Back Matter

Back Matter

Author(s):
Luis E. Breuer, Jaime Guajardo, and Tidiane Kinda
Published Date:
August 2018
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Index

A

  • Active labor market policies, 59

  • AEOI. See Automatic exchange of information

  • AFC. See Asian financial crisis

  • Ahuja, Ashvin, 143–44

  • AIPEG. See Australia Indonesia Partnership for Economic Governance

  • Aliber, Robert Z., 21

  • Allmen, Ulric Eriksson von, 18

  • AML/CFT. See Anti–Money Laundering/Combating the Financing of Terrorism

  • Ananta, A., 3

  • Andriani, Yessy, 30

  • Andrle, Michal, 153

  • Anti-Corruption Committee (Komisi Pemberantasan Korupsi) (KPK), 35, 42

  • Antidumping tariffs, 43

  • Anti–Money Laundering/Combating the Financing of Terrorism (AML/CFT), 293

  • Antimonopoly law, 42

  • Arifin, S., 3

  • ASEAN. See Association of Southeast Asian Nations

  • ASEAN-5. See Association of Southeast Asian Nations-5

  • Asian Bond Fund, 43

  • Asian Development Bank, 138

  • Asian financial crisis (AFC), 13, 14, 16, 21–44, 39t, 163, 164f

    • banks and, 25, 30–32, 37–38

    • BI in, 37–38

    • commodity prices after, 174

    • corruption and, 35–36

    • countercyclical fiscal policy in, 28

    • credit intermediation after, 237

    • cronyism and, 35–36

    • exchange rate and, 22, 24, 25–27, 34–35

    • FDI after, 164, 168

    • financial sector after, 168–71, 169f, 171f, 174, 229

    • financial stability in, 27–28

    • fiscal policy and, 32–34

    • foreign currency debt after, 171, 171f

    • global economy after, 164–71, 169f

    • inflation in, 24f

    • interest rate in, 27, 29

    • monetary policy and, 34–35

    • real GDP growth after, 172, 173f

    • safety nets in, 28

    • trade after, 164–68, 165f–67f

    • TT and, 21–29

    • unemployment after, 178

  • Asian Tigers, 164, 164n4

  • Asset turnover ratio, 54f

  • Association of Southeast Asian Nations (ASEAN), 3

    • exports by, 188, 188f

    • FTAs with, 192, 192n2

    • fuel excise tax in, 125–26, 125f

    • property tax in, 126

    • VAT in, 118

  • Association of Southeast Asian Nations-5 (ASEAN-5), 16, 16n 7

    • China and, 149–56, 151f, 152f, 154f, 155f

    • exports by, 144, 145f, 156–59, 157f–59f

    • financial sectors of, 159, 160f

    • international spillovers to, 143–61

    • trade by, 144–47, 145f, 146f

    • VIX for, 150f

  • Audits, for tax compliance, 131

  • Australia Indonesia Partnership for Economic Governance (AIPEG), 138n11

  • Australian Government Partnership Fund (GPF), 138n11

  • Automatic exchange of information (AEOI), 123

    • for tax compliance, 132–33

  • Availability Payment scheme, 78

B

  • Balance of Payments and International Investment Position Manual, of IMF, 252

  • Balance sheet approach (BSA), 249–61

    • for capital outflows, 258, 258t

    • for exchange rate depreciation shock, 256–58, 257t, 258t

    • GFS and, 256

    • matrix for, 251–58, 253t, 255t, 256f

    • scenario analysis for, 256–58

    • VAR for, 258–61, 259t, 260f

  • Balancing funds, 34

  • Balassa, B., 208

  • Bank Century, 28, 28n6

  • Bank for International Settlements (BIS), 32, 41

    • Triennial Central Bank Survey of, 232

  • Bank Indonesia (BI), 25, 26, 26n4

    • in AFC, 37–38

    • DFS and, 246

    • fintech and, 243–44, 246

    • floating exchange rate and, 28n8, 35

    • full authority of, 30

    • FX and, 41, 242, 275

    • inflation and, 30, 35, 38, 40–41

    • interest rate by, 27, 28, 40–41

    • as lender of last resort, 40

    • liquidity and, 28, 35, 40, 232, 272

    • minimum holding period for, 213–14

    • monetary policy of, 34–35

    • money markets and, 241

    • OJK and, 293

    • repurchase agreement and, 241, 241n8

    • safety nets and, 42

    • in TT, 28, 29

  • Bankruptcy laws, 42

  • Banks

    • AFC and, 25, 30–32, 37–38

    • blanket deposit guarantee for, 30, 40, 41

    • capital outflows and, 27

    • CAR for, 41

    • corruption and cronyism in, 35–36

    • D-SIBS, 272, 275–76, 284, 295

    • economic reforms of, 30–32, 38

    • financial stability of, 275–80, 277f, 279f

    • GDP and, 231

    • leverage of, 25, 37

    • liquidity of, 25, 277–78, 284

    • loan-to-deposit ratio in, 25, 30–32, 31t

    • net interest margins for, 237–38, 238f

    • profitability of, 275–76

    • real-time gross settlement for, 42

    • recapitalization of, 30–32, 40

    • resilience to shocks by, 281–87, 282f, 283f, 285t, 286f, 286t, 287f

    • risk management for, 291

    • safety nets for, 30

    • supervision of, 291–92

    • system structure for, 275t

    • vulnerabilities of, 25, 35

    • World Bank on, 237

    • See also Central banks; Nonperforming loans; specific banks

  • Bantuan Siswa Miskin (BSM), 99

  • BAPPENAS. See Ministry of Home Affairs, the National Development Planning Agency

  • Barnes, Sebastian, 51

  • Basel Core Principles for Effective Banking Supervision, 32, 41, 282n3

  • Basel III, 271, 288

  • Basri, Muhamad Chatib, 3, 14, 22, 22n1, 24, 25, 32, 35–36, 37, 174n21

  • Belt and Road Initiative, 11

  • Bergas untuk Rakyat Miskin (RASKIN), 99

  • BI. See Bank Indonesia

  • Big data, 10

  • BIS. See Bank for International Settlements

  • Blanket deposit guarantee, for banks, 30, 40, 41

  • Boards of commissioners (BoC), 289–90

  • Boards of directors (BoD), 289–90

  • BoC. See Boards of commissioners

  • BoD. See Boards of directors

  • Bond market, 233

    • corporations in, 250

    • for NFCs, 235

    • for SOEs, 246

    • See also Government bonds

  • Bond Market Development Program Team, 242

  • Booth, A., 3

  • Bottom-Up Default Analysis (BuDA), for corporations, 265–66, 265n8

  • Bouis, Romain, 51

  • BPN. See National Land Agency

  • Brazil, Russia, India, China, South Africa (BRICS), 51

    • fuel excise tax in, 125–26, 125f

    • Gini coefficient of, 98

    • structural reforms and, 61

  • BSA. See Balance sheet approach

  • BSM. See Bantuan Siswa Miskin

  • BuDA. See Bottom-Up Default Analysis

  • Budget deficit

    • GDP and, 29, 32, 33f

    • portfolio inflows for, 36

    • restrictions on, 44

    • state debentures for, 42

    • of US, 36

C

  • Capital adequacy, assets, management capability, earnings, liquidity, and sensitivity (CAMELS), 32, 32n9, 41, 41n13

