Back Matter

Author(s):
Alfred Schipke
Published Date:
April 2015
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    Index

    Page numbers followed by b refer to boxes, f to figures, n to notes, and t to tables.

    A

    • Accountability, central bank, 231

    • Afghanistan, 86

    • Africa

      • debt overhang, 99, 99n

      • frontier economies of, 3

      • governance, 91–92

      • growth slowdowns in, 6, 81, 85–86, 100, 103

      • income inequality in, 114

      • risk of growth slowdowns in, 101, 102–104

      • trade patterns, 65, 65f, 66, 66f 68

    • Angola, 70

    • Argentina, 36, 41–42, 211

      • currency board, 16, 17b

    • Asian financial crisis cause of, 16

      • investment patterns and, 97

      • lessons for developing economies from, 165

      • lessons for exchange rate policies from, 16–18

      • lessons for financial regulation from, 31–32

    • Association of Southeast Asia Nations, 114, 178–179b

    B

    • Bangladesh

      • bond market, 221

      • diversification experience in, 76–77, 77f

      • Eurobonds, 5b

      • financial sector of, 8, 166, 168

      • foreign bank entry in, 196t

      • future prospects, 132–133b

      • growth, 130b

      • inclusive growth in, 130–133b

      • income in, 70

      • income inequality in, 125, 132b

      • monetary policy, 227, 229

      • output quality, 69

      • poverty and, 131f, 132f

      • poverty reduction in, 130b

      • remittances to, 130b

      • social spending programs, 131–132b

      • status of women in, 131b

      • stock market capitalization, 158

      • See also Frontier economies

    • Banking sector

      • asset structure, 167f 168f

      • capital adequacy requirements, 34, 176–177, 182

      • concentration of assets in, 166

      • concentration of credit risk in, 148, 180

      • foreign bank entry in frontier and

      • developing Asia, 168–169, 186, 187b, 194–199t, 200

      • government bank holdings, 44

      • interbank linkages, 181

      • liquidity management, 147

      • performance, 173–177

      • restructuring and resolution systems, 183, 191

      • See also Financial sector

    • Basel Committee, 200, 200n

    • Bhutan

      • financial sector of, 158, 180

      • foreign bank entry in, 196t

      • monetary policy, 227, 229

      • real estate boom, 189b

    • Bond markets, 161n

      • foreign investment in, 183, 205, 217–219, 219f

      • in frontier and developing Asia, 152, 153f, 163, 203, 214, 216f, 217t, 218f

      • growth, 203

      • indexes, 205–206, 207t

      • prospects, 221–222

      • risk-return profiles, 217t

    • Brazil, 45n

      • fiscal rules, 37, 43

      • inclusive growth in, 122, 122f

      • public transfers, 41–42, 125

      • social insurance in, 125

    • Bubbles and booms

      • financial liberalization and risk of, 27

      • as negative outcome of growth, 97

    • Buddhism, 99

    • Burundi, 85–86, 101

    C

    • Cambodia

      • financial sector of, 8, 147n, 166, 168, 169, 182, 191

      • foreign bank entry in, 1874 196t

      • growth rate, 81, 82f

      • income inequality in, 114, 125

      • monetary policy, 228, 228f, 229

      • poverty reduction in, 114

      • real estate boom, 189b

      • risk of growth slowdown in, 83

      • See also Frontier economies

    • Capital flows

      • in course of Asian financial crisis, 16

      • evolution of emerging economy monetary policies in 1990s, 13–16

      • financial sector deepening to reduce risk from volatility in, 145–146

      • foreign bank presence in Asia, 168–169

      • potential risks for frontier markets, 8–9

      • process of liberalization, 27–29, 29f

