no shock absorbing role evidence of informality can be found in foreign demand shock, yet it can be found partially in imported inflation shock. However, there are shock-absorbing role of informality in found in informal productivity shocks.
延伸閱讀
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