  • Capital adequacy ratio (CAR), 25, 286f

    • for banks, 41

    • economic reforms for, 30

    • stress-testing for, 283f

  • Capital flows, 43

    • determinants of, 211–26

  • Capital inflows, 17

    • developments in, 211–16, 212f–16f

    • drivers of, 221–24, 222t, 223f, 225t

    • fiscal deficit and, 211

    • GARCH for, 223–24, 225t

    • after GFC, 217

    • from government bonds, 17, 213–15, 214f–16f

    • interest rates and, 211

    • panel analysis for, 222–23, 222t

    • from portfolio inflows, 17, 212–13, 213f, 214f

    • See also Foreign direct investment

  • Capital Investment Coordinating Board, 42

  • Capital Market Infrastructure Development Program Team, 242

  • Capital markets, 213, 229, 231, 242

  • Capital outflows

    • banks and, 27

    • BSA for, 258, 258t

    • floating exchange rate and, 34–35

    • portfolio investment and, 37

    • VIX and, 149

  • CAR. See Capital adequacy ratio

  • C-efficiency ratio, 88

  • Central Bank Acts, 42

  • Central banks

    • LCY government bonds and, 219

    • long-term inflation and, 35

  • Chan-Lau, Jorge, 18, 265n8

  • Chicago Board Options Exchange Volatility Index (VIX), 149

    • for ASEAN-5, 150f

    • credit default swaps and, 224n7

    • GARCH and, 224

    • for stock markets, 259

    • VAR and, 260–61

  • China

    • commodity exports to, 12, 187, 191, 192f

    • commodity prices and, 148

    • exchange rate and, 213

    • exports to, 17, 191

    • policy shock in, 155, 155f

    • private demand shock in, 154, 154f

    • RCA of, 195

    • real GDP growth in, 175

    • rise of, 11–13, 11f

    • slowdown of, 149–56, 151f, 152f, 154f, 155f

    • spillovers from, 16, 143–47, 146f, 147f, 149–56, 151f, 152f, 154f, 155f, 250

    • tax reform in, 102, 104f

    • trade with, 144–47, 146f, 147f

    • See also Brazil, Russia, India, China, South Africa

  • Choleski decomposition, 259

  • Chung, Kyuil, 221

  • CIT. See Corporate income tax

  • CLNs. See Credit-linked notes

  • Coady, David, 52

  • Coal, 17, 188, 189

  • Combo Card, 243

  • Committee for Acceleration of Priority Infrastructure Delivery (KPPIP), 70, 78, 78n6, 96

