Research on the Factors Driving Financial Over-Indebtedness and the Impacts of the Interest Rate Ceiling on the Microfinance Sector: The Cambodian Case and International Comparison Analysis

本研究探讨了在柬埔寨小额信贷部门实施利率上限的影响。我们通过在2022财年继续对涵盖发达国家和发展中国家的文献进行全面审查，加深了对这些影响的理解。实施法律的利率上限可以显著影响金融部门的各个方面。许多研究都指出了金融包容性的潜在负面后果，特别是对需要小额贷款的借款人。不过，这一法律的上限在保护借款人方面的作用也得到了广泛认可。就柬埔寨而言，先前的一些研究表明，平均实际利率可能不会下降，因为法律的最高限额所规定的较低利率可能会被增加的贷款评估和手续费所抵消。然而，通过对家庭调查数据的分析，我们发现小额信贷贷款的平均实际利率在设定上限后有所下降。为了传播我们的研究结果，并与其他研究人员进行知识交流，我们于2022年8月2日在新加坡举行的国际学术会议上介绍了我们的研究。介绍是面对面进行的。

This study explores the impact of implementing an interest rate ceiling in Cambodia’s microfinance sector. We deepened our understanding of these effects by continuing to conduct a comprehensive review of the literature in FY2022, covering both developed and developing countries.The implementation of a legal interest rate ceiling can significantly influence various aspects of the financial sector. Numerous studies have pointed towards potential negative consequences for financial inclusion, particularly for borrowers who require smaller loans. However, the role of this legal ceiling in protecting borrowers is also widely acknowledged. In relation to Cambodia, some prior studies suggested that the average effective interest rate might not decrease, as lower rates imposed by the legal ceiling could be offset by increased loan assessment and processing fees. Nevertheless, our sophisticated analysis of data from a household survey indicated a decrease in the average effective interest rate of microfinance loans following the introduction of the ceiling.To disseminate our findings and engage in intellectual exchange with other researchers, we presented our research at an international academic conference in Singapore on August 2, 2022. The presentation was conducted face-to-face.