Back Matter

Back Matter

Author(s):
Olaf Unteroberdoerster
Published Date:
February 2014
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    Index

    Page numbers followed by b, f, n, or t refer to boxed text, figures, footnotes, or tables, respectively.

    A

    Agriculture sector, growth in, 18–19

    Anti-money laundering and combating financing of terrorism (AML/CFT), 138t

    ASEAN free trade area, 92, 104

    Asian economies

    • average investment-to-GDP, 17f

    • control of corruption, 36f

    • crop yields, 19f

    • export diversification, 20f

    • infrastructure, 18f

    • public spending on education, 20f

    • regulatory quality, 36f

    • rule of law, 36f

    • See also Emerging Asia

    Asia’s rebalancing, 77, 78–80b, 80–81

    Asset substitution, 120–122

    Audit activities, need for, 108–110

    B

    Balance sheet risks, 35

    Banking system

    • concentrated, 54

    • corporate governance of, 138t

    • features of, 52–54

    • financial soundness indicators for, 141t

    • overbanking issues, 55–58

    • structure of, 67–68

    • supervision and regulation, 137t

    • See also Financial system

    Basel Core Principles, 138, 139, 140

    Broad money, 27, 28f, 38, 44

    Budget classification, 95, 99b, 102

    Business taxpayers, 111, 112

    C

    Cambodia

    • Asia’s rebalancing and, 77, 78–80b, 80–81

    • banking system of, 52, 53f

    • credit growth in, 58

    • cross-border exposure to, 73f

    • deposit rate spread in, 37f, 44

    • economic integration by region, 68f

    • external demand sources in, 69f

    • federal funds rate and, 41–42, 44, 48

    • financial soundness indicators, 141t

    • financial stability issues, 51

    • foreign and domestic assets in, 58, 59f

    • global competitive indices, 80t

    • governance indicators, 36f, 37

    • growth spillover analysis for, 71b

    • lending rate spread in, 37f, 44

    • microfinance institutions in, 68, 132–133

    • overbanking issues, 55–58

    • policy options for, 39–41

    • revenue norm estimate for, 93–94b

    • See also Dollarization; Financial system

    Cambodian Stock Exchange, 4, 147

    Capital and foreign exchange markets, 123–124

    Capital flows

    • Asia’s rebalancing and, 77, 80

    • decline in, 60

    • financial stability and, 64n

    • foreign banks and, 58

    Capital income tax, 113t, 115

    Capital markets, 123–124, 133

    Capital spending, 95, 101

    Capital stock, 11, 14

    Cash management, 99, 101

    China’s rebalancing, 77, 78–80b, 80–81

    Cholesky method, 44

    Competition

    • Asia’s rebalancing and, 81

    • financial stability and, 56b

    Credit growth

    • cross-country comparison of, 76f

    • in emerging Europe, 59–60b

    • financial depth and, 76f

    • financial system and, 72–73, 75, 77

    • foreign banks and, 58

    • too fast, 74–75b

    Credit reporting system (CRS), 139

    Credit risk management, 136, 138–139

    Crisis management framework, 138t, 143–147

    Currency substitution, 120–122

    D

    Debt collection, 109t, 110

    Debt management, 87, 88, 89, 96, 101

    Dedollarization

    • communicating about, 129–130

    • conclusion about, 130

    • financial development initiatives and, 122–124

    • international experience with, 37–39

    • as prerequisite, 127–128

    • promoting credibility of, 125

    Deposit insurance system, 40, 67, 146

    Deposit rate spread, 37f, 44

    Developing economies, 9, 10n, 23, 81

    Direct taxes, 88f, 90, 112, 116

    Dollarization

    • Cambodian experience with, 29–32, 35–37

    • causes of, 29

    • conclusion about, 41

    • costs and risks of, 31–32, 35

    • cross-country comparison of, 67f

    • different guises of, 121f

    • exchange rate and, 35, 39–40, 71

    • financial system and, 66–67

    • increase in, 27, 28f

    • See also Dedollarization

    Donor support, 92, 98, 99b, 101, 109t

    Double tax agreements (DTAs), 117

    E

    Education, public spending on, 19, 20f

    Efficiency principle, 112

    El Salvador, tax reforms in, 106b

    Emerging Asia

    • exports and imports, 68–69, 78b

    • growth spillover from, 70b, 71b

    Emerging Europe, banking lessons from, 59–60b

    Equity principle, 112

    Exchange rate, 39–40, 44, 71

    Excise tax, 100, 113t, 114

    Export diversification, 19, 21, 65, 66, 82

    F

    Factor accumulation, 13, 14

    Federal funds rate

    • effects of changes in, 41–42

    • shock to, 36, 44, 48

    Financial channel, 41, 42, 46f