  • Commodities supercycle, 4, 6, 17, 187, 211, 212

  • Commodity exports, 17, 143, 188–89, 189f

    • to China, 12, 187, 191, 192f

    • destinations for, 205t–6t

  • Commodity prices, 16

    • after AFC, 174

    • exports and, 156, 188

    • IMF on, 182

    • spillovers from, 143, 148, 148f

    • terms of trade and, 148, 148f

  • Common Reporting Standard (CRS), of OECD, 132

  • Comparative advantage, 17, 193–200

  • Compliance, tax

    • audits for, 131

    • data-matching capability for, 131–32

    • DGCE and, 131–32

    • DGT and, 131–32

    • for employer withholding, 130

    • high-risk areas for, 128

    • for HWIs, 130

    • from MTRS, 116

    • tax reform for, 128, 129–33, 133f

    • for UHWIs, 130–31

    • for VAT, 92, 128, 129–30, 133n9

  • Compliance risk management (CRM), 132

  • Concessions, for infrastructure investment, 83

  • Construction Services Law No. 2, 56

  • Contracts, enforcement of, 57, 57n3

  • Corporate income tax (CIT), 15, 28, 71

    • exemptions to, 90

    • for inclusive growth, 88–91, 89f, 90f

    • MTRS and, 105, 121

    • tax reform of, 121, 122f

  • Corporations

    • in bond market, 250

    • BuDA for, 265–66, 265n8

    • debt of, 250, 262f, 263f, 264f

    • financing of, 235–36

    • FX and, 262–65

    • leverage of, 25, 37, 250, 261, 261f, 262f, 280f

    • NPLs of, 264, 264n7

    • profitability of, 287f

    • stress-testing for, 284

    • vulnerabilities of, 18, 261–66, 261f–64f, 267f, 278

    • See also Nonfinancial corporations

  • Corruption, AFC and, 35–36

  • Countercyclical fiscal policy, in AFC, 28

  • Credit bureaus, 246

  • Credit default swaps, VIX and, 224n7

  • Credit intermediation, 236–39

  • Credit-linked notes (CLNs), 218, 221f

  • Credit-to-GDP ratio, 275, 276f

  • Crisis management, 18, 295–96

    • See also Asian financial crisis; Global financial crisis

  • CRM. See Compliance risk management

  • Cronyism, AFC and, 35–36

  • CRS. See Common Reporting Standard

  • Currency depreciation, 169n11

  • Current account balance (or deficit), 5f

    • AFC and, 24

    • capital inflows for, 212, 213f

    • exports and, 36

    • FDI and, 36, 37

    • of India, 37

    • inflation and, 34

    • infrastructure and, 71–72

    • structural reforms and, 63

    • TT and, 25, 36–37

  • Curristine, Teresa, 15

D

  • Dabla-Norris, Era, 52

  • Dana Alokasi Khusus (DAK), 96

  • Dana Alokasi Umum (DAU), 95

  • Das, Mitali, 16

  • DAU. See Dana Alokasi Umum

  • Debt. See External debt; Foreign currency debt; Government debt; Leverage

  • Demographic dividend, 6–9, 8f, 8t, 9f

  • de Mooij, Ruud, 15

  • Deposit Insurance Corporation (LPS), 30, 41, 295

  • Depreciation, 27

    • of currency, 169n11

    • of exchange rate, 256–58, 257t, 258t

  • Derivatives markets, 246

  • DFS. See Digital financial services

  • DGCE. See Directorate General of Customs and Excises

  • DGT. See Directorate General of Taxation

  • Digital economy, 9–11, 10f

  • Digital financial services (DFS), 17–18, 238–39, 238n5, 239f, 247

    • e-money and, 242–43

  • Direction of Trade Statistics, of IMF, 208

  • Directorate General of Customs and Excises (DGCE), 112n3

    • tax compliance and, 131–32

  • Directorate General of Taxation (DGT), 112n3, 116n5

    • MTRS for, 133–35

    • tax compliance and, 131–32

    • tax reform of, 128–29

  • Diversification, of exports, 193–94, 194f, 195f, 208

  • Dizioli, Allan, 52, 144

  • Doing Business ranking, of World Bank, 50, 54, 93, 94t

  • Domestic systemically important banks (D-SIBs), 272, 275–76, 284, 295

  • Double tax agreements, 123

  • D-SIBs. See Domestic systemically important banks

  • Duan, J. C., 265n8

  • Duval, Romain, 51, 143

E

  • Economic complexity index (ECI), 198–200, 199f, 209

    • GVCs and, 200

  • Economic reforms, 4–6, 29–36

    • of banks, 30–32, 38

    • fiscal, 14

    • of fiscal policy, 32–34, 60–64, 62t, 87–107

    • for infrastructure investment, 70

    • to monetary policy, 34–35

    • weaknesses of, 110

    • See also Tax reform

  • Economist Intelligence Unit, 11

  • Education, 12

    • access to, 58–59

    • for financial literacy, 244

    • government spending for, 59f

    • inclusive growth for, 97–98, 97f

    • income inequality and, 52

    • inequality of, 99, 100f

    • for labor market, 59

    • quality of, 58

    • scholarships for, 99

    • VAT for, 107

  • Edwards, Sebastian, 36

  • Efficiency

    • C-efficiency ratio, 88

    • of infrastructure investment, 94–96, 96f

    • from MTRS, 116

    • savings, for education, 58–59

  • Eichengreen, Barry, 25

  • Ekberg, J., 235

  • ELA. See Emergency liquidity assistance

  • Electrical appliances, 17

  • Electricity, 6, 7t

  • Emergency liquidity assistance (ELA), 294, 296–97

  • Emerging Market Bond Index, 175

  • E-money, 238–39, 238n6, 239f

    • DFS and, 242–43

    • fintech and, 244

  • Employer withholding, tax compliance for, 130

  • Environmental regulations, 56

    • with fuel excise tax, 126

  • Equity-neutral tax system, 101

    • from MTRS, 116

  • Equity price index, 160f

    • corporations and, 265

  • E-Shops (E-Warungs), 243

  • Eugster, Johannes, 51

  • Europe, portfolio inflows from, 217

  • Evaluation and Monitoring Team for State and Regional Budgets Realization, 96

  • E-Warungs (E-Shops), 243

  • Exchange rate, 17

    • AFC and, 22, 24, 25–27, 34–35

    • China and, 213

    • corporations and, 265

    • depreciation shock, BSA for, 256–58, 257t, 258t

    • forward, 224n6

    • in GFC, 27

    • in TT, 27, 28

    • TT and, 159

    • with US dollar, 22, 23f, 27, 35, 175

    • See also Flexible exchange rate; Floating exchange rate

  • Excise tax, 72, 101, 117

    • MTRS and, 124–26, 124f, 125f

  • Export basket, 174, 174n21

    • export sophistication and, 209

  • Exports, 16–17

    • by ASEAN, 188, 188f

    • by ASEAN-5, 144, 145f, 156–59, 157f–59f

    • commodity prices and, 156, 188

    • current account balance and reserves and, 36

    • destinations for, 191, 191f, 192f, 193–94, 195f

    • diversification of, 193–94, 194f, 195f, 208

    • GDP and, 24, 24n3, 50, 165–66, 166f, 188

    • after GFC, 188

    • growth of, 165, 165f

    • imports and, 43

    • of merchandise, 187–209

    • products classification for, 208

    • by region, 167f

    • of SOEs, 41

    • value added from, 207f

    • VAT and, 119

    • world share of, 190f

    • See also Commodity exports; Merchandise exports

  • Export sophistication, 195, 198, 198f, 208–9

  • External debt, 217–20

    • in LCY government bonds, 218–19, 220f, 221f

    • from portfolio inflows, 217, 218f

    • short-term, 26, 26f

  • External-debt-to-GDP ratio, 217

  • External shocks

    • resilience to, 17

    • VAR and, 175n24

    • vulnerability to, 36

  • External Wealth of Nations database, US dollar in, 169n10

F

  • Fane, George, 25

  • FATF. See Financial Action Task Force

  • FDI. See Foreign direct investment

  • FDI Regulatory Restrictiveness Index, of OECD, 170n15

  • Federal Reserve, US, 14n6, 21, 36

  • Fertility rate, 7, 8f

  • Financial Action Task Force (FATF), 293

  • Financial deepening, 229–48

    • credit intermediation and, 236–39

    • financial inclusion and, 236–39

    • financial markets and, 230–36, 230f–33f, 231n1, 235f, 236f, 240f

    • IMF on, 245

    • inclusive growth and, 240–44, 242f

    • national strategies for, 240–44

  • Financial inclusion, 236–39

  • Financial literacy, 17, 39t, 237

    • education for, 244

  • Financial markets, 17–18

    • development of, 230–36, 230f–33f, 231n1, 235f, 236f, 240f

    • structural reforms for, 235–36

  • Financial risk, 18

  • Financial sector

    • after AFC, 168–71, 169f, 171f, 174, 229

    • BSA for, 252

    • conglomerates, 288–89, 288f

    • framework for, 40–41

    • global economy and, 168–71, 169f, 171f

    • oversight of, 287–93

    • recent developments in, 159, 160f

    • safety nets for, 296–97

    • spillovers from, 148–49, 149f

    • structure of, 272, 273f, 274t

    • See also Banks

  • Financial Sector Assessment Program (FSAP), 291

    • stress tests by, 282

  • Financial Services Authority (Otoritas Jasa Keuangan) (OJK), 18, 30, 237, 271

    • BI and, 293

    • DFS and, 246

    • fintech and, 243–44, 246

    • Integrated Supervisory and Regulatory Department of, 245–46

    • oversight by, 287–93

    • repurchase agreement and, 241

    • stress-testing by, 287

  • Financial shocks, 16

    • banks and, 281–87, 282f, 283f, 285t, 286f, 286t, 287f

    • for exchange rate depreciation, 256–58, 257t, 258t

    • flexible exchange rate and, 38

    • with interest rates, 143

    • in volatility, 143

    • See also External shocks; Policy shock

  • Financial stability, 18

    • in AFC, 27–28

    • of banks, 275–80, 277f, 279f

    • in GFC, 27–28

    • macro-financial context for, 275–79

    • reinforcing, 271–97, 298t

  • Financial Stability Board Key Attributes of Effective Resolution Regimes for Financial Institutions, 294

