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Author: Hidenobu Okuda Publisher: Taylor & Francis ISBN: 1000955575 Category : Business & Economics Languages : en Pages : 228
Book Description
This book is the first study to provide a comprehensive picture of the reality and structure of dollarization in Cambodia, which has been achieving rapid economic and financial development since the end of 1998, when full piece reigned over the kingdom. It uses the micro-level data collected through nationwide surveys conducted jointly by the National Bank of Cambodia and JICA Ogata Sadako Research Institute in 2014 and 2017. By applying econometric analysis to collected data, the book analyses in detail the structures and mechanisms of dollarization in households, companies, and financial institutions. It also provides detailed information on the historical development of Cambodian dollarization, international comparisons with various cases of dollarization in countries around the world, and the impact of NBC's digital payment platforms (particularly Bakong) on the use of local and foeign currencies. The Cambodian case shows that financial development of low- and middle-income countries is promoted mutually by dollarization and that policies to separate the two are necessary to curb dollarization. This book will be of interest to students, researchers and policy-makers concerned with dollarization and economics in Southeast Asia.
Author: Ms.Nombulelo Duma Publisher: International Monetary Fund ISBN: 1455218936 Category : Business & Economics Languages : en Pages : 27
Book Description
Over the past decade, Cambodia has become Asia’s most dollarized economy. In contrast, dollarization in neighboring Lao P.D.R., Mongolia, and Vietnam has been either declining or broadly stable. Somewhat paradoxically, growing dollarization in Cambodia has occurred against the backdrop of greater macroeconomic and political stability. The usual motive, currency substitution, does not appear to have been a factor. As the volume of dollars increased over the years, so has the volume of riel. A strong inward flow of dollars related to garments sector exports, tourism receipts, foreign direct investment, and aid, has benefitted the dollar based urban economy. The riel based rural economy has, however, lagged behind. Given international experience in de-dollarization, a carefully managed market based strategy, supported by a continued stable macroeconomic environment is essential for Cambodia’s de-dollarization.
Author: Hidenobu Okuda Publisher: Taylor & Francis ISBN: 1000955575 Category : Business & Economics Languages : en Pages : 228
Book Description
This book is the first study to provide a comprehensive picture of the reality and structure of dollarization in Cambodia, which has been achieving rapid economic and financial development since the end of 1998, when full piece reigned over the kingdom. It uses the micro-level data collected through nationwide surveys conducted jointly by the National Bank of Cambodia and JICA Ogata Sadako Research Institute in 2014 and 2017. By applying econometric analysis to collected data, the book analyses in detail the structures and mechanisms of dollarization in households, companies, and financial institutions. It also provides detailed information on the historical development of Cambodian dollarization, international comparisons with various cases of dollarization in countries around the world, and the impact of NBC's digital payment platforms (particularly Bakong) on the use of local and foeign currencies. The Cambodian case shows that financial development of low- and middle-income countries is promoted mutually by dollarization and that policies to separate the two are necessary to curb dollarization. This book will be of interest to students, researchers and policy-makers concerned with dollarization and economics in Southeast Asia.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 9781589061897 Category : Business & Economics Languages : en Pages : 50
Book Description
This study examines the challenges and issues facing policymakers in highly dollarized economies. Focusing on Cambodia, which achieved almost complete dollarization during 1991-95, the authors review recent developments in the literature on dollarization and examine the costs and benefits of dollarization in Cambodia, including the ensuing macroeconomic policy implications. They carry out an econometric estimation of cash foreign currency circulation in Cambodia in order to gauge the degree of dollarization. In addition to this analysis, the authors present a short description of Cambodia’s economic, financial, and structural background.
Author: Hidenobu Okuda Publisher: ISBN: 9781003391418 Category : Dollarization Languages : en Pages : 0
Book Description
"This book is the first study to provide a comprehensive picture of the reality and structure of dollarization in Cambodia, which has been achieving rapid economic and financial development since the 2000s. It uses the micro-level data collected through nationwide surveys conducted jointly by the National Bank of Cambodia and JICA Ogata Sadako Research Institute in 2014 and 2016. By applying econometric analysis to collected data, the book analyses in detail the structures and mechanisms of dollarization in households, companies, and financial institutions. It also provides detailed information on the historical development of Cambodian dollarization, international comparisons with various cases of dollarization in countries around the world, and the impact of NBC's issuance of CBDC (called BACON) on dollarization, and policy measurements to curb dollarization. The Cambodian case shows that the financial development of low and middle income countries is promoted mutually by dollarization and that policies to separate the two are necessary to curb dollarization. This book will be of interest to students, researchers and policy makers concerned with dollarization and economics in Southeast Asia"--
Author: Sopanha Sa Publisher: INTERNATIONAL MONETARY FUND ISBN: 9781451851601 Category : Languages : en Pages : 53
Book Description
Cambodia became dollarized suddenly in the early 1990s, as a result of massive dollar inflows stemming from a postconflict situation. Considering that the amount of dollars in circulation is unusually high, we attempt to estimate the true degree of dollarization empirically. Our results show that Cambodia has been virtually fully dollarized since 1995. Against a background of severe institutional limitations, the authorities have implemented in recent years policies akin to those of a de facto currency board arrangement, in particular with respect to fiscal discipline. The paper concludes that this policy mix has been appropriate for Cambodia's circumstances.
