Munich Personal RePEc Archive

The 2003 Merged Model for Vietnam

Jensen, Henning Tarp and Tarp, Finn (2006): The 2003 Merged Model for Vietnam. Published in: (2006)

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Abstract

This paper documents the 2003 Merged Model for Vietnam. The initialization and calibration of the model is based on a financial 2003 SAM framework and an auxiliary 2002-3 data set. The recursive nature of the solution of the Merged Model is discussed with reference to the four main sectors of the model, including (i) the goods market and private sector budget, (ii) the government budget, (iii) the money market, and (iv) the balance of payments, and the initialization and solution of individual (exogenous and endogenous) variables is outlined. In addition, the calibration of parameter values is presented and the validity of the calibrated model parameters for the creation of future economic projections is discussed with reference to historical time series data. Similarly, benchmark growth paths for the four (intermediate target) focal variables, including real government consumption, government domestic credit, private domestic credit, and private net foreign debt, are discussed with reference to historical time series data. Accordingly, the current monograph facilitates the future implementation of the Merged Model for Vietnam by going through the main considerations necessary for the implementation of the projection tool, and the subsequent evaluation of the economic projections on the basis of the focal variable growth paths.

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