  • Financial System Stability Committee (Komite Stabilitas Sistem Keuangan) (KSSK), 28, 42, 293–95

  • Fintech, 243–44, 244n11, 247

  • Fiscal deficit, 5f, 6

    • capital inflows for, 211, 212

    • GDP and, 275

    • GIMF and, 71

    • structural reforms and, 64

  • Fiscal policy

    • AFC and, 32–34

    • economic reforms of, 32–34, 60–64, 62t, 87–107

    • framework for, 43–44

    • government debt and, 87

    • for inclusive growth, 87–107

    • infrastructure and, 70–72, 72t

    • in Malaysia, 102

    • multipliers for, 103, 103t

  • Fiscal reforms, 14

  • Fiscal risk, with infrastructure investment, 67, 76, 80

  • Fithrania, Syarifah Namira, 37

  • Flexible exchange rate, 14, 174

    • financial shocks and, 38

    • TT and, 26–27

  • Flexible System of Global Models (FSGM), of IMF, 153

  • Floating exchange rate, 27

    • BI and, 28n8, 35

    • capital outflows and, 34–35

  • Foreign Account Tax Compliance Act, 123

  • Foreign currency debt, 18

    • after AFC, 171, 171f

  • Foreign direct investment (FDI), 6, 12, 212–13, 215

    • after AFC, 164, 168

    • BSA for, 254

    • capital inflows from, 17

    • current account balance and reserves and, 36, 37

    • for education, 58–59

    • after GFC, 217

    • GVCs and, 200–201

    • for infrastructure, 68, 80

    • liberalization of, 14, 15, 50, 52, 53–54

    • structural reforms for, 61

    • TFP and, 182

  • Foreign exchange (FX), 232, 246

    • BI and, 41, 242, 275

    • BSA for, 254

    • capital flows and, 43

    • corporations and, 262–65

    • in interbank markets, 232–33, 233f

    • repo market and, 241

    • reserves, 174

    • sterilization policy, for liquidity, 41

  • Foreign liabilities, 217–20, 217f

  • Forward exchange rates, 224n6

  • Fragile Five, 21–22, 37

  • Free-trade agreements (FTAs), with ASEAN, 192, 192n2

  • FSAP. See Financial Sector Assessment Program

  • FSGM. See Flexible System of Global Models

  • FTAs. See Free trade agreements

  • Fuel excise tax, 125–26, 125f

  • Fuel subsidies, 28, 69, 189n1

  • FX. See Foreign exchange

G

  • G20. See Group of 20

  • Gai, Prasanna, 30

  • Gal, Peter, 51

  • GARCH. See Generalized autoregressive conditional heteroscedasticity

  • Gas, 17

    • export of, 188, 189

    • revenues, 88

  • GDP, 3

    • banks and, 231

    • budget deficit and, 29, 32, 33f

    • capital inflows and, 211–12, 212f

    • China spillovers and, 151–52, 151f

    • CIT and, 88

    • credit-to-GDP ratio, 275, 276f

    • exports and, 24, 24n3, 165–66, 166f, 188

    • external-debt-to-GDP ratio, 217

    • financial markets and, 230–31

    • fiscal deficit and, 275

    • foreign liabilities and, 217

    • government bonds and, 213

    • government debt-to-GDP ratio, 32, 38

    • imports in, 50, 165–66, 166f

    • infrastructure and, 51, 69, 70, 75, 94

    • MTRS and, 15–16, 117

    • social transfers and, 61

    • taxes and, 69

    • tax reform and, 117

    • US spillovers and, 151f, 152

    • volatility and, 152f

    • See also Tax-to-GDP ratio

  • GDP growth, 23f

    • in stress-testing, 265

    • See also Real GDP growth

  • GDP per capita, 9

    • PRODY and, 208

    • VAT and, 118

  • Gender gap, in labor force participation rate, 6, 7n5, 7t, 58

  • Generalized autoregressive conditional heteroscedasticity (GARCH), 223–24, 225t

