Back Matter

Back Matter

Author(s):
Lamin Leigh, and Ali Mansoor
Published Date:
January 2016
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    Index

    • Abdon, Arnelyn, 10–11

    • Accountability, 15f

    • Acemoglu, Daron, 14

    • Active labor market policies (ALMPs), 55, 64, 67–68, 67nn30–31

      • See also ALMPs cross-country experience

    • Adelman, Irma, 134

    • Aduda, J., 110

    • “Africa Rising,” 1

    • Ahmad, Etisham, 142

    • Air Mauritius, 98–99, 98f

    • Aiyar, S., 73

    • Akinlo, A. E., 78n9

    • Algan, Y., 43, 43n3, 52

    • ALMPs. See Active labor market policies

    • ALMPs cross-country experience, 67n32

      • public works programs in, 65–66, 65nn28–29, 69

      • skills in, 64, 67, 67n30, 69

      • taxes in, 66–68

      • wage subsidies in, 66–67, 67n31

    • Ash, M., 85

    • Asian countries, 12f, 82, 82t

    • Balances, 7f

      • in Namibia financial inclusion and stability, 126–28, 126n9

    • Bank distress. See Z-score

    • Bank of Mauritius (BoM), 122–23

    • Banks, 9f, 118, 118n5

      • CBS, 30b–31b

      • competition among, 108–9, 109n3

      • DBM, 96–98, 117b, 120–21

      • insolvency of, 110, 110n4

      • State Bank of Mauritius, 96–98, 121

    • Basdevant, Olivier, 20n9

    • Bates, R. H., 14

    • Beck, Thorsten, 109

    • Behar, A., 41n2, 43, 43n3, 52, 54

    • Belarus, 46nt, 47, 47n14

    • Ben-Bassat, A., 33b, 35–36

    • Benicio, Dalmacio, 20n9

    • Berg, A., 20n9

    • Berger, A., 109n3

    • Binary estimation, 112, 112b

    • Binary response model, 84, 84n15, 94–95

    • Block, S., 14

    • Boeri, T., 42–43, 52

    • BoM. See Bank of Mauritius

    • Bordo, Michael D., 108

    • Borland, J., 42

    • Botswana, 2f, 76f, 81t, 100f

      • GDP per capita in, 74f, 75f, 82t

      • HDI for, 19f

      • reserves adequacy of, 31f, 34t

    • Botswana structural unemployment, 57nn1–2, 58b

      • education in, 56b–57b, 56t

      • skills-mismatch in, 56b–57b

    • Brazil, vi–vii

    • Brosio, Giorgio, 142

    • Buiter, W. H., 34

    • Byung-Yeon Kim, 10–11

    • Cabo Verde, 2f, 81t, 100f, 139–40

      • GDP per capita in, 74f, 75f, 82t

      • growth decomposition in, 76f

      • international reserves in, 29, 32

      • reserves adequacy empirical analysis for, 33nn3–4, 34t, 36–39

      • reserves adequacy of, 31f, 34t

    • Cabo Verde MIC, 23–25

    • Cahuc, P., 43, 43n3, 52

    • Calmfors, L., 42

    • Capacity-building, 147–48

    • Capital, 12–14, 13f, 76f, 88, 88n25

    • Capital deepening, 80

    • Caribbean, 5, 6f, 7

    • Central Bank of Seychelles (CBS), 30b–31b

    • Central government balances, 7f

    • Central government expenditure and wage bill, 48f

    • Chile, 12f, 21–22

    • China, vi–vii

    • Cho, Yoon Je, 133–34

    • Civil society, 141, 141n3

    • Cointegration analysis, 84, 86t, 88n24, 93–94

      • debt-to-GDP ratio in, 88–89, 89t

      • FDI in, 89, 89n27, 89t

      • female labor force in, 90, 90n28

      • inflation in, 89, 89n26, 89t

      • market capitalization in, 88, 88n25

      • skills-mismatch in, 88, 89t

    • Cointegration techniques, 35, 35n6, 35t

    • Common Market for Eastern and Southern Africa, 14

    • Common Monetary Area, 29n1, 39n13

    • Common policy challenges, 4–5, 6f, 7, 7f, 8f, 9f

    • Communication technology, 99

