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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