  • GFC. See Global financial crisis

  • GFS. See Government finance statistics

  • Ghosh, Atish, 221

  • GIMF. See Global Integrated Monetary and Fiscal Model

  • Gini coefficient, 98, 98f

  • Global economy

    • after AFC, 164–71, 169f

    • financial sector and, 168–71, 169f, 171f

    • linkages with, 163–83

    • portfolio inflows and, 234n4

    • spillovers from, 16

    • volatility of, 16

  • Global financial crisis (GFC), 3, 14, 21, 39t

    • advanced economies in, 172

    • capital inflows after, 217

    • economic reforms since, 38

    • exchange rate in, 27

    • exports after, 188

    • FDI after, 217

    • financial stability in, 27–28

    • IMF after, 249

    • income tax rate in, 28

    • inflation in, 24f

    • interest rate in, 27

    • portfolio inflows after, 213, 217

    • protectionism after, 180

    • survival of, 29–36

    • TFP after, 163, 177–79

    • from US subprime crisis, 24

  • Global Findex database, 237

  • Global Integrated Monetary and Fiscal Model (GIMF), 49, 60–61

    • infrastructure investment and, 67, 70–72, 72t

    • MTRS and, 105

  • Global interest rates, 16

  • Global risk aversion, 17

    • capital inflows and, 221, 223

  • Global Trade Alert, 193

  • Global value chains (GVCs), 187, 209

    • participation in, 200–201, 201f–4f

  • Global vector autoregression (GVAR), 149, 149n3, 151, 155

  • Gordon, Robert, 179

  • Government bonds, 211

    • capital inflows from, 17, 213–15, 214f–16f

    • exchanges for, 40

    • foreign ownership of, 234

    • panics from, 36

    • primary dealers system for, 234n2

    • Scripless Securities Settlement System for, 42, 241n9

    • See also Local currency government bonds

  • Government debt, 5f, 15, 33f

    • fiscal policy and, 87

    • GIMF and, 71

  • Government debt-to-GDP ratio, 32, 38

  • Government finance statistics (GFS), 252, 255

    • BSA and, 256

  • Government Finance Statistics Manual, of IMF, 252

  • Government Finance Statistics system, of IMF, 34

  • GPF. See Australian Government Partnership Fund

  • Greenwald, Bruce, 25, 27

  • Group of 20 (G20), 3

    • MTRS for, 109, 112, 112nn1–2, 113

    • NTMs of, 193

    • tariffs with, 193

  • Guajardo, Jaime, 16

  • Gupta, Poonam, 25

  • GVAR. See Global vector autoregression

  • GVCs. See Global value chains

H

  • Haircut associations, 241

  • Hanson, G. H., 3

  • Hatzichronoglou, T., 208

  • Hausmann, R., 195, 198, 208, 209

  • Health services, 12

    • of China, 155

    • inclusive growth for, 96–97, 97f

    • MTRS for, 15

    • VAT for, 107

  • Herfindahl-Hirschman index (HHI), 193, 208

  • Hidalgo, C. A., 198, 209

  • High-wealth individuals (HWIs), tax compliance for, 130

  • Hijzen, Alexander, 51

  • Hill, H., 3, 21, 22, 22n1, 24, 25, 32, 35–36, 37

  • Ho, Giang, 52

  • Human capital, 58–60

    • slowdown in accumulation of, 16

    • TFP and, 179, 180f

  • Hwang, J., 195, 208

  • HWIs. See High-wealth individuals

I

  • ICR. See Insolvency and creditor rights

  • IIP. See International investment position

  • IMF. See International Monetary Fund

  • Immigration, for labor market, 60

  • Imports

    • of China, 155

    • exports and, 43

    • in GDP, 50, 165–66, 166f

    • growth of, 165, 165f

    • licensing for, 54

    • of oil, 189n1

    • by region, 167f

    • See also Protectionism; Tariffs

  • Inclusive growth

    • CIT for, 88–91, 89f, 90f

    • for education, 97–98, 97f

    • financial deepening and, 240–44, 242f

    • fiscal policy for, 87–107

    • for health services, 96–97, 97f

    • inequality and, 98–102, 98f, 99t, 100f, 101f

    • infrastructure investment for, 94–96, 95f, 96f

    • MTRS for, 88, 104–7, 106t

    • taxes for, 88–93

    • VAT for, 88–91, 89f, 90f, 92f

  • Income inequality, 12, 13f

    • education and, 52

    • MTRS for, 15

  • Income tax, 71

    • in GFC, 28

    • tax reform for, 120–24

    • See also Corporate income tax; Personal income tax

  • India, 37

    • See also Brazil, Russia, India, China, South Africa

  • Indonesia. See Association of Southeast

  • Asian Nations-5; specific topics

  • Indonesia Infrastructure Guarantee Fund, 74n3

  • Indonesian Banking Architecture, 41, 42

  • Indonesian Bank Restructuring Agency, 30, 40

  • Indonesian Debt Restructuring Agency, 40

  • Indonesia Public Financial Management Multi-Donor Trust Fund (PFMMDTF), 138n11

  • Indrawati, S. M., 3

  • Inequality

    • for education, 99, 100f

    • inclusive growth and, 98–102, 98f, 99t, 100f, 101f

    • for infrastructure, 99, 100

    • for social services, 99, 100

    • See also Income inequality

  • Infant mortality, 6, 7t

  • Inflation, 5f, 6, 24f

    • in AFC, 22

    • BI and, 30, 35, 38, 40–41

    • corporations and, 265

    • current account balance and reserves

    • and, 34

    • monetary policy and, 275

    • structural reforms and, 63

    • in US, 175, 175n24

  • Infrastructure

    • constraints on, 68–70

    • current account balance and, 71–72

    • FDI for, 68, 80

    • fiscal policy and, 70–72, 72t

    • GDP and, 51, 69, 70

    • for GVCs, 200

    • inequality for, 99, 100

    • land acquisition for, 6, 15, 52, 78, 79, 82, 82nn1–2

    • MTRS for, 15

    • taxes for, 12–13, 71–72

    • for trade, 68, 68f

    • VAT for, 107

  • Infrastructure investment, 50, 52, 60–61, 67–84, 68f, 69f

    • concessions for, 83

    • efficiency of, 94–96, 96f

    • GIMF and, 67, 70–72, 72t

    • for inclusive growth, 94–96, 95f, 96f

    • from PPPs, 15, 52, 67, 70, 78–83, 79t, 95

    • from SOEs, 67, 69, 70, 74–76, 74f–77f, 74n3, 95

    • in Thailand, 82, 82n9

  • Ing, L. Y., 3

  • Insolvency and creditor rights (ICR), 245

  • Insurance companies, 231, 234

    • supervision of, 291

  • Integrated Supervisory and Regulatory Department, of OJK, 245–46

  • Interbank markets, 284

    • FX in, 232–33, 233f

  • Interest rate

    • in AFC, 27, 29

    • BI and, 27, 28, 40–41

    • capital inflows and, 211

    • by Federal Reserve, U.S., 36

    • financial shocks with, 143

    • in GFC, 27

    • infrastructure investment and, 76

    • net interest margins, for banks, 237–38, 238f

    • NPLs and, 27

    • in US, 17, 211

  • International investment position (IIP), 252

  • International Monetary Fund (IMF)

    • Balance of Payments and International Investment Position Manual of, 252

    • on bank vulnerabilities, 25, 35

    • on commodity prices, 182

    • Direction of Trade Statistics of, 208

    • on financial deepening, 245

    • FSGM of, 153

    • after GFC, 249

    • GIMF of, 49

    • Government Finance Statistics Manual of, 252

    • Government Finance Statistics system of, 34

    • loan commitments from, 40

    • Monetary and Financial Statistics Manual and Compilation Guide of, 252

    • PIMA of, 72–73, 73f

    • on portfolio inflows, 234n4

    • Spillover Reports of, 143

    • vulnerability analysis by, 249

    • World Economic Outlook of, 221

  • International taxation, 123

  • Internet, 6, 10

    • DFS on, 239

  • Investment Coordinating Board, 78

  • Islamic Banking, 41

  • Isnawangsih, Agnes, 16–17

J

  • Jakarta Initiative Task Force, 40

  • Jakarta Interbank Spot Dollar Rate (JISDOR), 28n8

  • Japan, exports to, 17, 191

  • Jin, Hui, 15

  • JISDOR. See Jakarta Interbank Spot Dollar Rate

  • Joint venture financing, 246

K

  • Kang, Heedon, 17, 18

  • Kindleberger, Charles P., 21

  • Komisi Pemberantasan Korupsi (Anti-Corruption Committee) (KPK), 35, 42

  • Komite Stabilitas Sistem Keuangan (Financial System Stability Committe) (KSSK), 28, 42, 293–95

  • Kose, Ayhan, 144

  • KPK. See Komisi Pemberantasan Korupsi

  • KPPIP. See Committee for Acceleration of Priority Infrastructure Delivery

  • Kredit Usaha Rakyat (KUR), 242

    • ICR of, 245

  • KSSK. See Financial System Stability Committe; Komite Stabilitas Sistem Keuangan

