Information about Asia and the Pacific Asia y el Pacífico
Back Matter

Back Matter

Author(s):
Alfred Schipke
Published Date:
April 2015
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Information about Asia and the Pacific Asia y el Pacífico

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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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