1,720,994 research outputs found
Estimating Money Demand Function in Cambodia: ARDL Approach
Full text linkThis paper empirically estimates the money demand function in Cambodia. We adopt the money demand model that includes exchange rate. For the analysis, Autoregressive Distributed Lag (ARDL) approach to cointegration is employed. Our results indicate that there is cointegration among variables in money demand function. CUSUM and CUSUMSQ tests roughly support the stability of estimated model. However, in the long-run, even the sign of estimated coefficient of exchange rate support the currency substitution phenomenon in Cambodia, it fails t-test. This may be due to the mix of both currency substitution and wealth effects in the long-run
コクサイ キンユウ ケイザイガク ニ カンスル ケンキュウ : トウナン アジア ケイザイ ニ オケル ジッショウ ブンセキ
No full text京都大学0048新制・課程博士博士(経済学)甲第14354号経博第375号新制||経||239(附属図書館)UT51-2009-D66京都大学大学院経済学研究科経済動態分析専攻(主査)教授 島本 哲朗, 教授 柴田 章久, 准教授 遊喜 一洋学位規則第4条第1項該当Doctor of EconomicsKyoto UniversityDA
Estimating Money Demand Function in Cambodia: ARDL Approach
Full text linkThis paper empirically estimates the money demand function in Cambodia. We adopt the money demand model that includes exchange rate. For the analysis, Autoregressive Distributed Lag (ARDL) approach to cointegration is employed. Our results indicate that there is cointegration among variables in money demand function. CUSUM and CUSUMSQ tests roughly support the stability of estimated model. However, in the long-run, even the sign of estimated coefficient of exchange rate support the currency substitution phenomenon in Cambodia, it fails t-test. This may be due to the mix of both currency substitution and wealth effects in the long-run.Money Demand, M1, Cambodia, Currency Substitution
Perceptions of Microfinance: Evidence from a Household Survey in Cambodia
Full text linkThis study examines how people perceive microfinance in Cambodia. Using data and information from a household survey conducted in 2021, it identifies factors influencing perceptions of microfinance, including interest rates, impact on debt burdens, and its role in business support and improving living standards. The findings show that individuals with higher financial literacy and stronger social capital are more likely to understand the relatively high interest rates charged by microfinance institutions, while self-employed individuals often consider these rates less reasonable. Although many individuals perceive microfinance as helpful for starting businesses and improving their living standards, there are concerns about the rising debt burden due to microfinance, especially among those with higher financial literacy, higher social capital, and multiple loans. These results imply the importance of improving financial education, building stronger community networks, and creating accessible counseling services to help borrowers better manage their debt. These measures are essential to ensure that microfinance has a positive impact on people’s lives and contributes to socio-economic development in Cambodia.本研究は、2021年の家計調査データを用いて、カンボジアにおけるマイクロファイナンスに対する人々の認識を検証し、個人および世帯の特性に注目しながら、その認識に影響を与える要因を分析した。特に、マイクロファイナンスの金利に関する認識、起業支援におけるマイクロファイナンスの役割に関する認識、生活水準の向上におけるマイクロファイナンスの役割に関する認識、そして債務負担への影響に関する認識に焦点を当てた。分析結果によると、金融リテラシーや社会関係資本（地域内の社会的ネットワーク）がより高い回答者は、マイクロファイナンス機関が比較的に高い金利を課していることを認識している傾向があることが示された。また、自営業者はこれらの金利が妥当ではないと認識している傾向があることも明らかになった。一方で、多くの回答者はマイクロファイナンスが起業支援や生活水準の向上に役立つと考えているものの、金融リテラシーや社会関係資本が比較的高い回答者および複数の借入を抱える回答者の間では、マイクロファイナンスによる債務負担の増加に対する懸念が見られた。これらの分析結果を踏まえ、本研究は、借入者が債務を効果的に管理できるようにするために、金融教育の強化、地域社会のネットワークの充実、そしてカウンセリングサービスの提供が重要であることを示唆している。これらの方策は、マイクロファイナンスが人々の生活に良い影響を与え、カンボジアの社会経済発展に貢献するために不可欠である。departmental bulletin pape
Navigating Through Crisis
No full textThis open access book explores the socio-economic challenges and recovery efforts in Cambodia, Laos, Vietnam, and Myanmar during the COVID-19 pandemic. It focuses on the pandemic’s wide-ranging impacts, particularly on individuals, households, and small and medium-sized enterprises across key sectors such as agriculture, garment manufacturing, and tourism. The analysis incorporates cross-cutting themes, including gender disparities and social protection, highlighting the uneven effects on different demographics. The book also discusses the policy responses adopted by these countries to mitigate socio-economic challenges. It examines the mechanisms employed during policy implementation, identifying key lessons for managing crises in the region. The book aims for a diverse audience, including students, researchers, policymakers, and development practitioners. Offering evidence-based insights, this volume is an important resource for understanding crisis management and policy development in the context of developing countries
How Does Corruption Influence the Effect of Foreign Direct Investment on Economic Growth?