    • Competition, 56b–57b, 108–9, 109n3

    • Constraint, vi, 9f

    • Consumer protection, 128

    • Corruption control, 15f, 52, 127

    • Cost-benefit analysis, 32b–33b

    • Country-specific effects, 51–52, 51t, 52nn20–21

    • Credit regulation, 17f, 117b, 126

      • loans-to-customer-deposits ratio and, 111, 113t, 114t, 115

    • Cross-country research, 7, 8f, 20, 20n8

      • See also ALMPs cross-country experience

    • Crowding-in private investment, 98–99, 98f

    • Crowding-out effect, 42–43, 43n3

    • Dabla-Norris, E., 32b–33b, 35–36

    • Data, 55b, 57n1, 85, 85n16, 110

      • on public employment, and unemployment, 45–46, 45nn8–13

    • David, Antonio, 100n34

    • DBM. See Development Bank of Mauritius (DBM) Ltd

    • Debate, 78

    • Debt, 6f, 7f, 67n31

      • See also Government debt

    • Debt-to-GDP ratio, 37, 85–89, 86t, 87t, 89t

    • Decision-making processes, 141

    • Dejardin, A. K., 69

    • de la Torre, Augusto, 109

    • Demekas, D., 42

    • Demirgüç-Kunt, Asli, 108–9

    • Democracy, 154

      • as SMIC-HIC graduation trait, 11–12, 12f, 12n5, 14–15, 15f

    • Detragiache, Enrica, 108

    • Development Bank of Mauritius (DBM) Ltd, 96–98, 117b, 120–21

    • Dickey-Fuller tests, 35, 35n6, 88n24

    • Difference and system GMM, 93

    • Diouf, M. A., 79

    • Dynamic panel estimation, 84, 84n13, 86t, 93

    • Ease of Doing Business index, 57b, 140, 153, 157

    • Eastern Europe, 141–43, 145

    • Econometric analysis, 49n16, 54–55, 63t

      • country-specific effects in, 51–52, 51t, 52nn20–21

      • endogeneity bias in, 49–50, 49t, 50t

      • GLS in, 48–50, 49t, 50t

      • relative wage in, 52–53, 52n22, 53t

      • simultaneous equation regressions in, 50, 50nn17–19, 51t

    • Economic Policy and Debt Department, World Bank, 85

    • Edin, P.-A., 42

    • Education, 18f, 19f, 21, 156

      • tertiary, 56b–57b, 56t

    • Ehrenberg, R., 42

    • Eichengreen, Barry, 10–11

    • Electricity, 156

    • Empirical analysis. See Reserves adequacy empirical analysis

    • Empirical analysis TFP growth, 85n16

      • empirical results in, 85–86, 85n17, 86t

      • methodology in, 83–84, 84nn13–15

      • panel probit analysis in, 84, 84n15, 86t, 90–91, 91t

      • See also Cointegration analysis; Generalized method of moments

    • Employment shares, 82, 82t

    • Endogeneity bias, 49–50, 49t, 50t

    • Enterprise Survey, World Bank, 108n2, 110, 114

    • Equity-to-assets ratio, 113t, 114t, 115

    • Estevão, M., 85, 95–96, 96n33

    • Estonia, 12f

    • Exchange rate regimes, 74n5

    • Expenditure-to-GDP ratio, 38–39

    • FDI. See Foreign direct investment

    • Feldmann, H., 43

    • Felipe, Jesus, 10–11, 73n2

    • Female labor force, 79, 117b

      • in cointegration analysis, 90, 90n28

    • Fernanzo Fleermuys, Floris, 100n34

    • Financial access, 109, 113t, 114, 114t, 116, 117b

    • Financial development, 79

    • Financial inclusion, vi, 3–5, 96–98

      • in TFP growth, 74, 74n6

    • Financial inclusion and stability, 107, 107n1, 109, 109n3

      • analytic framework on, 110–13, 111b, 112b, 113t

      • findings on, 108, 108n2, 114–16, 114t, 117b, 118–19

      • policy and, 116, 117b, 118–20

      • See also Mauritius financial inclusion and stability; Namibia financial inclusion and stability