      • protections for developing economies in Bretton Woods era, 13

      • risks in bond market growth, 222

      • structural factors mediating growth effects of, 25, 26–27

    • Cell phone mobile bill payment, 6, 129, 155, 161–162

    • Central bank

      • accountability and transparency, 231

      • autonomy, 19–20, 228–229

      • lending to government, 228–229

      • in monetary policy implementation, 229

      • protecting independence of, 19–20

    • Chile, 6, 36, 36b, 41–42

    • China

      • foreign bank entry in, 187b, 195t

      • income inequality in, 122

      • lessons from capital flow liberalization, 27–28

      • nonbank financial sector, 33–34

      • output quality, 69

    • Civil conflict, 89.90, 99–100, 100t

    • Competitiveness

      • current account deficits and, 18

      • exchange rate and, 15, 16, 17b

      • financial sector, 129, 186

      • growth and, 98

    • Contingent liabilities, 37–38, 42–43

    • Corruption, 91, 129

    • Côte d’Ivoire, 101

    • Credit, access to, 155–156, 157f

    • Credit cooperatives, 169

    • Credit growth, 173, 174f, 177–180, 188b, 189f

    • Credit-to-GDP ratio, 7, 150, 157, 158–159, 177, 188b, 189b

    • Currency forwards, 147

    • Current account balances

      • frontier market characteristics, 214

      • trends in emerging economies, 19f

      • vulnerability of emerging markets, 18

    • Cyprus, 45

    D

    • Debt markets

      • benefits of depth and liquidity in, 151

      • development rationale, 33

      • fiscal crisis risk, 44

      • obstacles to development, 32–33

      • private credit growth, 173, 174f

      • risky lending practices, 177–180

    • Deposit insurance, 32, 183

    • Deposit-to-GDP ratio, 7

    • Diversification

      • benefits of, 6, 59

      • findings from country case studies, 70–71, 76–78

      • growth and, 3, 59, 60–63, 61f, 62t

      • growth slowdown risk and, 83, 88–90, 96–97

      • measurement of, 59–60, 72

      • patterns and trends, 6, 63–66, 64f, 65f, 66f

      • policy reforms to support, 70–71, 78

      • quality upgrading and, 66–69, 68f, 71

      • real-sector, 66, 67f

      • trade and domestic, 59–60

      • volatility and, 63, 63f

    E

    • Economic Freedom of the World, 91

    • Education

      • investment to foster inclusive growth, 123, 124, 124f

      • public investment in, 41

    • Emerging Market Bond Index, 5b, 206

    • Emerging markets

      • current account balances, 18, 19f

      • evolution of monetary policies in 1990s, 13–16

      • exchange rate regimes, 18, 46–48

      • fiscal policy challenges, 34–35

      • foreign bank entry in, 187b, 194–196t

      • frontier markets’ transition to, 220–221

      • growth trends, 4f

      • income inequality in, 114–117, 115f, 116f

      • lessons from, for frontier economies, 46–49, 165–166

      • public debt in, 39–40

      • tax policy and collections in, 39, 40–41

      • terminology and classification, 204–205, 205t

      • trilemma framework for analyzing monetary policies of, 13–16, 14f

    • Energy infrastructure, 93

    • Energy subsidies, 41, 42f

    • Equity markets, 152, 161n, 203, 206–210, 210t, 211f, 214, 215, 217–218f, 219f

    • Eurobonds, 5b

    • European Central Bank, 21

    • Exchange rate regime(s)

      • challenges for growth in frontier economies, 8, 13

      • classification of low-income countries by, 232t

      • country characteristics and choice of, 15–16

      • effects on growth in low-income countries, 231–232, 235, 238t, 237, 239

      • effects on output volatility in low-income countries, 231–232, 233, 235, 237, 239, 240t, 241f