  • Kyobe, Annette, 52

L

  • Labor force participation rate

    • gender gap in, 6, 7n5, 7t, 58

    • growth of, 181, 182f

  • Labor market, 58

    • active policies for, 59

    • education for, 59

    • for GVCs, 200

    • immigration for, 60

    • protections for, 60

  • Laku Pandai (LP), 242–43

  • Land acquisition, for infrastructure, 6, 15, 52, 78, 79, 82, 82nn1–2

  • Large Taxpayer Office (LTO), 130, 131

  • Laws

    • enforcement of, 57

    • See also specific laws

  • Layanan Keuangan Digital (LKD), 242–43

  • LCY. See Local currency

  • Leverage

    • of banks, 25, 37

    • of corporations, 25, 37, 250, 261, 261f, 262f, 280f

  • Liabilities-to-assets ratio, 261

  • Liberalization of, 50

  • Life expectancy, 6, 7t, 8f

  • Lipinsky, Fabian, 234

  • Liquid benchmark yield curve, 17, 245, 246

  • Liquidity, 18

    • of banks, 25, 277–78, 284

    • BI and, 28, 35, 40, 232, 272

    • CAMELS and, 32, 32n9, 41, 41n13

    • economic reforms for, 30

    • ELA, 294, 296–97

    • FX sterilization policy for, 41

    • stress-testing for, 284, 286t

  • LKD. See Layanan Keuangan Digital

  • Loan-to-deposit ratio, in banks, 25, 30–32, 31t

  • Local currency (LCY) government bonds, 211, 214–15, 214f, 216f

    • external debt in, 218–19, 220f, 221f

    • GARCH and, 224–25

  • London Club, 40

  • Long-term inflation, central banks and, 35

  • Loukoianova, Elena, 18

  • LP. See Laku Pandai

  • LPEM, 36

  • LPS (Lembaga Penjamin Simpanan). See Deposit Insurance Corporation

  • LTO. See Large Taxpayer Office

  • Lu, Yinqiu, 16–17

  • Lump sum taxes, 71, 72

M

  • Macro-financial context

    • for financial stability, 275–79

    • for linkages management, 249–68

    • for risk management, 282f

  • Macroprudential policy, 37, 38, 275

    • for financial sector oversight, 292–93

  • Malaysia

    • fiscal policy in, 102

    • See also Association of Southeast Asian Nations-5

  • Manuelli, R., 179

  • Marks, S., 168

  • McKinsey and Company, 9, 11

  • McLeod, Ross, 25

  • Medium Taxpayer Office (MTO), 131

  • Medium-term revenue strategy (MTRS), 15–16, 111t

    • CIT and, 105, 121

    • core elements of, 113, 113f

    • for DGT, 133–35

    • excise taxes and, 124–26, 124f, 125f

    • external support for, 138, 138n11

    • implementation of, 109–39, 112n1

    • for inclusive growth, 88, 104–7, 106t

    • for infrastructure investment, 80

    • need for, 110–15

    • political commitment for, 135–38

    • for property tax, 126–27, 127f

    • setting objectives for, 115–17

    • tax reform and, 117–21, 118f

    • for VAT, 105, 107, 116, 116n5, 117

  • Merchandise exports, 187–209

    • export sophistication and, 195, 198, 198f

    • GVCs for, 187, 200–201, 201f–4f

  • Mexico, tax reform in, 102–4, 104f

  • MFS. See Monetary and financial statistics

  • Miao, W., 265n8

  • Micro, small, and medium-sized enterprises (MSMEs), 242, 244

    • portfolio inflows for, 246

  • Mineshima, Aiko, 103

  • Minimum wage, 50, 60

  • Ministry of Finance (MoF), 112n3, 241

    • liquid benchmark yield curve and, 246

  • Ministry of Home Affairs, the National Development Planning Agency (BAPPENAS), 78n6, 81, 96

  • Miyajima, Ken, 18, 265

  • MoF. See Ministry of Finance

  • Mondino, Thomas, 221

  • Monetary and financial statistics (MFS), 252

  • Monetary and Financial Statistics Manual and Compilation Guide, of IMF, 252

  • Monetary policy

    • AFC and, 34–35

    • of BI, 34–35

    • economic reforms to, 34–35

    • financial deepening and, 229–48

    • framework for, 40–41

    • inflation and, 275

    • of US, 36, 143

  • Money laundering, 293

  • Money markets, 231–32

    • BI and, 241

  • MSMEs. See Micro, small, and mediumsized enterprises

  • MTO. See Medium Taxpayer Office

  • MTRS. See Medium-term revenue strategy

  • Multipliers, for fiscal policy, 103, 103t

  • Mutual Evaluation Report of the Asia/Pacific Group on Money Laundering, 293

  • Mutual funds, 42, 149n2, 234

N

  • Nabar, Malhar, 144

  • Nasution, Anwar, 25, 27, 30

  • National Land Agency (BPN), 82

  • National Strategy for Financial Inclusion (SNKI, NSFI), 230, 240, 242, 243f

  • Nazara, Suahasil, 15

  • NBFIs. See Non-bank financial institutions

  • NDF. See Nondeliverable forwards

  • Negative Investment List, 52, 79

  • Net interest margins, for banks, 237–38, 238f

  • NFCs. See Nonfinancial corporations

  • Nier, Erlend, 221

  • Non-bank financial institutions (NBFIs), 252

    • OJK and, 287

  • Nondeliverable forwards (NDF), 224

  • Nonfinancial corporations (NFCs), 218, 250

    • bond market for, 235

    • BSA for, 252–56

  • Nonperforming loans (NPLs), 24, 25, 30, 282–84

    • BSA for, 255

    • of corporations, 264, 264n7

    • increases in, 276

    • interest rate and, 27

  • Nontariff measures (NTMs), 192

    • GVCs and, 200, 201

  • Nozaki, Masahiro, 15

  • NPLs. See Nonperforming loans

  • NSFI. See National Strategy for Financial Inclusion

  • NTMs. See Nontariff measures

O

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

  • Oil, 17

    • export of, 188, 189

    • falling prices for, 22

    • import of, 189n1

    • price collapse of, 159

    • revenues, 88

  • OJK (Otoritas Jasa Keuangan). See Financial Services Authority

  • One door services, 54n1

  • Ong, Li Lian, 234

  • Openness, 163, 163n1, 166, 167f, 168, 171–77

    • output dynamics and, 171–74, 172f, 173f

  • Organisation for Economic Co-operation and Development (OECD)

