, the U.S. real interest rate and real exchange rate, U.S. GDP growth, and world commodity prices) that explain much of the …

of quarterly data over 1994Q4-2016Q4, indicate that a positive US interest rate shock has a negative impact on Cambodia …, this shock also leads to a significant decrease in Cambodia's international reserve levels during the first two quarters … following the shock. The surrendering of monetary and exchange rate independence seems to affect the competitiveness of the …

short samples and high volatility. This is done with an unobserved component local level stochastic volatility model, which …