Title Page
Contents
Abbreviations 12
Annex 13
CHAPTER 1. Introduction 15
Background 15
Problem Statement 17
Research Question 17
Research Objective 18
General Objective 18
Special Objective 18
Scope of Study 18
Significant of Research 18
Limitation of Research 19
CHAPTER 2. Literature Review 20
What is Shadow Banking? 20
The Rise of Shadow Banking 23
Assess of Shadow Banking 25
a. Assessment of shadow banking 25
b. Shadow banking risks 28
c. Challenges in monitoring and mitigating shadow banking risk 29
d. International experience with microfinance risk 30
CHAPTER 3. Research Methodology 35
Data collection and Limitation 35
Data Analysis 36
CHAPTER 4. Shadow Banking in Cambodia 37
1. Identification of the Shadow Banking Institutions 37
2. The Rise of Shadow Banking in Cambodia 41
a. Strong and Stable economic growth 41
b. Interest Rate 45
c. Weak Regulatory Structure and Environment 46
3. Assessing of Shadow Banking in Cambodia 49
3.1. Benefits of shadow banking 49
3.2. Risks of shadow banking 52
CHAPTER 5. Policy Response 56
1. Ministry of Economy and Finance 59
2. National Bank of Cambodia 60
3. Stock Exchange Commission 62
CHAPTER 6. Conclusion and Policy Recommendation 63
List of Reference 67
List of Bibliography 68
APPENDICES 75
Appendix A. Code of Banking Practice 75
Appendix B. Prakas on Licensing of Financial Lease Company 88
Appendix C. Prakas on Financial Leasing Business 95
Appendix D. Prakas on Licensing of Microfinance Institutions 97
Appendix E. Prakas on Licensing on MDIs 102
Appendix F. Prakas on Loan and Provisioning Applicable to Specialized Banks for Rural Credit and Licensed Microfinance. 104
Appendix G. Prakas on Transparency in Granting Credit Facilities of Banks and FIs 106
Appendix H. Prakas on Interest Rate Ceiling on Loan 109
Abstract 111
요약 112
Table 1. Comparison of Measure of Shadow Banking 26
Table 2. Economic Function as Measure of Shadow Banking 27
Table 3. Supervisory Structure in Cambodia 46
Table 4. Unregulated and Unsupervised 47
Table 5. Prudential Requirement 48
Figure 1. Shadow Banking Institution in the USA 21
Figure 2. Cambodia Real GDP Growth from 1994-2014 42
Figure 3. Cambodia Real GDP Growth form 2007-2017 42
Figure 4. Gross Loan for Banks and Microfinance from... 43
Figure 5. Loan to Deposit Ratio compare to GDP 44
Figure 6. Interest Rate Trends 45
Figure 7. Total Lending in Cambodia Banking System 50
Figure 8. Financial Deepening (M2/GDP), in % 51
Figure 9. Illustration of Linkage between Money Lender and Bank 53
Figure 10. Phase for Policy Implementation 58