    • CRS of, 132

    • export products classification by, 208

    • FDI Regulatory Restrictiveness Index of, 170n15

    • GVCs and, 209

    • MTRS and, 138

    • Product Market Regulations Index of, 51, 53

    • structural reforms and, 61

    • tariffs and, 193

    • VAT and, 88

  • Otoritas Jasa Keuangan (OJK). See Financial Services Authority

  • Output dynamics

    • openness and, 171–74, 172f, 173f

    • potential of, 177–79, 178f

P

  • Palm oil, 17, 188, 189

  • Panel analysis, for capital inflows, 222–23, 222t

  • Paris Agreement, 126

  • Paris Club, 40

  • PBDT. See Pemutakhiran Basis Data Terpadu

  • PDs. See Probabilities of default

  • Peg system, 27

  • Pemutakhiran Basis Data Terpadu (PBDT), 100–101

  • Pension funds, 231, 234

  • Personal income tax (PIT), 16, 88, 101

    • MTRS for, 105

    • tax reform of, 121–23, 122f

  • Pesaran, M. H., 151

  • PFM-MDTF. See Indonesia Public Financial Management Multi-Donor Trust Fund

  • Philippines. See Association of Southeast Asian Nations-5

  • PIMA. See Public Investment Management Assessment

  • PIT. See Personal income tax

  • PKH. See Program Keluarga Harapan

  • Platform for Collaboration on Tax, 113

    • MTRS for, 109

  • Policy shock, 70

    • in China, 155, 155f

  • Political crisis, 29, 38

  • Poplawski-Ribeiro, Marcos, 103

  • Population growth, 6–9, 6n3, 8f, 8t, 9f

  • Portfolio inflows

    • for budget deficit, 36

    • capital inflows from, 17, 212–13, 213f, 214f

    • capital outflows from, 37

    • external debt from, 217, 218f

    • after GFC, 217

    • global economy and, 234n4

    • IMF on, 234n4

    • for MSMEs, 246

  • Poverty reduction, 6, 7t, 21

  • PPKSK Law, 294–95

  • PPPs. See Public-private partnerships

  • Prasetyantoko, Agustinus, 244

  • Prevention and Resolution of Financial System Crisis Law, 271

  • PricewaterhouseCoopers, 10, 239

  • Primary dealers system, for government bonds, 234n2

  • Private demand shock, in China, 154, 154f

  • Privatization, 34, 44

  • Probabilities of default (PDs), 266, 267f

  • Productivity level (PRODY), export sophistication and, 208–9

  • Product Market Regulations Index, of OECD, 51, 53

  • PRODY. See Productivity level

  • Program Keluarga Harapan (PKH), 99

  • Property tax, 72, 103, 117

    • MTRS for, 126–27, 127f

  • Protectionism, 16

    • tariffs with, 180, 181f

  • Public Investment Management Assessment (PIMA), of IMF, 72–73, 73f

  • Public-private partnerships (PPPs)

    • infrastructure investment from, 15, 52, 67, 70, 78–83, 79t, 95

    • for social infrastructure, 79

R

  • Radelet, S., 164f

  • Rahardja, Sjamsu, 32, 37, 168, 174n21

  • RASKIN. See Bergas untuk Rakyat Miskin

  • RCA. See Revealed comparative advantage

    • Real GDP growth, 7–8, 50, 50f

    • after AFC, 172, 173f

    • in China, 175

    • deceleration of, 250

    • domestic and global factors for, 176, 176f

    • with structural reforms, 61–63

    • tax-to-GDP ratio and, 112f

    • in US, 172, 173f, 175

    • US dollar and, 250

    • VAR for, 176

    • volatility of, 172, 173f

  • Real-time gross settlement, for banks, 42

  • Rebalancing, from China spillovers, 153–56, 250

  • Recapitalization, of banks, 30–32, 40

  • Reforms

    • fiscal, 14

    • regulatory, 53–57, 56t, 57f

    • See also Economic reforms; Structural reforms; Tax reform

  • Regional governments

    • autonomy of, 44

    • coordination of, 56–57

  • Regulatory reforms, 53–57, 56t, 57f

  • Reinhart, Carmen, 21

  • Repo market, 241, 241n9, 242

  • Repurchase agreement, 241, 241n8

  • Rest of the world (ROW), 252, 252n4

  • Revealed comparative advantage (RCA), 194–95, 196f–97f, 208

    • export sophistication and, 208–9

  • Rice transfers, 99

  • Risk management

    • for banks, 291

    • for infrastructure investment, 80

    • macro-financial context for, 282f

  • Rodrik, D., 195, 208

  • Rogoff, Kenneth S., 21

  • ROW. See Rest of the world

  • Rubber, 188

S

  • Sachs, J., 164f

  • Safety nets, 18

    • in AFC, 28

    • for banks, 30

    • BI and, 42

    • for financial sector, 296–97

  • Sahay, Ratna, 221, 230

  • Sales tax on luxury goods (STLG), 120

    • for vehicles, 125

  • Sato, Yuri, 30

  • Scholarships, for education, 99

  • Schuermann, T., 151

  • Scripless Securities Settlement System, 42, 241n9

  • Sedik, Tahsin Saadi, 221

  • Sertifikat Bank Indonesia, 40

  • Seshadri, A., 179

  • Shin, Jongsoon, 14, 15, 18

  • Shocks. See External shocks; Financial shocks

  • Short-term external debt, 26, 26f, 26n4, 29

  • Short-term interest rates, 175

    • corporations and, 265

  • Simoes, A. J. G., 209

  • Singapore

    • portfolio inflows from, 217

    • See also Association of Southeast Asian Nations-5

  • SITC. See Standard International Trade Classification

  • Small and medium-sized enterprises (SMEs)

    • CIT for, 121

    • taxes of, 121, 123

  • SNA. See System of National Accounts

  • SNG. See Subnational government

  • SNKI. See National Strategy for Financial Inclusion

  • Social services

    • inequality of, 99, 100

    • MTRS for, 15

    • PPPs for, 79

  • Social transfers, 61

  • Soedarmono, Wahyoe, 244

  • Soeharto government, 21, 29, 38

  • Soekarni, M., 3

  • SOEs. See State-owned enterprises

  • Soesastro, Hadi, 24, 25

  • Special-mention loans, 276n1

  • Spillover Reports, of IMF, 143

  • Spillovers

    • from China, 16, 143–47, 146f, 147f, 149–56, 151f, 152f, 154f, 155f, 250

    • from commodity prices, 143, 148, 148f

    • from financial sector, 148–49, 149f

    • from global economy, 16, 143–61

    • GVCs and, 200

    • from US, 16, 143, 144–47, 146f, 149

    • from volatility, 149

  • Standard International Trade Classification (SITC), 193, 208

  • State Asset Management Agency, 79

  • State debentures, for budget deficit, 42

  • State Law No. 17, 32, 34

  • State-owned enterprises (SOEs)