      • fear of floating, 14–15

      • financial sector development and, 29–31, 144

      • fiscal crisis risk, 43

      • in frontier and developing Asia, 144f, 225–228, 227f, 229

      • frontier bond markets and, 221

      • growth and, 98

      • with hard pegs, 16, 232t, 233, 235, 237, 239

      • inflation outcomes in low-income countries, 233, 235–240, 235f, 236t, 239

      • inflation targeting regime(s) and, 22

      • institution building and, 19–20

      • intermediate regimes, 8, 14–15, 225, 226, 232t, 233, 235, 237, 239

      • lessons from Argentina’s currency board experience, 16, 17b

      • lessons from Asian financial crisis, 16–19

      • lessons from emerging market economies, 46–48

      • managed floats, 14–15, 18

      • policy responses to global integration trends, 13–16

      • reforms to reduce exposure to movements in, 42

      • trade-offs in choice of, 231–232

      • trends in developing economies, 14–15, 15f

      • trends in emerging economies, 18

      • See also Fixed exchange rates; Floating exchange rates

    • Exchange-traded funds, 220

    • Exports

      • Argentina’s, 17b

      • Bangladesh’s, 77, 77f

      • Chile’s, 36b

      • diversification, 6, 59, 60, 63f 64f, 66, 96–97

      • growth and, 95, 96–97, 97t, 98, 100–101

      • growth strategy based on, 18

      • oil, 99

      • primary dependence, 101, 103

      • quality, 66–69, 68f, 70f, 71

      • Vietnam’s, 77, 77f

    F

    • Financial sector

      • access, 6–7, 34, 127, 129, 155–156, 156f, 159–160, 159f, 160n

      • bank-based economies, 33, 45, 148, 166

      • credit growth, 173

      • credit information gap, 161, 162f

      • cross-border linkages, 183–186

      • current supervisory capacity, 169–173

      • data collection, 190, 192

      • data sources, 177

      • debt market development, 32–33

      • development of, for liberalization, 29–34

      • development of, growth and, 142

      • diversification of revenue sources, 34

      • effects of global financial crisis on, 185b

      • financial market functioning, 151–154, 153f, 161, 163

      • foreign claims on banks of frontier and developing Asia, 178b, 179f, 183–184, 184f

      • lessons from emerging markets’ experiences in Asian financial crisis, 178–179b

      • mobile phone account management technology, 6, 129, 155, 161–162

      • nonbank financial institutions, 33–34, 169

      • number of financial institutions, 166–167

      • profitability, 175, 175f

      • public confidence in, 32, 33, 44

      • public debt and vulnerability of, 44–45

      • public sector linkages, 44–45

      • reforms to foster inclusive growth, 127–129

      • risk identification in, 188–189b, 193t

      • risk management policies and practices, 162–163, 181–183, 186–188

      • risks and vulnerabilities in frontier and developing Asia, 177–186, 191–192

      • sectoral lending patterns, 166, 177–180

      • securitization requirements, 34

      • structure and performance of, in frontier and developing Asia, 149f, 150–151, 166–173, 169f, 181

      • weaknesses of frontier economies, 7–8

      • See also Banking sector; Financial sector deepening; Financial sector regulation and supervision

    • Financial sector deepening

      • access and, 34

      • benchmarking, 156–160, 158f

      • benefits of, 7, 141–148, 163

      • current state of, in frontier and developing Asia, 141, 148–160, 163

      • defined, 141

      • destabilizing effects of, 158–159

      • exposure to macroeconomic volatility reduced by, 142–143

      • growth and, 142, 163, 165

      • inclusive growth and, 127

      • macroeconomic policy effectiveness and, 143–145

      • macroeconomic stability to foster, 160

      • measurement of, 148n

      • patterns and trends in frontier economies, 7, 128f, 128t

      • potential risks in, 7

      • risk management and, 146–148

      • strategies for promoting, 160–163

      • vulnerabilities associated with, 165, 177

    • Financial sector regulation and supervision foreign bank entry rules, 200 future challenges for frontier economies, 7