    Financial development initiatives

    • capital and foreign exchange markets, 123–124

    • interbank market, 122–123

    • sequencing, 124–130

    Financial dollarization, 120, 123, 126

    Financial Management Information System (FMIS), 98, 99b, 101–102

    Financial Sector Assessment Program (FSAP), 134, 137–138t

    Financial stability

    • in Cambodia, 51

    • capital flows and, 64n

    • competition and, 56b

    • foreign banks and, 58–60

    • overbanking impact on, 56–58

    • small banks and, 57b

    Financial system

    • banking institutions and, 131–132

    • challenges to, 140–146

    • conclusion about, 146–147

    • ensuring sound, 4–5

    • foreign exchange market and, 133–134, 135b

    • fragmented, 2

    • insurance sector and, 133

    • introduction to, 2

    • legal framework for, 144–145b

    • microfinance institutions and, 132–133

    • rapid growth in, 132t

    • securities market and, 133

    • structure of, 132f

    • transformation of, 134, 136, 138–140

    • See also Dollarization

    Fiscal buffers, 81, 87n, 88, 90

    Fiscal challenges

    • composition of spending and, 92, 94

    • debt sustainability and, 96–98

    • medium-term, 90–91

    • near-term, 89–90

    • public financial management and, 98

    • spending reforms and, 94–96

    • tax revenue and, 92

    Fiscal policy, 77, 87, 94

    Fiscal space

    • creating and safeguarding, 3–5

    • fiscal challenges and, 89–98

    • fiscal setting and, 87–89

    • limited, 69–70

    • policy priorities and, 98–102

    Fiscal sustainability, 3, 104

    Foreign assets, 29, 58, 59f

    Foreign banks, 58–60, 74, 75, 132

    Foreign currency

    • dedollarization and, 38

    • demand for, 29

    • deposits, 28f, 125n

    Foreign exchange markets, 123–124, 133–134, 135b

    Foreign exchange reserves, 51, 81

    Foreign investment, 15, 30, 78b, 94, 143

    G

    Garment exports, 1, 30, 31f, 36, 66f, 69

    GDP growth

    • average, 28f

    • by selected regions, 68f

    • shock to, 71b

    General Department of Taxation (GDT), 103

    Global financial crisis of 2008–09, 1, 59–60b

    Governance, strengthening, 100, 107t, 117–118

    Governmental deposits

    • fiscal revenue and, 87, 88f

    • low level of, 70–71, 89–90

    Government securities, 38, 87, 127

    Grants, 91f, 92, 94f

    Growth spillovers

    • analysis of, 71b

    • external shocks and, 69

    • variance decomposition analysis and, 70b

    H

    Human resource development, 100, 109t, 110, 140

    Hyperinflation, 29, 38

    I

    Imports, 68–69

    Impulse response functions, 44, 45f, 48, 71f

    Inflation

    • average, 28f

    • dedollarization and, 38

    • dollarization and, 29

    • macroeconomic stability and, 39

    • output gap and, 12, 42

    Information technology (IT) system, 109t, 111

    Infrastructure

    • Asian economies, 18f

    • gaps and investment, 17, 18f, 22t

    • improvements issues, 22, 23

    • legal, 144–145b

    Insurance sector, 133

    Interbank market, 122–123, 128, 129

    Interest rates

    • currency risks and, 37

    • dollarization and, 32

    • domestic liquidity and, 57

    • federal funds rate and, 36, 44

    International reserves, 32, 35, 41

    International taxation, 117

    Investment

    • Asian economies, 18f

    • ease of doing business and, 17

    • hindrance to, 18f

    • infrastructure gaps and, 22t

    • potential growth and, 15, 16

    K

    Kalman filtering, 11, 13

    Khmer Rouge regime, 27, 29–30

    Korean Stock Exchange, 133

    L

    Labor growth, 13, 14f

    Land as a type of collateral, 144–145b

    Large Taxpayer Department (LTD), 103, 108–110

    Law on Banks and Financial Institutions, 144b, 146

    Lender of the last resort, 32, 35, 51, 119

    Lending rate spread, 37f, 44

    Low-income countries

    • grants to, 94f

    • seigniorage loss in, 33–34t

    • tax collection in, 91f

    • vulnerability analysis in, 63–65

    M

    Macroeconomic instability, 29, 38

    Macroeconomic stability, 39–40, 87, 119, 121

    Macroeconomic variables, 41–42, 44, 48

    Macro-financial stability, 58–60

    Memoranda of understanding (MoUs), 142, 143

    Microfinance institutions, 68, 132–133

    Mining and petroleum agreements, 116

    Monetary policy

    • in Cambodia, 35–36

    • dollarization and, 71

    • effectiveness of, 120–122

    • elements of, 125t

    • federal funds rate and, 41–42

    • transparency of, 138t

    N

    National Bank of Cambodia (NBC)