Author: Koji Kubo Publisher: Springer ISBN: 3319577689 Category : Business & Economics Languages : en Pages : 255
Book Description
This book sheds light on the dollarization trends of four transitional economies in Southeast Asia: Cambodia, Lao PDR, Myanmar, and Vietnam. Moving beyond the tendency to focus on the Latin American experience of dollarization and prolonged high inflation, the chapters in this book compare how payment dollarization has been more persistent than other types of dollarization in this region due to network externalities. The book illustrates that dollarization started in the underdeveloped financial system in these countries and that dollarization interacted with financial development, which is in contrast to dollarization in Latin America. This project extends the frontiers of empirical studies on dollarization. It will be of interest to students, researchers and policy makers concerned with dollarization and economics in Southeast Asia.
Author: Phon Sophat Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
In order to integration in ASEAN region, Cambodia should be ready for all sectors and must be solving some critical issues currently encountering well and on time for forwarding to develop sustainability and inclusive development. All dilemmas such as dollarization, illegal immigration and stability of political system. In addition, I would only mention the dollarization market in Cambodia. Somewhat paradoxically, growing dollarization in Cambodia has occurred against the backdrop of greater macroeconomic and political stability. The usual motive, currency substitution, does not appear to have been a factor. As the volume of dollars increased over the years of UNTAC for first Cambodia's election, so has the volume of riel. A strong inward flow of dollars related to garments sector exports, tourism receipts, foreign direct investment, and aid, has benefitted the dollar based urban economy. The riel based rural economy has, however, lagged behind. Given international experience in de-dollarization, a carefully managed market based strategy, supported by a continued stable macroeconomic environment is essential for Cambodia's dedollarization (Masato 2011). Cambodia has been losing around $20 million to $100 million annually in using this international currency. Cambodia's loss of seigniorage, the value a country gains in producing its own currency equates to about 2 percent of total GDP. In this term paper will assert that, with ample deficit current account of our country in mechanism of using domestic currency in market, and allocate the resource by transparency and accountability in order to promote the financial inclusive development in Cambodia.
Author: International Monetary Fund. Asia and Pacific Dept Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 122
Book Description
After suffering a recession during the pandemic, the Cambodian economy was on a steady recovery path, but is facing new pressures in 2022 that have buffeted external demand and increased inflation rates. The authorities have largely continued with crisis policy responses and have pressed on with policy reforms. The recovery is projected to continue, notwithstanding external stresses. Risks of public debt distress remain low. However, the level of private debt raises concerns about potential debt overhang.
Author: Sovannroeun Samreth Publisher: ISBN: Category : Languages : en Pages : 32
Book Description
Cambodia has recorded both rapid economic growth and macroeconomic stability in recent decades despite (or thanks to) high levels of dollarization. Previous studies on dollarization in Cambodia have largely focused on examining its causes and estimating seigniorage losses. As an attempt to further explore the effects of dollarization in Cambodia, this paper examines its impact on the competitiveness of the export sector. The main results, based on a vector autoregression estimation of quarterly data over 1994Q4-2016Q4, indicate that a positive US interest rate shock has a negative impact on Cambodia's trade balance with the European Union, its main trading partner, as it leads to appreciation of the US dollar. Furthermore, this shock also leads to a significant decrease in Cambodia's international reserve levels during the first two quarters following the shock. The surrendering of monetary and exchange rate independence seems to affect the competitiveness of the tradable sector negatively as well as exacerbate financial sector vulnerability to solvency and liquidity risks.
Author: Hidenobu Okuda
Author: Ms.Nombulelo Duma
Author: Hidenobu Okuda
Author: International Monetary Fund
Author: Hidenobu Okuda
Author: Mario de Zamaróczy
Author: Sopanha Sa
Author: Koji Kubo
Author: Phon Sophat
Author: International Monetary Fund. Asia and Pacific Dept
Author: Sovannroeun Samreth