      • human capital for, 32

      • in implementation of macroprudential policies, 24–25

      • improvements in, in frontier and developing Asia, 186–188

      • lessons from experiences of emerging economies in 1990s, 178f

      • in liberalization process, 30b, 31–32

      • of nonbank financial institutions, 172f, 191

      • policies to promote growth of frontier economies, v

      • to promote financial deepening, 162–163

      • public perception of, 33

      • recommendations for frontier economies, 24–25, 188, 190–191, 192

      • weaknesses of frontier and developing

      • Asia, 182–183, 191–192

      • weakness of frontier economies, 8

    • Fiscal councils, 37

    • Fiscal dominance, 15–16, 45–46, 47b

    • Fiscal policy

      • building credibility of, 43

      • challenges for emerging market economies, 34–35

      • countercyclical, 145, 146f

      • effectiveness of, financial sector development and, 143–145

      • fiscal crisis risk, 43

      • to foster inclusive growth, 123–126, 124f

      • goals for frontier economies, 35

      • lessons from experiences of emerging economies, 48

      • monetary policy coordination with, 46

      • monetary policy dominated by, 15–16, 45–46

      • reforms to promote and sustain growth, v, 40–43

      • risk identification and management, 37–38

      • role of fiscal institutions in implementation of, 35–37

      • rule enforcement, 37

      • short-term and long-term objectives of, 35

      • speed of consolidation, 44

      • sustainability goals, 34

      • transparency, 38

    • Fiscal rules, 35–37, 35n, 36b, 43, 48–49

    • Fixed exchange rate(s)

      • causes of collapse in, 43

      • economic performance under, 232–233

      • patterns and trends in use of, 14–15, 15f, 16, 18, 46–47, 144, 144f

      • trade-offs in adoption of, 231–232

      • in trilemma formulation, 13, 14f, 227–228, 228f

    • Floating exchange rate(s)

      • bond market investment and, 221

      • economic performance and, 233, 235, 237, 239

      • fear of, 14–15

      • patterns and trends in use of, 14–15, 15f, 18, 232t

      • in trilemma formulation, 14f, 227–228, 228f

    • Food subsidies, 42f

    • Foreign direct investment, 76

      • capital flow liberalization process, 27–28

      • in frontier economies, 3–4, 5, 183

      • future challenges for frontier markets, 8–9

      • regulation, 200

    • Foreign exchange markets, 152, 154f

    • Frontier economies

      • Asian countries, 4n. See also specific country

      • banking sector performance in, 173–177, 178b, 179f

      • bond markets, 205–206, 207t, 214, 215–219, 217–218f, 219f 221–222

      • characteristics of, v, 3

      • definition and characteristics of, v, 3–4, 5b, 8, 204

      • east Asia, 113n, 114, 117n, 120, 122–123, 126

      • effects of exchange rate regimes on economic performance, 235–239

      • equity markets, 206–210, 210t, 211f, 214, 215, 217–218f, 219f

      • financial sector risks and vulnerabilities, 177–186

      • future challenges and opportunities for, v, 5, 9–10, 49, 113

      • growth. See Growth of frontier economies

      • income inequality trends in, 113–114, 115f, 134, 135

      • inflation history, 11, 12f, 225, 226f

      • investment opportunities in, 3–4, 203

      • lessons from experiences of emerging markets for, 46–49, 165–166, 178–179b

      • market characteristics and performance, 210–220, 212–213t

      • monetary policy characteristics, 225–228, 227t

      • population, 4

      • potential risk of changes in capital flows in, 8–9

      • poverty reduction in, 114, 115f

      • size of, 211–214

      • south Asia, 113n, 114–115, 120, 122–123, 126

      • structural characteristics of financial sector of, 166–173, 167f

      • terminology and classification, 204–205, 205t

    G

    • Geographic location, 96

    • Ghana, 81, 82f, 101, 102

    • Gini coefficient, 114–117, 115f, 116f, 119, 135

    • Global financial crisis (2007–09)

