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JICA Ogata Research Institute
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FY2023
Book “Cambodian Dollarization: Its Policy Implications for LDCs’ Financial Development” Published

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Book “Cambodian Dollarization: Its Policy Implications for LDCs’ Financial Development” Published

2023.10.23

“Cambodian Dollarization: Its Policy Implications for LDCs’ Financial Development,” edited by Chea Serey and Okuda Hidenobu, was published in September 2023.

This book is the first study that provides a comprehensive understanding of the reality and structure of dollarization in Cambodia, which has witnessed rapid economic and financial development since the 2000s. It uses micro-level data collected from nationwide surveys conducted jointly by the National Bank of Cambodia (NBC) and the JICA Ogata Sadako Research Institute for Peace and Development in 2014 and 2017.

By applying econometric analysis to the collected data, the book analyses the structures and mechanisms of dollarization in Cambodia in households, companies, and financial institutions in detail. Moreover, it provides detailed information regarding the historical development of Cambodian dollarization, comparisons with various cases of dollarization in countries around the world, the impact of the NBC’s digital payment platform, Bakong, on dollarization, and policy measures to curb dollarization. The analysis in Cambodia suggests that the process of dollarization and the growth of the financial system in low- and middle-income countries go hand in hand, mutually enhancing each other, meaning that tailored policies to separate them are needed to curb dollarization in these countries.

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