    • credit growth and, 74–75b

    • credit risk management and, 136, 138–139, 143–147

    • foreign exchange market and, 135b

    • interbank market and, 40

    • limited influence of, 31

    • liquidity risk and, 32, 35

    • reserve requirement and, 40

    • risk-based supervision by, 139–140, 142

    • seigniorage loss and, 31–32

    • supervisory and licensing capacity and, 142–143

    • See also Financial system

    National payment system, 134, 136b

    Negotiable certificates of deposit (NCDs), 122–124, 126–129

    Nonbank financial sector, 137t

    O

    Output gap, 11, 13, 13n, 42, 48

    Overbanking financial system, 55–58

    P

    Personal income tax, 91, 100, 113t, 115

    Potential growth

    • adverse scenarios, 15–16

    • baseline projection, 13, 14f

    • breakdown of, 13, 14f

    • conclusion about, 23

    • estimating, 10–16

    • growth diagnostic and, 16–23

    • growth dividends and, 21–23

    • introduction to, 9

    • with investment boost, 22f

    • main findings about, 24b

    Production function approach, 10n, 10, 11

    Productivity gains, 13, 15, 19, 21, 23

    Productivity growth, 9, 14f, 16, 18, 24

    Property tax, 113t, 115–116

    Public Financial Management Reform Program (PFMRP), 88, 98, 99, 101, 102

    Public spending, 19, 20f, 96

    R

    Rebuilding and recovery, 1–2

    Reserve requirement, 31n, 40, 74b, 125n

    Resource-based taxation, 116

    Revenue administration, 100, 107–112

    Revenue collection

    • audit activities for, 108–110

    • progress related to, 111–112

    • reforms for increasing, 106–107b

    • tax revenue and, 92

    Revenue forecasting, 109t, 111

    Revenue mobilization

    • approach for, 99–100, 104–107

    • improving, 106–107b

    • policy actions for, 100–101, 107t

    • revenue administration and, 107–112

    • strengthening governance for, 117–118

    • tax policies and, 112–117

    Revenue performance, 69, 70, 88, 93b

    Riel

    • increase in deposits of, 30

    • interbank market and, 122–123

    • promoting use of, 39–41

    • stock market in, 123

    • swap contracts and, 124

    • See also Negotiable certificates of deposit (NCDs)

    Risk-based supervision, 139–140

    S

    Securities market, 41, 123, 133

    Seigniorage loss

    • dollarization and, 31–32, 119

    • in low-income countries, 33–34t

    Simplicity principle, 112

    Small banks

    • overbanking and, 56–57

    • Vietnam’s experience with, 57b

    Small macro model, 11–16

    Spending

    • capital, 95, 101

    • composition of, 92, 94

    • public, 19, 20f, 96

    • reforms related to, 94–96

    State-space structure, 10, 11, 13

    Statistical filtering approach, 10, 11

    Stock market. See Securities market

    Swap contracts, 124, 125

    T

    Tanzania, tax reforms in, 106b

    Tax collections, 91f, 106, 109t, 112

    Tax exemptions, 90, 103, 107t

    Tax incentives, 113t, 114–115, 117

    Taxpayer services, 100, 108, 109t, 110

    Tax policies

    • implementing fair, 112

    • improving transparency in, 118

    • medium-term priorities, 114–117

    • near-term priorities, 112–114

    Tax reforms, 103, 106–107b

    Tax regimes, 112, 113t, 114, 115, 116

    Tax revenue

    • fiscal challenges and, 90–91

    • improving, 92

    • indicators, 91f

    Tourism sector, 1, 2, 30, 31f, 69f

    Trade balance, 42, 48

    Trade channel, 41, 42, 46f, 48

    Trade shocks, 63, 64

    Trade taxes, 92, 104, 111

    U

    United States

    • contribution to variation in growth, 70b

    • dollarized Cambodia and, 35–36

    • GDP growth, 68f

    V

    Value-added tax (VAT)

    • fiscal challenges and, 90, 91

    • revenue mobilization and, 106b

    • tax policy and, 100, 112, 113t, 115

    VAR approach, 42, 43f, 44, 71b

    Variance decompositions

    • economic activity variation and, 70b

    • federal funds rate and, 47f, 48

    Vector autoregression model (VAR) approach, 42, 43f, 44, 71b

    Vietnam

    • bank concentration in, 54f

    • small banks and, 57b

    • tax reforms in, 106–107b

    Vulnerability

    • conclusion about, 82

    • fiscal, 77

    • in low-income countries, 63–65

    • mitigation strategy, 81–82

    • sectoral, 72–73, 75, 77, 80–81

    • sources of, 65–71, 80

    W

    World Bank’s Country Policy and Institutional Assessment, 98

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