Full text linkWe investigate the effect of Foreign Direct Investment (FDI) on economic growth by employing the data of 132 countries for the period from 1995 to 2008, considering the
role of corruption in each country as an absorptive factor. The estimation results indicate that, although FDI alone does not promote economic growth, it has a significant effect on economic growth if the interaction term between FDI and corruption is considered. The threshold level of corruption separating the negative and positive effects of FDI on economic growth is approximately in the 10th percentile from the least corrupt countries. The existence of a corruption threshold implies a counter-intuitive proposition: that FDI inhibits economic growth in countries where corruption is below a corruption threshold, and promotes economic growth in countries where corruption is above the threshold. Our results are robust even if we use different corruption indices and conduct the instrumental
variable estimation to address endogeneity problems
Assessing Sustainable Development by Genuine Saving Indicator from Multidimensional Perspectives
Full text linkThis paper investigates the path of genuine saving (GS) based on the perspectives of average, trend and stability. The theoretical basis of GS can be seen in several studies, such as Arrow et al. (2003) and Dasgupta (2004); its database has been developed by the World Bank. With these contributions, GS is now considered as one of the most important indicators for evaluating the sustainable development. However, among previous studies on GS, only few studies focused on dynamic perspective. This paper points out this shortage in the literature, and then re-examines the sustainability performance in various countries based not only on the average, but also on the trend and stability of GS path. The results of evaluating GS based on these multidimensional perspectives are different from those of unidimensional perspective. These results provide us richer information on the sustainability of each country
Oil Bonanza and the Composition of Government Expenditure
Full text linkGovernment behavior can be impacted by the benefits arising from natural resources. Benevolent government and political leaders may use them to improve the welfare of people, whereas non-benevolent ones may use them for their own interest. As an attempt to examine the effects of the oil bonanza on government behavior in a comprehensive manner, the current study investigates how giant oilfield discoveries affect the size and composition of government expenditure using the data of 148 countries between 1972 and 2008. We find that giant oilfield discoveries significantly increase total government expenditure in the medium and long term, although they do not have an impact in the short term. We also obtain evidence that democracy plays a mediating role in these effects; if the democracy level in a country is mature, the size of total government spending does not increase even when discovering giant oilfields. Considering each category of government expenditure, giant oilfield discoveries significantly increase expenditure on defense and general public services, whereas they decrease expenditure on public order and safety, and economic affairs. Furthermore, giant oilfield discoveries do not have a significant impact on social spending including health, education, and social protection. Finally, giant oilfield discoveries increase the net implicit gasoline subsidy in the long term. These findings enhance our understanding of the effects of oil bonanza on government behavior
Revisiting the Impacts of Exchange Rate Movement on the Dollarization Process in Cambodia
Full text linkPrevious studies on factors affecting the substitution process between domestic currency and foreign currency (i.e., the dollarization process) in Cambodia indicate that exchange rate movement is one of its important determinants. These studies tend to assume that the effects of this movement are symmetric. However, domestic currency appreciation and depreciation can have asymmetric impacts on people’s behaviors when substituting between domestic currency and foreign currency. Therefore, this study re-examines the impacts of exchange rate movement on the dollarization process in Cambodia by taking into account the possibility of these asymmetric effects. A cointegration analysis framework is adopted for the estimation of a model that also incorporates a hysteresis effect of the dollarization process. The estimation results of quarterly data between 1994Q2 to 2017Q4 indicate that Cambodian Riel depreciation and appreciation do have asymmetric impacts on its dollarization process. These results provide some implications for policy actions addressing the dollarization issue in Cambodia
Assessing Sustainable Development by Genuine Saving Indicator from Multidimensional Perspectives
Full text linkThis paper investigates the path of genuine saving (GS) based on the perspectives of average, trend and stability. The theoretical basis of GS can be seen in several studies, such as Arrow et al. (2003) and Dasgupta (2004); its database has been developed by the World Bank. With these contributions, GS is now considered as one of the most important indicators for evaluating the sustainable development. However, among previous studies on GS, only few studies focused on dynamic perspective. This paper points out this shortage in the literature, and then re-examines the sustainability performance in various countries based not only on the average, but also on the trend and stability of GS path. The results of evaluating GS based on these multidimensional perspectives are different from those of unidimensional perspective. These results provide us richer information on the sustainability of each country.Sustainable Development; Genuine Saving; Average; Trend; Stability
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