    • Financial integrity, 127

    • Financial literacy, 127–28

    • Financial sector, 81t, 96–98

    • Financial stability, 107

      • See also Financial inclusion and stability

    • Finn, M., 42

    • Fixed effects, 48–49, 49n16, 49t, 50t

    • Flores, I., 45, 54, 95, 102

    • FMOLS. See Fully modified ordinary least squares

    • Foreign direct investment (FDI), 13f

      • in cointegration analysis, 89, 89n27, 89t

      • TFP growth and, 78–79, 83

    • Foreign market size, 18f

    • Frenkel, J. A., 36

    • Frictional unemployment, 75, 77, 77n7

    • Fukuyama, Francis, 144

    • Fully modified ordinary least squares (FMOLS), 94

    • Garcia-Verdu, Rodrigo, 100n34

    • GDP, 7f, 9f, 13f, 14, 38–39

      • debt-to-GDP ratio, 37, 85–89, 86t, 87t, 89t

    • GDP per capita, 1, 6f, 8f, 16, 50, 82

      • democracy and, 14

      • in Lesotho, 74f, 75f, 75n1, 82t

      • in TFP growth, 73, 73nn2–3, 74f

    • Gender, 56, 56t

      • female labor force, 79, 90, 90n28, 117b

    • Generalized least squares (GLS), 48–50, 49t, 50t

    • Generalized method of moments (GMM), 88n23

      • government debt in, 86–88, 86n18, 87n20, 87t, 88nn21

    • Gill, Indermit Singh, 10–11

    • Gini coefficient, 12, 12f, 20n10, 100, 100n35

      • on Namibia growth and employment, 100f, 101, 101n36

    • Ginsburg, Tom, 10–11

    • Global Competitiveness Report, 56b–57b

    • GLS. See Generalized least squares

    • GNI per capital, 8f, 11f

    • Gottlieb, D., 33b, 35–36

    • Government, 7f, 17f, 48f, 57b

      • effectiveness of, 15f, 21–22

    • Government debt, 86–88, 86n18, 87n20, 87t, 88nn21

    • Greece, 12f

    • Gregory, R., 42

    • Growth decomposition, 76f, 78, 93–94

    • Hannig, Alfred, 109, 122

    • Hausmann, Ricardo, 34–35, 134–35

    • HDI. See Human development index

    • Health, 18f, 19f, 157

    • Herfindahl index of funding diversity, 111, 113t, 114t

    • Herndon, T., 85

    • Heterogeneity, 2–3, 2f

      • in stylized facts, 46–47, 46t

    • High-income countries (HICs), 10–11

      • MIC-HIC graduation, 19–22, 20n8, 20n11

      • See also SMIC-HIC graduation

    • Holding costs, 36

    • Holmlund, B., 42

    • Honohan, P., 109

    • Households saving, 115–16, 118

    • Housing, 97, 156

    • Huff, W. Gregg, 134

    • Human development index (HDI), 2, 10n3, 19f, 153

    • ICT. See Information and communication technology

    • IMF. See International Monetary Fund

    • Immigration, 16

    • Imports, 30b–31b

    • India, vi–vii

    • Inequality, 100, 100f, 100n35

    • Inflation, 7f, 89, 89n26, 89t

    • Informal sector, 122

    • Information and communication technology (ICT), 99

    • Infrastructure, 4

    • Innovation, 18f, 22

    • Insolvency, 110, 110n4

    • Institutional factors, 79, 80n10

    • Institutional innovation, 22

    • Institutional variables, 48–49, 51f

    • Institutional weakness, 21–22

    • Institutions, 18f, 120–21

    • Interest, 14–15, 15f, 118, 118n5

    • Interest groups, 154

    • Interest rates, 30b

    • International freedom to trade, 17f

    • International migrant stock, 13f

    • International Monetary Fund (IMF), vi–vii, 31b, 68–69, 146

      • peer learning with, 119–20

    • International reserves, v, 29, 32

    • Investment Climate Reform Forum, 157–58

    • Ireland, 12f

    • Jansen, Stefan, 109, 122

    • Japan, 12f

    • Jovanovic, B., 36

    • J test, 50, 50n18

    • Kalunda, E., 110

    • Kaminsky, Graciela L., 108

    • Khan, H. R., 109

    • Kharas, Homi J., 10–11

    • Kim, Byung-Yeon, 10–11