      • causes of, 24

      • financial sector outcomes, 185b

      • fiscal rules in mediating effects of, 37

      • lack of international financial linkages as buffer against, 183, 184–186, 185b

      • loan performance outcomes of, 175–176, 176f

      • outcomes in frontier Asia, 5

    • Global integration

      • cross-border financial market linkages, 183–186

      • evolution of exchange rate policies in

      • response to, 13–16

      • financial sector deepening to mitigate

      • risk from, 145–146

      • geographic location and, 96

      • growth and, 25–27, 26f

      • potential risks for frontier economies, 5, 9, 11–12, 13, 27, 183, 184–186, 185b

      • trends, 26f, 145–146, 147f

    • Governance

      • challenges for frontier economies, 11

      • as determinant of growth slowdown, 90–92

      • reforms to foster inclusive growth, 129

      • in resource-dependent countries, 89–90

      • risks in financial sector, 181

      • size of government, 91

    • Government Bond Index–Emerging Markets, 5b, 206, 209f

    • Greece, 45

    • Green Revolution, 130b

    • Growth of frontier economies

      • diversification and, 59, 60–63, 61f, 62t

      • effects of exchange rate regimes on, 231–232, 235, 237, 238t, 239

      • financial integration and, 25–27, 26f

      • financial system development and, 142, 163, 165

      • fiscal reforms to sustain, 40–43

      • future challenges to, 6, 9, 11, 113

      • inflation trade-offs in monetary policy choices, 231–232

      • infrastructure development and, 93

      • poverty reduction correlated with, 120, 135

      • pro-poor, 117–120, 119t, 135

      • prospect for, 113

      • public spending and, 41–42

      • recommendations for policy reforms to promote, v, 9

      • risks from external shocks and spillovers, 11–12, 27

      • sources of, 3, 203

      • state ownership of banks and, 170f

      • trends, 4f, 5, 11, 12f, 114, 115f, 203, 204f, 225, 226f

      • vulnerabilities associated with, 165

      • See also Growth slowdowns; Inclusive growth

    • Growth slowdowns

      • banking crises and, 98, 99

      • defined, 82

      • determinants of, 82, 86, 100–101, 103

      • historical episodes of, 85–86, 85t, 103, 105t

      • infrastructure development and, 93, 94t

      • institutional factors in, 90–92, 92t, 101

      • in low-income versus higher-income countries, 83, 85

      • macroeconomic factors in, 97–99, 98t

      • measurement and analytical methodology, 81–82, 83, 84–88, 106–107t

      • patterns and trends in low-income countries, 81, 82f

      • policy reforms to prevent, 82–83

      • poverty traps and, 83

      • risk of, among low-income countries, 101–104, 102t, 103f

      • salient issues for low-income countries, 81

      • sectoral distribution of, 88–90

    • Gulf Cooperation Council, 214

    H

    • Health care, 123, 124, 124f

    • Hedge funds, 220

    • Herfindahl index, 72

