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Cover IMF Working Papers
Socio-Economic Spillovers from Special Economic Zones: Evidence from Cambodia
Mariya Brussevich

district level between 2007 and 2017. Since its conception in 2005, 30 SEZs have been established or authorized to begin operation, and more locations are currently being considered for hosting new SEZs. The database contains information on location and entry of all existing SEZs as well as information on locations which have been considered or are being reviewed for participation in the SEZ program. I perform an event-study analysis to examine changes in local labor markets following an SEZ entry, including changes in employment, wages, income levels and income

Keywords:
WP; SEZ program; SEZ entry; SEZ firm; program participation; SEZ district; SEZ location; Employment; Wages; Income; Income inequality; Labor markets; SEZ effect; SEZ developer; SEZ trend; tagged SEZ database; SEZ program participation; SEZ intensity
Cover IMF Working Papers
Socio-Economic Spillovers from Special Economic Zones: Evidence from Cambodia
Mariya Brussevich
This study examines the socio-economic impact of special economic zones (SEZs) in Cambodia---a prominent place-based policy established in 2005. The paper employs a database on existing and future SEZs in Cambodia with matched household surveys at the district level and documents stylized facts on SEZs in a low-income country setting. To identify causal effects of the SEZ program, the paper (i) constructs an alternative control group including future SEZ program participants and districts adjacent to SEZ hosts; and (ii) employs a propensity score weighting technique. The study finds that entry of SEZs disproportionately benefits female workers and leads to a decline of income inequality at a district level. However, the findings also suggest that land values in SEZ districts tend to rise while wage levels remain largely unchanged relative to other districts. In addition, the paper tests for socio-economic spillovers to surrounding areas and for agglomeration effects associated with clusters of multiple SEZs.
Keywords:
WP; SEZ program; SEZ entry; SEZ firm; program participation; SEZ district; SEZ location; Employment; Wages; Income; Income inequality; Labor markets; Special Economic Zones; Place-Based Policy; Low-Income Country; Foreign Direct Investment; SEZ effect; SEZ developer; SEZ trend; tagged SEZ database; SEZ program participation; SEZ intensity; propensity score weighting technique; Policy implication; impact of special economic zones; Women
Cover IMF Working Papers
Front Matter
Mariya Brussevich
Keywords:
WP; SEZ program; SEZ entry; SEZ firm; program participation; SEZ district; SEZ location; Employment; Wages; Income; Income inequality; Labor markets; Special economic zones
Cover IMF Staff Country Reports
Cambodia: 2019 Article IV Consultation; Press Release; Staff Report; and Statement by the Executive Director for Cambodia
International Monetary Fund. Asia and Pacific Dept
This 2019 Article IV Consultation with Cambodia discusses stable macroeconomic environment, strong growth and ongoing structural reforms have contributed to significant progress toward Sustainable Development Goals (SDGs). However, uncertainties including slower global growth and potential suspension of preferential market access under the Everything but Arms (EBA) scheme highlight the importance of maintaining macroeconomic stability while meeting still large development needs, addressing elevated financial sector vulnerabilities, and accelerating structural reforms. Continued strong revenue mobilization efforts and a prudent fiscal stance supported by restraining nondevelopment current spending will allow additional spending to address development needs. Expenditures should be oriented toward supporting inclusive growth through priority infrastructure investment, as well as health and education spending. Policies should be geared toward addressing sizeable spending needs to reach SDG targets in health, education and infrastructure, with support from the private sector and international donors. Accelerated implementation of structural reforms is needed to remove structural constraints to growth, correct external imbalances, address governance and corruption weaknesses and promote sustainable and inclusive development.
Keywords:
ISCR; CR; debt; authority; deficit; expenditure prioritization; financing vulnerability; broad money; headline inflation; debt stock; PPG debt; Public investment and public-private partnerships (PPP); Infrastructure; Public investment spending; Global; Asia and Pacific
Cover IMF Staff Country Reports
Cambodia: 2019 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Cambodia
International Monetary Fund. Asia and Pacific Dept

access to trade partners and infrastructure. SEZs are associated with socio-economic spillovers in local communities but bear fiscal costs in terms of forgone tax revenue . Preliminary regression analysis, based on variation in SEZs’ location and timing of entry into Cambodian districts, shows that SEZs’ entry is associated with higher formal employment and wages in host districts, mainly driven by expansion of the manufacturing sector. 2 Nevertheless, most activity in SEZs is focused on low-skilled labor-intensive production, with limited impact on skill

Keywords:
ISCR; CR; debt; authority; deficit; broad money; price index; trade preference; trade diversion; dots reoresent Cambodia; Sustainable Development Goals (SDG); Global