    • Kim, J., 35–36

    • Klapper, L., 109n3

    • Kohli, Harinder, 10

    • Kontolemis, Z., 42

    • Korea, 12f, 133–34

    • Kumar, Utsav, 10–11

    • Labor, 12–14, 13f, 76f

      • See also Female labor force

    • Labor allocation, 79

    • Labor force size, 44–45, 61

    • Labor income, 100–102

    • Labor input, 79

    • Labor market, 18f, 55, 58b–59b, 81t, 153t

      • See also Active labor market policies

    • Labor market institutions, 53–54, 63t

    • Lang, H., 42

    • Latin America, 8f

    • Lau, Lawrence J., 134

    • Lee, Keun, 10–11, 134

    • Legal system, 17f

    • Leigh, L., 45, 54, 95, 102

    • Lesotho, 2f, 81t, 100f

      • GDP per capita in, 74f, 75f, 75n1, 82t

      • growth decomposition in, 76f

      • HDI for, 19f

      • reform in, 157–58

      • reserves adequacy of, 31f, 34t

    • Life expectancy, 19f

    • Linden, J., 42

    • Literature review

      • on financial inclusion and stability, 108–10, 109n3

      • on public employment, and unemployment, 42–43

      • on TFP growth, 77–80, 80t

    • Loans-to-customer-deposits ratio, 111, 113t, 114t, 115

    • Location, 56, 56t

    • Logit estimation. See Probit/logit estimation

    • Loko, B., 79

    • Lower-middle-income countries, 73n2

    • Luxury goods, 13–14

    • Macroeconomic environment, 17f, 81t

    • Macroeconomic reforms, 149–51, 152t–153t, 153–56

    • Macroeconomic variables, 78, 78n9

    • Maksimovic, Vojislav, 109

    • Malley, J., 42

    • Malta, 12f, 22

    • Marginal utility, of public sector goods, 44, 62–63

    • Market capitalization, 88, 88n25

    • Market power, 109n3

    • Market size, foreign, 18f

    • Mauritius, 2f, 16, 19f, 58b–59b

      • crowding-in private investment of, 98–99, 98f

      • DBM, 96–98, 117b, 120–21

      • GDP per capita in, 74f, 75f, 82t

      • growth decomposition in, 76f

      • reforms in, 77b, 136–39, 138b

      • reserves adequacy of, 31f, 34t

      • structural impediments in, 81t

      • TFP growth of, 91–92, 91t, 96–99, 98f

      • Mauritius financial inclusion and stability, 117b

      • BoM in, 122–23

      • informal sector in, 122

      • institutions in, 120–21

      • policies in, 121–22

      • progress in, 123–24

      • technologies in, 123

    • Mauritius Housing Company, 97, 121

    • Mauritius structural reforms

      • chronology of, 151, 152t–153t

      • external influences and, 150–51

      • lessons from, 155–56

      • outcomes of, 151, 153

      • political economy of, 153–54

      • strategies for, 149–50

    • Mauritius Telecom, 99

    • Meade, James, 139

    • Medium enterprises, 97

      • SMEs, 90, 91t, 108, 108n2, 116, 117b

    • Methodologies

      • in empirical analysis TFP growth, 83–84, 84nn13–15

      • on public employment, and unemployment, 43–45, 43nn4–5, 44nn6–7

      • TFP, 92–96, 96n32

    • Mexico, 142

    • MIC-HIC graduation, 19–22, 20n8, 20n11

    • Micro, small, and medium enterprises (MSMEs), 97

    • Middle-income countries (MICs), 1, 73n2

      • LICs to, 10, 10n1

      • output, employment shares, and GDP per capita, 82, 82t

      • in reserves adequacy empirical analysis, 33, 33nn3–4, 34t

      • SMICs compared to, 2–3

      • UMICs, 41, 41n1

      • See also Financial inclusion and stability; MIC-HIC graduation

    • Middle-income trap, vi

      • in SMIC-HIC graduation, 10–11, 10nn3–4, 22–23

      • TFP growth and, 73, 74f, 75f, 76f

    • Minns, John, 133

    • Mok, J., 41n2, 43, 43n3, 52, 54

    • Mongardini, J., 39n13

    • Moutos, T., 42

