Research

Other Publications

Government Ownership of Banks: Diversifying of Potential Products and Factors to Subsidize Agriculture
Future Forum, forthcoming, expected in 2025
Media Coverage: Phnom Penh Post, East Asia Globe, East Asia Forum, VOA Khmer
Abstract It has recently been shown that government ownership of banks has a significant role in addressing market failures, improving social welfare and economic development. This study explores and identifies the potential products and factors in agriculture that public banks should subsidize. In this paper, the author investigates statistical properties of the two-step generalized method of moments (GMM) estimator to analyze the direct and indirect consumption of inputs in agricultural production on national-level data for 32 crop products and 14 livestock products from Cambodia during the 1989–2018 period. Many specifications have statistical significance and negative competent production growth. These results suggest that the proposed subsidies should clearly define the types of specialty products by local producers and their potential markets, both local and international. This paper investigates some policy options for government ownership of banks to improve agriculture. However, it must also adapt to new climate change and emergency events for the long-run sustainable development of the sector. Future directions should consider studying micro-data for specific types of products and regions.       Paper       Slides       Replication      Thread

Mapping Study: Youth and Civil Society in Urban Cambodia
Future Forum,September 2022
Abstract Cambodia has one of the highest proportions of young people in the world. According to the United Nations Development Programme (2019), around 65.3% of the population is under the age of 30. This demographic dividend presents an opportunity for future prosperity, as the youth population can contribute to economic growth, social welfare, and inclusion. However, many Cambodian youth continue to face challenges in education, employment, and capacity development. Their potential role in promoting positive change is shaped by the support they receive. Barriers to youth participation in civil society include a shrinking democratic space, limited avenues for engagement with policies and politics, restrictive social norms, financial dependence, and a lack of encouragement and support. Despite these challenges, youth participation is vital for building democratic resilience and achieving a peaceful, inclusive, and prosperous society. Civil society organizations in Cambodia are working to harness the potential of youth as agents of change by enhancing their critical thinking and leadership skills, creating spaces for dialogue, and promoting engagement with governance and policy issues. Yet, further understanding is needed to clarify the roles and challenges of youth in civic engagement and social development. The European Union Delegation to Cambodia (EUD) recognises the importance of youth participation and is developing strategies to increase engagement during 2021–2027. To support this, a mapping study on youth and civil society in urban Cambodia was conducted to explore the aspirations, challenges, and needs of youth actors. The study aims to inform EUD’s efforts to empower youth and promote transformative change.

Household Saving and Debt
(with Summer-Solstice Thomas)
Section 4, in Revisiting the Pandemic: Rapid Survey on the Import of Covid-19 on MSMES in the Tourism Sector and Households in Cambodia, The Asia Foundation, June 2021, pp.50–54

Rapport de Stage : Assistant de Programme de l’Engagement des Jeunes pour l’Action Sociale
Royal University of Law and Economics, January 2019
Abstract Le présent document décrit le YRDP ainsi que mon travail dans cette l’organisation. La présentation du rôle des bénévoles au programme de l'engagement des jeunes pour l'action sociale du YRDP. Ce rapport vise à fournir un aperçu de l’utilisation des matières étudiées à l’Université Royale de Droit et de Sciences Économiques pour la mise en oeuvre de travail dans l’organisation de YRDP. Lors de la préparation de ce rapport, nous avons essayé de révéler les informations du programme d’YES-ACT, du projet d’EI, du programme de PCP et l’analyse des performances de l’organisation. J'ai effectué une analyse pour comprendre certaines des conclusions importantes relatives aux mes travaux dans l’YES-ACT et l’PCP. Entre-temps, J'ai donné mes suggestions et recommandations afin d'éliminer les faiblesses à ce programme. Enfin, j'ai terminé mon rapport en incluant les références et les sources que j'ai utilisées pour rédiger ce rapport.

