The Bank of Korea Knowledge Partnership Program with Cambodia
Analyzed Bank of Korea's communication strategies and proposed communication strategies for Cambodia's NBC using machine learning-based text mining
Overview
From May 2023 to February 2024, this project brought Korean central bank communication expertise to Cambodia through the BOK Knowledge Partnership Program. The goal was to help the National Bank of Cambodia (NBC) develop more effective policy communication strategies, using the same text mining and NLP methods we had previously applied to analyze the Bank of Korea’s communications.
What We Did
The project had two main components. First, we conducted a detailed analysis of the Bank of Korea’s communication strategies using machine learning-based text mining, identifying what made certain communications more effective than others. Second, we adapted these methods and insights to develop tailored communication recommendations for Cambodia’s central bank.
This involved building NLP tools capable of processing both Korean and English policy texts, benchmarking the NBC’s current communication practices against international standards, and delivering practical guidelines for improving policy transparency.
Why It Matters
Central bank communication has become increasingly important for financial stability worldwide. For developing economies like Cambodia, having clear and effective monetary policy communication can help anchor market expectations and build public trust in financial institutions. This project represented a practical application of AI/NLP research for international development.
Collaborators
- Bank of Korea: Funding and communication strategy expertise
- National Bank of Cambodia: Local partner and strategy implementation
- Cheju Halla University: Research and technical analysis