    • MSMEs. See Micro, small, and medium enterprises

    • Multinomial response model, 94–95

    • Naipaul, V. S., 139

    • Namibia, 2f, 19f, 29n1, 58b

      • GDP per capita in, 74f, 75f, 82t

      • growth decomposition in, 76f

      • international reserves in, 29, 32

      • reserves adequacy of, 31f, 34t

      • structural impediments in, 81t

    • Namibia financial inclusion and stability

      • achievements in, 125–26

      • balance in, 126–28, 126n9

      • consumer protection in, 128

      • financial integrity in, 127

      • financial literacy in, 127–28

      • goals in, 124–25, 124n8

    • Namibia growth and employment, 100n34

      • Gini coefficient on, 100f, 101, 101n36

      • inequality and, 100–102, 100f, 100n35

      • labor income in, 100–102

      • public expenditures in, 102

      • structural factors in, 102

    • Nash equilibrium, 16, 16n7

    • Negative correlation, 47, 47n14

    • Nicoletti, G., 52

    • Non-interest income, 118, 118n5

    • OECD. See Organisation for Economic Co-operation and Development

    • Openness, 12–14, 12f, 12n5, 13f, 78

    • Ordinary least squares (OLS), 48–49, 49t, 50t

      • See also Fully modified ordinary least squares

    • Organisation for Economic Co-operation and Development (OECD), 42–43

    • Ostry, Jonathan D., 20n9

    • Output, employment shares, and GDP per capita, 82, 82t

    • Pacific islands, 5, 6f, 7

    • Panel cointegration analysis, 93–94

    • Panel estimation, dynamic, 84, 84n13, 86t

    • Panel probit analysis, 90–91, 91t

      • in empirical analysis TFP growth, 84, 84n15, 86t

    • Park, Donghyun, 10–11

    • Park Geun-hye, 134

    • Patel, U. R., 34

    • Pedroni, Peter, 84n14, 88n24

    • Peer comparison, 31b

    • Peerenboom, Randall, 10–11

    • Peer learning, vi

      • capacity-building and, 147–48

      • with IMF, 119–20

      • progress review in, 148

      • reforms and, 144–45

      • team-building for, 147

    • Peer support, 144–45, 158

    • Penn World Tables (PWT), 85

    • Pensions, 152t, 157

    • Per capita income growth rates, 2–3

      • See also GDP per capita

    • Performance indicators, 156–57

    • Physicians, 19f

    • Pitcher, M. Anne, 140

    • Policies, 55, 57b, 57n2, 121–22

      • See also Common policy challenges; Financial inclusion and stability

    • Political economy, vi, 131–32

      • reforms in, 135–46, 136b, 138b, 141n3, 142n4, 153–54

      • success in, 133–34

    • Political openness, 12, 12f, 12n5

    • Political parties, 154

    • Political will, 133

    • Pollin, R., 85

    • Portugal, 12f

    • Poverty, 23

    • Private institutions, 18f

    • Private sector, 41–43

    • productivity of, 44–45, 61–62

      • See also Public employment, and unemployment

    • Probit/logit estimation, 94–95

    • Productivity, 57b

    • private sector, 44–45, 61–62

      • See also Total factor productivity

    • Progress review, 148

    • Property rights, 17f

    • Public debt, 6f, 7f

    • Public employment, 44–45, 45n11, 48f, 61–62

    • Public employment, and unemployment, 58b–59b, 63t

      • ALMPs and, 55, 64, 67–68, 67nn30–31

      • ambiguity and, 43–44, 43n5

      • crowding-out effect in, 42–43, 43n3

      • data on, 45–46, 45nn8–13

      • literature review on, 42–43

      • methodology on, 43–45, 43nn4–5, 44nn6–7

      • results in, 42, 54–55

      • sample on, 41, 41n1, 45n8, 45n10

      • theoretical model in, 59–63

      • See also Botswana structural unemployment; Econometric analysis; Stylized facts