Reinvigorating Cambodian Agriculture: Transforming from Extensive to Intensive Agriculture
(with Singhong Ly)
The National Bank of Cambodia, December 2018
Winner of the Best Paper Award of the 5th Annual Macroeconomic Conference
Abstract In this paper we analysis to identify the factor constraining on Cambodian agriculture in transforming from extensive to intensive agriculture. The objective of this study was to examine the general situation of Cambodian agriculture by comparing with neighboring countries in Southeast Asia from a period of 22 years (1996 – 2018) through cultivate areas, technical using, technologies using, fertilizer using, agricultural infrastructure system, agricultural production cost, agricultural output, agricultural market and climate change. The results show that the Cambodian agriculture sector is still at a level where there is significant need to improve the capacity of farmers, the new technologies use and the prevention of climate change. However, the production cost is still high cost and agricultural output has been in low prices. It also causes for farmers to lose confidence in farming and they will be stop working in the sector. Moreover, we also have other policies to improve agriculture sector in Cambodia.       Paper       Slides

Chapters in Books

Food Science in Cambodoia
Chapter 13, in Michael Renfrew (ed.), Micro-Policy Intervention: Contemporary Policy Discussion in Cambodia, Future Forum, 2021, pp. 115–129
Abstract People who live in rural areas rely on agriculture, but every year, the value of agricultural produce drops or lacks buyers, causing some farmers not to harvest their crops. The development of the food industry is essential to solving this problem. This paper examines how the development of food science, the role of R&D in the promotion, and the development of the food industry could positively impact the agricultural sector.       Paper       Slides       Thread

Working Papers

Measuring SEZ Spillovers in Data-Scarce Regions: Evidence from Cambodia’s Open Building Data
(with Daniel Yonto, Yudo Angorro, and Vuthoun Khiev)
Submitted to Journal of ASEAN Studies, June 2025
Abstract The measurement of Special Economic Zones (SEZ) spatial impacts remains a persistent challenge for practitioners in understudied regions where conventional data collection methods prove cost-prohibitive. This study advances a replicable geospatial methodology leveraging Google's Open Buildings 2.5D Temporal Dataset to analyze development patterns in data-scarce contexts. Through examination of 11 SEZs in Cambodia's Svay Rieng province (2016-2023), we reveal two critical findings that challenge prevailing assumptions: first, SEZ-induced spillovers extend substantially beyond the conventionally assumed 1-2 kilometer impact radius; second, development follows a distinctive dual-ring spatial pattern, with outer zones (2-5km) demonstrating near-equivalent building density (21.27/km²) to immediate perimeter areas. Our approach provides three key contributions to the literature and practice: (1) a transferable framework for SEZ impact assessment in understudied regions, (2) empirical evidence challenging linear distance-decay models of agglomeration effects, and (3) demonstration of how accessible satellite-derived data can overcome traditional barriers to evidence-based planning. The methodology's versatility extends beyond SEZ analysis, offering practitioners an operational toolkit for growth monitoring, infrastructure impact assessment, and cross-border development analysis across ASEAN's diverse development contexts. By transforming publicly available building data into actionable spatial intelligence, this approach significantly enhances planning capacity in regions where ground-truth data remains systematically unavailable.      

Cambodian Cassava: An Analysis on Production, Productivity, and Gender Impacts
(with Yuki Kanayama)
R&R, Navigating Through Crisis: The Socio-Economic Impact of COVID-19 in the Mekong Delta Countries. In Sovannroeun Samreth, Netra Eng, and Budy Prasetyo Resosudarmo (eds). New Frontiers in Regional Science: Asian Perspectives, Springer, Singapore, June 2025
Abstract Although the agriculture sector in Cambodia was initially consid-ered less vulnerable to the COVID-19 pandemic, cassava farmers experienced severe economic hardship due to the increase in input prices, fluctuations in output prices, and challenges in infrastructure development. However, these aggregate impacts hide the disproportionate repercussions faced by cash crop farmers, who were more severely affected by public health restrictions and market disruptions. Using data from 301 cassava-farming households across five major cultivation provinces, this study examines the pandemic’s impact on production, labor productivity, and labor participation in Cambodia. Alt-hough the price of fresh cassava slightly increased and the price of cassava chips remained stable, farmers lost income due to the increase in input prices and the fall in productivity. Between 2019 and 2021, average production costs rose by 9.3%, while income declined by 8.5%. Despite expanding culti-vated land and increasing hired labor, overall productivity decreased. These findings underscore the vulnerability of Cambodia’s cassava sector to exter-nal shocks and highlight the need for targeted policy interventions. The paper concludes with actionable recommendations to enhance value addition, strengthen domestic markets for cassava products, and support a resilient post-pandemic recovery.      