    • Human capital

      • central bank, 20

      • for financial sector regulation, 32

      • governance role in development of, 129

    I

    • Import structure, growth and, 98–99

    • Inclusive growth

      • causes of income inequality, 113

      • country case studies, 130–134b

      • financial reform to promote, 127–129

      • future challenges for frontier economies, 6–7

      • governance reform to promote, 129

      • income inequality trends, 113–114, 115f

      • international comparison, 122, 122f, 123f

      • labor market reform and, 126–127

      • measurement, 117–118, 120–122

      • patterns and trends in frontier economies, 6, 122–123, 122f, 123f

      • policies to foster, 123–129

      • reforms to promote, 9

      • significance of, in growth of frontier economies, v, 6, 113

      • See also Income inequality

    • Income

      • diversification and, 63–64, 64f, 66

      • export quality and, 67–68

      • growth patterns and trends, 81, 82f

      • inequality. See Income inequality

      • labor share of, 127

      • poverty reduction associated with increases in, 119

    • Income inequality

      • in Bangladesh, 132b

      • bargaining power of workers and, 126

      • causes of, 113, 117

      • financial sector development and, 142

      • international comparison, 114–117

      • patterns and trends, 113–114, 115f, 134, 135

      • poverty rate correlated with changes in, 119

      • in Vietnam, 133–134b, 133f

      • See also Inclusive growth

    • India

      • capital flow regulation, 28

      • cash transfers in, 6

      • fiscal dominance in, 46, 47b

      • foreign bank entry in, 187b, 195t

      • labor market reforms, 126

      • output quality in, 69

    • Indonesia, 7, 86, 221

      • bank recapitalization, 38, 42–43

      • bond market, 5b

      • fiscal risk assessment, 38

      • foreign bank entry in, 187b, 195t

      • tax policy, 41

    • Inflation

      • exchange rate policies to stabilize, 13

      • growth and, 97–98

      • growth trade-offs in monetary policy choices, 231–232

      • monetary policy effects on, in low-income countries, 232–233, 235–240, 235f, 236t, 239

      • risk in fiscal dominance, 45–46

      • trends, 11, 12f, 225, 226f

      • See also Inflation targeting

    • Inflation targeting

      • core versus headline, 22, 23b

      • exchange rate management and, 13, 22

      • frameworks for, 20–21

      • lessons from experiences of emerging economies, 47–48

      • lessons from Korean experience, 23b

      • policy implementation challenges, 21–22

      • policy transmission channels, 21–22

      • public debt and, 21

      • in response to global financial crisis, 24

      • trends, 19, 20f

    • Infrastructure

      • as growth factor, 93, 94t

      • investment in soft, and growth of frontier economies, v, 7–8, 9

    • Insurance markets, 154f, 155, 163

    • Interest rate(s)