    • Public expenditures, 102

    • Public institutions, 18f

    • Public officials, 141–42

    • Public-private wage ratio, 44, 60–62

    • Public sector, 44, 62–63, 81t

    • private sector wages relative to, 48f

    • Public transport, 156

    • Public works programs, 57b, 57n2, 58b, 68

      • in ALMPs cross-country experience, 65–66, 65nn28–29, 69

    • PWT. See Penn World Tables

    • R&D. See Research and development

    • Recession, 139, 149

    • Reforms

      • appetite for, 142–44, 142n4, 146

      • consensus about, 136b, 146

      • before emergency, 139–40

      • in Lesotho, 157–58

      • losers in, 142–43

      • macroeconomic, 149–51, 152t–153t, 153–56

      • in Mauritius, 77b, 136–39, 138b

      • for MIC-HIC graduation, 19–20

      • peer learning and, 144–45

      • in political economy, 135–46, 136b, 138b, 141n3, 142n4, 153–54

      • after shock, 139

      • SMIC-HIC graduation traits and, 15–16

      • social, 151, 152t, 153t

      • in stability, 140–42, 141n3

      • See also Mauritius structural reforms; Structural reforms

    • Regional Economic Outlook: Sub-Saharan Africa (REO), 101

    • Regulatory factors, 79–80

      • credit regulation, 17f, 111, 113t, 114t, 115, 117b, 126

    • Regulatory quality, 15f

    • Reinhart, C. M., 85

    • Relative wage, 52–53, 52n22, 53t

    • Rents, 44, 44n7, 54, 140–41

    • REO. See Regional Economic Outlook: Sub-Saharan Africa

    • Research and development (R&D), 78–79

    • Reservation wages, 57b

    • Reserves adequacy, 9f, 29, 32

      • of Seychelles, 30b–31b, 31f, 33n4

    • Reserves adequacy empirical analysis, 32, 39n13, 39nn10–11

      • approaches in, 32b–33b, 34, 34n5

      • for Botswana, 31f, 34t

      • for Cabo Verde, 31f, 33nn3–4, 34t, 36–39

      • cointegration techniques in, 35, 35n6, 35t

      • cost-benefit analysis in, 32b–33b

      • determinants in, 34–35

      • holding costs in, 36

      • MICs in, 33, 33nn3–4, 34t

      • for Swaziland, 33n4, 34t, 37–38, 38f

    • Reserves adequacy metric, 31b, 31f

    • Resource richness, 81t

    • Return on assets (ROA), 111

    • ROA. See Return on assets

    • Road maintenance project, 58b

    • Rodrik, Dani, 52, 134–35, 142

    • Rogoff, K. S., 85

    • Roy, Devesh, 142n4

    • Rule of law, 15f

    • Russia, vi–vii, 46t, 48f

    • Samples, 41, 41n1, 45n8, 45n10, 107, 107n1

    • Scarpetta, S., 42–43, 52

    • Schwartz, Anna J., 108

    • Schwarz, J., 42

    • Sectoral composition, 79

    • Seychelles, 76f, 81t, 139, 143

      • GDP per capita in, 74f, 75f, 82t

      • HDI for, 19f

      • reserves adequacy of, 30b–31b, 31f, 33n4

    • Shin, Kwanho, 10–11

    • Shirono, K., 35–36

    • Shock, 139

    • Short-term political interest, 14–15, 15f

    • Short-term risk, 16–17

    • Simultaneous equation regressions, 50, 50nn17–19, 51t

    • Singapore, 12f, 16, 21–22, 134

    • Skill level demand, 96

    • Skill level supply, 96

    • Skills, 64, 67, 67n30, 69

    • Skills mismatch, 56b–57b

      • in cointegration analysis, 88, 89t

      • in GMM, 86–87, 86n18, 87t

    • Skills-Mismatch Index (SMI), 74, 85, 85n16, 95–96

