国际货币基金组织：柬埔寨信贷周期的外部驱动因素（英文版）

This paper investigates the external drivers of Cambodia’s credit cycles using a dynamic factor model. Results indicate that common global and regional factors explain over 60 percent of credit growth variance, reflecting one of Asia’s highest sensitivities to external conditions. The analysis reveals that external shocks, including US monetary policy, global risk sentiment and China’s growth, transmit primarily through a common global credit channel rather than direct bilateral linkages. Thi