      • evolution of emerging economy monetary policies in 1990s, 13–16

      • public debt in emerging markets and, 39, 40

      • reforms to reduce exposure to movements in, 42

    • International Monetary Fund, 186

    • Investment

      • financial deepening and, 142, 165

      • in frontier bond markets, 205, 214, 219

      • in frontier equity markets, 219–220

      • in frontier markets, 213, 219–220

      • growth and, 97

      • opportunities in frontier Asia, 203

      • risk of booms and bubbles, 97, 162

    • Ireland, 37

    J

    • Japan, 69, 114

    K

    • Korea, Republic of

      • capital account liberalization in, 29, 30b

      • financial sector oversight, 33

      • fiscal policy authority, 37

      • foreign bank entry in, 187b, 194t

      • inflation targeting in, 22, 23b

      • output quality, 69

    L

    • Labor market policies to foster inclusive growth, 126–127

    • Lao People’s Democratic Republic, 86

      • financial sector of, 168, 180, 182

      • foreign bank entry in, 187b, 197t

      • monetary policy, 227, 229

      • poverty reduction in, 114

      • private credit in, 150

    • Latin America, 39, 40, 115, 122, 123n

    • Legal system

      • bank restructuring and resolution systems, 183, 191

      • challenges to sustaining growth, 11

      • fiscal rules, 35–37, 35n, 36b

      • quality measurement, 91

      • quality of, and growth, 90–91, 92

      • reforms to promote financial inclusion, 129

      • weaknesses of financial sector in frontier and developing Asia, 182–183

    • Liberalization

      • country characteristics for successful, 29

      • financial openness effects on growth, 91, 127–128

      • financial sector development and, 29–34

      • growth outcomes of financial integration, 25–27

      • IMF principles for implementation of, 27, 28b

      • lessons from experiences of emerging economies, 48

      • as source of growth in frontier economies, 3

      • timing and sequence of, 27–29, 29f, 48

      • trade openness effects on growth, 96

    • Liberia, 85–86, 90, 101, 102

    • Liquidity forecasting, 229

    M

    • Macroprudential policies, 24–25

    • Malawi

      • agricultural sector, 90n

      • foreign bank entry in, 187b

      • growth rate, 81, 82f, 85–86, 90

      • monetary policy, 229

    • Malaysia

      • bank recapitalization, 38

      • bond market, 5b, 221

      • financial sector, 7

      • foreign bank entry in, 195t

      • income growth, 70

      • output quality, 69

    • Maldives

      • financial sector, 166, 168, 176, 183, 189b

      • foreign bank entry in, 187b, 197t

      • monetary policy, 228

    • Manufacturing sector growth slowdowns, 88

    • Mauritania, 81, 82f, 101, 104

    • Mexico, 6, 41–42, 125, 221

    • Middle East, 65, 114, 122, 150

    • Minimum wage, 126, 126f

    • Mining, 88–90

    • Monetary policy

      • central bank autonomy, 19–20, 228–229

      • challenges for growth in frontier economies, 8

      • choices of frontier and developing countries, 225–228, 227t

      • country case study, 230–231b

      • cross-country comparison of economic performance of, 231–241

      • evolution of, in emerging economies in 1990s, 13–16

      • financial sector development and, 144–145

      • fiscal dominance of, 15–16, 45–46

      • fiscal policy coordination with, 46

      • implementation, 229

      • inflation targeting, 19, 20f

      • instruments of, 144–145, 145f

      • lessons from emerging market economies, 46–47

      • liquidity forecasting, 229

      • macroprudential frameworks, 24–25

      • objectives, 229

      • procyclicality, 24

      • reforms to promote growth of frontier economies, v

      • trade-offs, 231–232

      • transmission of, state ownership of banks and, 171f

      • transparency, 231

      • See also Exchange rate regime(s)

    • Money markets, 152, 161, 163

    • Mongolia

      • banking sector, 147n

      • Eurobonds, 5b

      • financial sector, 8, 158, 166, 172f, 180, 182, 183, 189b

      • foreign bank entry in, 197t

      • growth slowdown risk, 101–102, 104

      • monetary policy, 228, 228f

      • private credit in, 150

      • real estate boom, 189b

      • risk of growth slowdown in, 83

    • Mutual funds, 219–220

    • Myanmar, 5

      • financial sector, 181, 182

      • foreign bank entry in, 198t

      • monetary policy, 227

    N

    • Natural disasters, 82, 99–100, 100t

    • Nepal

      • financial sector, 158, 166, 168, 169, 173, 176–177, 183

      • foreign bank entry in, 198t

      • income inequality in, 114

      • monetary policy, 227, 229

      • real estate boom, 189b

      • risk of growth slowdown in, 83

      • stock market, 152, 158

    • Newly-industrialized Asian economies, 114, 122

    • Next Generation Emerging Market Index, 5b, 206, 208f

    • Nonbank financial institutions, 33–34, 165, 169, 172–173b, 191

    • Nonperforming loans, 7–8, 175–176, 176f, 178f, 185b

    O

    • Oligopolies, 166

    • Organisation for Economic Co-operation and Development, 123–124

    • Output volatility

      • diversification and, 63

      • effects of exchange rate regimes in low-income countries on, 231–232, 235, 237, 239, 240t, 241f