    • Slowdowns, 4–5

      • stylized facts (TFP growth) and, 80, 80n11

      • in TFP growth, 73, 73n4

    • Small and medium enterprises (SMEs), 116, 117b

      • definition of, 108, 108n2

      • in TFP growth, 90, 91t

    • Small enterprises, 97

    • Small middle-income countries (SMICs), v–vii, 23–24

      • common policy challenges in, 4–5, 6f, 7, 7f, 8f, 9f

      • economic outcomes of, 1–2

      • heterogeneity of, 2–3, 2f

      • MICs compared to, 2–3

      • in panel probit analysis, 90–91, 91t

      • small states compared to, 6f

      • unemployment in, 3

    • Small states, 6f

    • SMEs. See Small and medium enterprises

    • SMI. See Skills Mismatch Index

    • SMIC-HIC graduation, 10n2

      • middle-income trap in, 10–11, 10nn3–4, 22–23

    • SMIC-HIC graduation traits, 22–23

      • causation in, 12n5, 14, 14n6

      • democracy as, 11–12, 12f, 12n5, 14–15, 15f

      • divergence in, 18–19, 18f, 19f

      • immigration in, 16

      • Nash equilibrium and, 16, 16n7

      • openness to capital, trade, labor in, 12–14, 13f

      • political openness in, 12, 12f, 12n5

      • reforms and, 15–16

      • short-term political interest in, 14–15, 15f

      • short-term risk in, 16–17

      • similarities in, 16–19, 17f, 18f, 19f

    • SMICs. See Small middle-income countries

    • Social contracts, 11, 148

    • Social reforms, 151, 152t, 153t

    • Social security, 25

    • South Africa, vi–vii, 100f

    • Southern African Customs Union, 37, 39n13

    • Southern African Development Community, 14

    • South Korea, 12f

    • Spain, 12f

    • SSA. See Sub-Saharan Africa

    • Stability, 140–42, 141n3

      • See also Financial inclusion and stability; Mauritius financial inclusion and stability; Namibia financial inclusion and stability

    • State Bank of Mauritius, 96–98, 121

    • State Insurance Company of Mauritius, 96, 98, 121

    • Strategies, 149–50

    • Structural factors, 102

    • Structural impediments, 81t, 83

      • See also Botswana structural unemployment

    • Structural reforms, 5

      • for TFP growth, 74–75, 77, 77b, 77n7

      • See also Mauritius structural reforms

    • Structural transformation, 79, 80n12, 82b–83b, 82t

    • Stylized facts, 47f, 47n15, 48, 48f

      • heterogeneity in, 46–47, 46t

      • negative correlation in, 47, 47n14

    • Stylized facts (TFP growth)

      • capital deepening and, 75f, 80

      • FDI in, 83

      • slowdowns and, 80, 80n11

      • structural impediments in, 81t, 83

      • structural transformation and, 80n12, 82b–83b, 82t

    • Subramanian, Arvind, 142n4

    • Sub-Saharan Africa (SSA), vi, 2f, 9f

    • Swaziland, 2f, 12f, 29n1, 100f, 139

      • GDP per capita in, 74f, 75f, 82t

      • growth decomposition in, 76f

      • HDI for, 19f

      • reserves adequacy empirical analysis for, 33n4, 34t, 37–38, 38f

      • reserves adequacy of, 31f, 34t

      • structural impediments in, 81t

    • System GMM. See Difference and system GMM

    • Taiwan Province of China, 12f, 134

    • Targeted Intervention Program for Employment and Economic Growth (TIPEEG), 39n12, 58b