20 Years of FDI in Cambodia: Towards Upper Middle-Income Status and Beyond
(with Simona Iammarino and Sumontheany Muth), May 2024
Abstract This study investigates Cambodia’s progress and potential in this regard by analysing its position and trajectory relative to Greenfield Foreign Direct Investment (FDI) inflows and outflows – where foreign firms establish new operations in Cambodia and Cambodian investors set up businesses abroad. This study also provides preliminary insights on Cambodia's integration into Global and Regional Value Chains (GVCs), always using FDI as a proxy, considering sectoral, functional, and geographical trends and comparing them with those of its neighbouring countries – Lao People’s Democratic Republic and Vietnam – over the 20 years between 2003 and 2022. The research employs a desk review, SWOT analysis, and descriptive statistics by using academic literature, policy documents, stakeholder policy dialogues, and the fDiMarkets database by Financial Times. The analysis shows that FDI has been instrumental in reshaping Cambodia’s economic structure, significantly contributing to economic development and job creation. Key sectors attracting FDI include real estate, financial services, and alternative/renewable energy, while textiles, real estate, and consumer products are notable for generating employment opportunities. However, most FDI projects are concentrated in the capital and coastal areas, and have focused on low-tech manufacturing, which offer limited opportunities for spillovers and industrial upgrading. Cambodia’s outward FDI began in 2008, mainly targeting ASEAN countries. This paper highlights that Cambodia has developed a robust policy framework to attract and re-orient inward FDI, including a provision of various incentives for Qualified Investment Projects. Recent FDI inflow trends indicate growing interest in sectors such as alternative and renewable energy, rubber, automotive OEM, leisure and entertainment, food, tobacco, beverages, and paper, printing, and packaging industries. These sectors could be pivotal for Cambodia’s future growth.       Paper       Slides      

Monetary Policy and Household Income Distribution: An Empirical Analysis from Cambodia
Future Forum, April 2022
Abstract This paper investigates to estimate the distributional effects of monetary policy shocks on macroeconomic aggregates and aggregate consumption. An earning heterogeneity channel, a Fisher channel and an interest rate exposure channel were applied as transmission channels affect aggregate spending when households have different average propensities of consume. Through the Structural VAR model, I find that monetary policy shock pursuant to the exchange rate has positive consequences on inflation, real output and the unemployment rate. Simultaneously, sufficient statistics from Cambodian cross-sectional data in the time period 2014–2020 suggests that all three channels are likely to amplify the effects of monetary policy. Furthermore, I discover that the increase in inequality of household consumption and liabilities over the past 7 years, while decreasing household income and assets inequality over the same period.       Paper       Online Appendix       Replication

Policy Briefs

Monetary Policy: How Does It Become a Tool to Support Poor Households Afford to Purchase an Affordable House?
First draft on November 2022
Abstract This research investigates the role of monetary policy in addressing the challenge of affordable housing in Cambodia, focusing on Phnom Penh where a significant portion of the population struggles to afford homes. Through a comprehensive review, it is revealed that Cambodia's current monetary policy lacks the autonomy to effectively tackle this issue due to non-independent monetary tools and a high level of dollarization. However, innovative approaches such as liquidity-providing collateralized operations (LPCO) show promise. By partnering with private banks to offer low-interest mortgages to low-income households, monetary policy can play a pivotal role in addressing housing affordability. Additionally, the article recommends that the central bank takes proactive measures by collaborating with government agencies and stakeholders to disseminate housing market data and household information, thus better informing future housing policies and initiatives.      

How should Cambodia Prepare for the Fourth Industrial Revolution?
Cambodia Development Center, Essay Contest 2019, May 8, 2020
First Place Winner
Paper       Slides