    • asset turnover ratio of, 54f

    • bond market for, 246

    • exports of, 41

    • external debt of, 217

    • for infrastructure, 52

    • infrastructure investment from, 67, 69, 70, 74–76, 74f–77f, 74n3, 95

    • ownership of, 55f

    • reduced role of, 53

    • structural reforms for, 61

  • Stiglitz, J., 25, 27

  • STLG. See Sales tax on luxury goods

  • Stock market, 234, 235

  • Stress-testing

    • for CAR, 283f

    • for corporations, 284

    • by FSAP, 282

    • GDP growth in, 265

    • for liquidity, 284, 286t

    • by OJK, 287

  • Structural reforms, 60–64, 62t, 63f

    • for financial markets, 235–36

    • for GVCs, 200–201

  • Subnational government (SNG), infrastructure investment and, 95, 96

  • Swap hedging facility, 41

  • Systemic risk, 278–79, 281f

  • System of National Accounts (SNA), 251

T

  • Taper tantrum (TT), 14, 14n6, 39t

    • AFC and, 21–29

    • BI in, 28, 29

    • current account balance and, 25, 36–37

    • economic reforms since, 38

    • exchange rate and, 27, 28, 159

    • flexible exchange rate and, 26–27

    • inflation in, 24f

    • portfolio inflows in, 213

    • survival of, 29–36

  • Tariffs, 168, 192–93

    • GVCs and, 200

    • with protectionism, 180, 181f

    • See also Nontariff measures

  • Tax amnesty, 132–33

  • Taxes

    • administration of, 92–93, 93f

    • distortions in, 90–91

    • for inclusive growth, 88–93

    • increases to, 60

    • for infrastructure, 12–13, 71–72

    • international, 123

    • MTRS and, 15–16

    • See also Compliance; Medium-term revenue strategy; specific types

  • Tax reform, 117n6

    • for administration, 127–35, 129f

    • in China, 102, 104f

    • of CIT, 121, 122f

    • for compliance, 128, 129–33, 133f

    • of DGT, 128–29

    • for income tax, 120–24

    • in Mexico, 102–4, 104f

    • MTRS and, 117–21, 118f

    • for PIT, 121–23, 122f

    • for VAT, 118–20, 119f

  • Tax-to-GDP ratio, 15, 110, 116

    • for property tax, 127f

    • real GDP growth and, 112f

  • Technology

    • of digital economy, 9–11, 10f

    • fintech and, 243–44, 244n11, 247

    • See also Digital financial services

  • Terms of trade, commodity prices and, 148, 148f

  • Textiles, 17

    • WTO on, 189–91

  • TFP. See Total factor productivity

  • Thailand

    • AFC from, 24

    • infrastructure investment in, 82, 82n9

    • money market in, 232

    • See also Association of Southeast Asian Nations-5

  • Toro, Juan, 15

  • Total factor productivity (TFP), 49, 50

    • FDI and, 182

    • after GFC, 163, 177–79

    • GIMF and, 61

    • human capital and, 179, 180f

    • institutions and, 180–81, 181f

    • Product Market Regulations Index and, 51

    • structural reforms and, 63

    • trade and, 180, 181f

  • Total return swaps (TRSs), 218

  • Trade, 43

    • after AFC, 164–68, 165f–67f

    • by ASEAN-5, 144–47, 145f, 146f

    • with China, 144–47, 146f, 147f

    • comparative advantage for, 193–200

    • GFC and, 24

    • infrastructure for, 68, 68f

    • liberalization of, 14, 15, 52, 53–54

    • structural reforms for, 61

    • TFP and, 180, 181f

    • with US, 144–47, 146f

    • See also Exports; Imports

  • Treasury bonds, in US, 175

  • Triennial Central Bank Survey, of BIS, 232

  • TRSs. See Total return swaps

  • TT. See Taper tantrum

U

  • Ugazio, Giovanni, 18

  • Ultra-high-wealth individuals (UHWIs), tax compliance for, 130–31

  • Unemployment

    • after AFC, 178

    • corporations and, 265

    • of youth, 12, 58

  • United States (US)

    • budget deficit, 36

    • commodity prices and, 148

    • Federal Reserve, 14n6, 21, 36

    • inflation in, 175, 175n24

    • interest rate in, 17, 211

    • monetary policy of, 36, 143

    • portfolio inflows from, 217

    • real GDP growth in, 172, 173f, 175

    • spillovers from, 16, 143, 144–47, 146f, 149

    • stock market in, 259

    • subprime crisis in, GFC from, 24

    • trade with, 144–47, 146f

    • Treasury bonds in, 175

    • See also US dollar

  • Urbanization, 7

  • US. See United States

  • US dollar

    • exchange rate with, 22, 23f, 27, 35, 175

    • in External Wealth of Nations database, 169n10

    • GARCH and, 224

    • real GDP growth and, 250

V

  • Value-added tax (VAT), 43, 61, 71

    • in China, 102

    • compliance for, 92, 128, 129–30, 133n9

    • of equity-neutral tax system, 101

    • exemptions to, 90–91, 119, 119n7, 120

    • for inclusive growth, 88–91, 89f, 90f, 92f

    • in Mexico, 104

    • MTRS for, 105, 107, 116, 116n5, 117

    • refunds for, 93

    • registration thresholds of, 91, 92f, 105, 107, 119, 119f, 120

    • for SMEs, 123

    • tax reform for, 118–20, 119f

  • VAR. See Vector autoregression

  • VAT. See Value-added tax

  • Vector autoregression (VAR), 174, 175–76

    • for BSA, 258–61, 259t, 260f

    • external shocks and, 175n24

    • GVAR, 149, 149n3, 151, 155

    • for US dollar, 259

    • VIX and, 260–61

  • Vehicle excise tax, 125

  • Viability Gap Fund, 78

  • Vietnam

    • FDI in, 200–201

    • RCA of, 195

    • See also Association of Southeast Asian Nations-5

  • VIX. See Chicago Board Options Exchange Volatility Index

  • Vocational training, 59

  • Volatility

    • of capital inflows, 17

    • financial shocks in, 143

    • GDP and, 152f

    • of global economy, 16

    • portfolio inflows and, 213

    • of real GDP growth, 172, 173f

    • spillovers from, 149

    • of stock market, 259

    • See also Chicago Board Options Exchange Volatility Index

W

  • Water, 6, 7t

  • WBDPL. See World Bank Fiscal Reform Development Policy Loan

  • Weber, Anke, 103

  • Weiner, S., 151

  • Wie, T. K., 3

  • Women

    • in national parliament, 6, 7t

    • See also Gender gap

  • World Bank, 21

    • on banks, 237

    • Doing Business ranking of, 50, 54, 93, 94t

    • Gini coefficient by, 98, 98f

    • on vehicle excise tax, 125

  • World Bank Fiscal Reform Development Policy Loan (WBDPL), 138n11

  • World Bank Temporary Trade Barriers database, 180, 193

  • World Economic Outlook, of IMF, 221

  • World Trade Organization (WTO), 168

    • GVCs and, 209

    • tariffs and, 192

    • on textiles, 189–91

Y

  • Youth unemployment, 12, 58

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