Yong Sarah Zhou's Books

Towards Central Bank Digital Currencies in Asia and the Pacific

Results of a Regional Survey

By: Mrs. Sarwat Jahan,Ms. Elena Loukoianova,Mr. Evan Papageorgiou,Ms. Natasha X Che,Ankita Goel,Mike Li,Umang Rawat,Yong Sarah Zhou

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Towards Central Bank Digital Currencies in Asia and the Pacific

Results of a Regional Survey

By: Mrs. Sarwat Jahan,Ms. Elena Loukoianova,Mr. Evan Papageorgiou,Ms. Natasha X Che,Ankita Goel,Mike Li,Umang Rawat,Yong Sarah Zhou

Drawing on survey responses from 34 Asian economies and country case studies, this note takes stock of recent developments related to central bank digital currencies (CBDCs) and crypto assets in Asia. The survey finds that there is significant heterogeneity in terms of stage of development, but the emergence of private crypto assets has created an impetus to consider CBDCs. While most countries are engaged in research and development, with some at advanced stages of testing and pilots, very few countries are likely to issue CBDCs in the near-to-medium term, reflecting the still considerable uncertainties. Still, country experiences so far provide some key insights for others in their journey in this area.

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International Monetary Fund

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ISBN 13

9798400221521

Tax Incentives in Cambodia

By: Mr.Manuk Ghazanchyan,Mr.Alexander D Klemm,Yong Sarah Zhou

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Tax Incentives in Cambodia

By: Mr.Manuk Ghazanchyan,Mr.Alexander D Klemm,Yong Sarah Zhou

Cambodia, like its regional peers, offers a number of tax incentives to investors. This paper reviews these incentives to assess their costs and benefits, including their likely effectiveness in attracting capital and in supporting the diversification strategy. It finds that an important incentive, the tax holiday, differs materially from practice elsewhere in offering a deferral rather than exempting from tax and may not be very effective. Moreover, other features of the tax system, such as the high withholding rate on dividends, imply relatively high effective tax rates for foreign investors. The paper discusses potential reforms that weigh revenue and other costs of tax incentives against the need for a competitive tax system, including a shift from tax holidays toward investment allowances.

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International Monetary Fund

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ISBN 10

1484351541

ISBN 13

9781484351543

Explaining ASEAN-3’s Investment Puzzle A Tale of Two Sectors

By: Yong Sarah Zhou

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Explaining ASEAN-3’s Investment Puzzle A Tale of Two Sectors

By: Yong Sarah Zhou

The prolonged investment decline in post-Asian crisis emerging Asia, in contrast to the swift recovery of economic growth, has remained a puzzle. This paper shows that the post-crisis investment recession has been mainly concentrated in the nontradable sector, and hypothesizes that the slowdown is because firms operating in that sector are financially constrained. Empirical results based on macro and firm-level data from Indonesia, Malaysia, and Thailand (ASEAN-3) support this hypothesis.

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International Monetary Fund

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ISBN 10

1475545568

ISBN 13

9781475545562

Rise of Digital Money

Implications for Pacific Island Countries

By: Yong Sarah Zhou,Tao Sun,Anca Paduraru,Arvinder Bharath,Stephanie Forte,Kathleen Kao,Miss Yinqiu Lu,Maria Fernanda Chacon Rey,Piyaporn Sodsriwiboon,Chia Yi Tan,Bo Zhao

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Rise of Digital Money

Implications for Pacific Island Countries

By: Yong Sarah Zhou,Tao Sun,Anca Paduraru,Arvinder Bharath,Stephanie Forte,Kathleen Kao,Miss Yinqiu Lu,Maria Fernanda Chacon Rey,Piyaporn Sodsriwiboon,Chia Yi Tan,Bo Zhao

The departmental paper, "Rise of Digital Money: Implications for Pacific Island Countries," delves into the fast-evolving landscape of digital money in a diverse region of extremes in size, remoteness and dispersion, highlighting its significant macroeconomic and financial consequences. It provides an overview of the development of digital money and payment systems in Pacific Island Countries (PICs), assessing potential benefits and risks, with a focus on how they can harness digital technology to enhance financial inclusion and payment efficiency while minimizing risks. To this end, the paper also examines the prerequisites for successfully adopting various forms of digital money and proposes a strategic framework for policy decisions. The paper underscores the potential of digital money in advancing public policy goals, like financial inclusion and improved cross-border connectivity – given the specific characteristics of the region – while cautioning against the risks of rapid and inadequately regulated adoption. Accordingly, it advocates a gradual, well-informed approach, tailored to PICs' unique monetary and financial circumstances, including the presence of national currencies and the maturity of payment systems. Moreover, the paper suggests that a regional approach could help address capacity and scalability challenges in introducing new digital money forms and payment methods in PICs.

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International Monetary Fund

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ISBN 13

9798400263071

ASEAN Financial Integration

By: Geert Almekinders,Mr.Alex Mourmouras,Ms.Jianping Zhou,Satoshi Fukuda,Yong Sarah Zhou

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ASEAN Financial Integration

By: Geert Almekinders,Mr.Alex Mourmouras,Ms.Jianping Zhou,Satoshi Fukuda,Yong Sarah Zhou

The establishment of the ASEAN Economic Community (AEC) at end-2015 has brought into sharp focus the issue of financial and economic integration in the region. This paper takes stock of ASEAN’s financial integration and prospects. ASEAN integration could accelerate in the years ahead; it will likely be a safe, gradual process consistent with the “ASEAN way” of consensus decision-making. Properly phased and sequenced, closer financial integration has the potential to help increase real incomes and accelerate real convergence within ASEAN and narrow the region’s gap with advanced Asia. Realizing the promise of financial integration will require ASEAN countries to make long-term investments in financial infrastructure. Policymakers can draw on the experience of their more advanced peers and of other regions. Gradualism and safeguards should not be excuses for inaction or financial protectionism. Reliance on flexible policy frameworks and a strengthened and tested regional financial safety net should be part of the agenda. Closer engagement with the Fund could also help.

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