      • financial sector development to reduce, 7

      • monetary policy cyclicality and, 24

    P

    • Pakistan, 86

    • Papua New Guinea

      • financial sector, 8, 168, 169, 172, 180, 181, 183

      • foreign bank entry in, 198t

      • growth slowdown risk, 101–102, 104

      • monetary policy, 228, 229

      • risk of growth slowdown in, 83

      • stock market capitalization, 158

    • Pension systems, 125, 154f, 155, 163

    • Philippines

      • bond market, 5b, 221

      • cash transfer program, 125

      • foreign bank entry in, 187b

    • Population

      • demographic determinants of growth, 93–95, 95t

      • density, growth and, 94–95

      • of frontier Asia, 4

    • Poverty and poverty reduction

      • accomplishments in frontier economies, 6

      • in Bangladesh, 130b

      • financial sector development and, 142

      • future prospects for, 135

      • growth and, 120, 135

      • income inequality and, 122–123

      • international comparison, 114, 117t

      • patterns and trends, 113–114, 115f, 135, 143t

      • pro-poor growth in frontier Asia, 117–120, 119t

      • in Vietnam, 133–134b, 133f

    • Price stability, 226

    • Public debt

      • defaults, 40

      • financial sector vulnerability and, 44–45

      • fiscal crisis risk, 43

      • fiscal reforms to control, 40–43

      • inflation targeting and, 21

      • optimal composition, 40

      • risk of growth slowdown and, 98, 99

      • trends in emerging markets, 39–40

    • Public spending

      • growth and, 41–42

      • policies to foster inclusive growth, 123–126

      • See also Public debt

    Q

    • Quality improvement, 66–69, 68f, 71, 72–74

    R

    • Real estate sector, 189b

      • lending patterns, 166, 177–180

    • Regulations

      • economic growth and, 91

      • reforms to promote financial inclusion, 129

      • See also Financial sector regulation

    • Remittances, 130b

    • Resource-dependent economies

      • fiscal rules in, 36, 36b

      • governance challenges, 89–90

      • growth slowdowns in, 88–90

    • Revenue-to-GDP ratio, 39, 39f

    S

    • Safety net programs, 125–126

      • in Bangladesh, 131–132b

    • Savings

      • demographic correlates with, 94

      • financial development and, 25, 48, 142, 165

    • Services sector, 88

    • Sex ratio, 94

    • Sierra Leone, 90n

    • Singapore, 196t

    • Small- and medium-sized firms, 7

    • Social insurance schemes, 125

    • South Africa, 28–29, 221

    • Spain, 37

    • Sri Lanka

      • bond markets, 221

      • Eurobonds, 5b

      • financial sector, 8, 168, 169, 172, 189b, 191

      • foreign bank entry in, 198t

    • State-owned banks, 7–8, 150–151, 151f, 161, 165–166, 167, 167f, 169f, 170–171b

    • Stock markets, 152, 153f, 163, 219

    • Structural reforms

      • policies in support of, 70, 71, 78

      • significance of, in growth of frontier economies, v

      • as source of growth in frontier economies, 3

      • to sustain growth, 9, 41–42

      • vulnerability to growth slowdowns and, 82

    T

    • Taxes

      • policies to foster inclusive growth, 123–125

      • policy reforms for sustainability, 40–41

      • public debt in emerging economies and, 39

      • revenue-to-GDP ratio, 39, 39f

    • Telecommunications infrastructure, 93

    • Thailand

      • bond market, 5b, 221

      • financial sector, 7

      • foreign bank entry in, 187b, 194t

      • output quality, 69

    • Theil index, 60, 72, 96

    • Timor-Leste, 229

    • Trade structure

      • diversification, 59–60, 63–65, 64f, 65f, 66f

      • growth and, 3, 100–101

      • vulnerability to growth slowdowns and, 82, 95–97, 97t, 98–99

    • Transparency

      • central bank, 231

      • financial sector, 129

      • in fiscal risk analysis, 38

    • Transportation infrastructure, 93

    • Trilemma framework for analyzing monetary policies, 13–16, 14f, 227–228, 228f

    • Tropical climate, 99

    U

    • Unemployment insurance, 125

    • United States, 5, 8, 9, 21

    V

    • Value-added tax, 41

    • Vietnam

      • bond markets, 221

      • diversification experience in, 6, 70, 76–77, 77f

      • Eurobonds, 5b

      • financial sector of, 7, 8, 158, 168, 170f, 173, 182, 189b, 191

      • foreign bank entry in, 187b, 199t

      • growth rate, 81, 82f

      • income inequality in, 6, 114, 133–134b, 133f

      • monetary policy, 227, 228f, 229, 230–231b, 231

      • output quality, 69

      • poverty reduction in, 114, 133–134b, 133f

      • private credit in, 150

      • prospects, 134b

      • real estate boom, 189b

      • stock market, 152

      • See also Frontier economies

    W

    • War, 99–100, 100t

    • World Bank, 186

    Z

    • Zambia, 89

    • Zimbabwe, 85–86, 102

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