    • Taxes, 58b, 152t, 155

      • in ALMPs cross-country experience, 66–68

    • Team-building, 147

    • Technologies, 118, 120

      • ICT, 99

      • in Mauritius financial inclusion and stability, 123

      • in TFP growth, 78–79

    • Telecommunications intervention, 99

    • TFP. See Total factor productivity

    • TFP growth, 73n1, 96t

      • debate over, 78

      • determinants of, 80t

      • exchange rate regimes and, 74n5

      • FDI and, 78–79, 83

      • female labor force in, 79

      • financial development in, 79

      • financial inclusion in, 74, 74n6

      • GDP per capita in, 73, 73nn2–3, 74f

      • growth decomposition and, 76f, 78, 93–94

      • institutional factors in, 79, 80n10

      • labor input and allocation in, 79

      • literature review on, 77–80, 80t

      • macroeconomic variables and, 78, 78n9

      • of Mauritius, 91–92, 91t, 96–99, 98f

      • middle-income trap and, 73, 74f, 75f, 76f

      • openness and, 78

      • regulatory factors in, 79–80

      • sectoral composition in, 79

      • slowdown in, 73, 73n4

      • SMEs in, 90, 91t

      • SMI and, 74

      • structural reforms for, 74–75, 77, 77b, 77n7

      • structural transformation in, 79

      • technologies in, 78–79

      • variables of, 78, 78n9, 80t

      • See also Empirical analysis TFP growth; Stylized facts (TFP growth)

    • Theoretical model, 59–63

    • TIPEEG. See Targeted Intervention Program for Employment and Economic Growth

    • Total factor productivity (TFP), vi, 9f, 57, 67n31

      • modeling methodologies of, 92–96, 96n32

      • See also TFP growth

    • Tourism intervention, 98–99, 98f

    • Trade, 12–14, 13f, 17f

    • Training, 18f, 21

    • Transparency, 140–41

    • Transport, 98–99, 98f, 156

    • Tsounta, E., 85, 95–96, 96n32

    • Turk-Ariss, R., 109n3

      • 2008-09 global financial crisis, 25, 30b

    • Ukraine, 46nt, 47, 47n14

    • UMICs. See Upper-middle-income-countries

    • Under-five mortality rate, 19f

    • Unemployment, v, 4, 9f, 48f, 157

      • definition of, 45, 45n10, 54

      • frictional, 75, 77, 77n7

      • in SMICs, 3

      • See also Botswana structural unemployment; Public employment, and unemployment

    • Upper-middle-income-countries (UMICs), 41, 41n1

    • Variables

      • institutional, 48–49, 51f

      • of TFP growth, 78, 78n9, 80t

    • Velasco, Andrés, 134–35

    • Voice and accountability, 15f

    • Volatility, 4

    • Wage subsidies, 59b, 69

      • in ALMPs cross-country experience, 66–67, 67n31

    • Wagner’s law, 45, 45n13, 52

    • West African Economic and Monetary Union, 14

    • Women. See Gender

    • World Bank, 5n1, 119, 138b

      • Economic Policy and Debt Department, 85

      • Enterprise Survey, 108n2, 110, 114

    • World Development Indicators, 85, 100n35, 110

    • World Economic Forum, 46, 56b

    • World Economic Outlook, 10n4, 39, 85

    • World Governance Indicators, 14, 15f

    • Yakhshilikov, Yorbol, 20n9

    • Zettelmeyer, Jeromin, 20n9

    • Z-score, 110

      • binary estimation of, 112, 112b

      • derivation of, 111–12, 111b, 112b

      • ROA in, 111

    • Zylberberg, A., 43, 43n3, 52

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