440
Index
sovereign wealth funds (continued) net wealth, repatriation of assets, and Dutch Disease, 246 opportunity costs, 247 procyclicality and herding, 8, 244–45 short positions, 245 Spain debt levels, 221 immigration restrictions, 302 procyclical capital requirements, 134 remittances from, 300, 305 special economic zones (SEZs), 94–96 special-purpose vehicles (SPVs) and revenue bonds, 227–28, 235n22 Spiegel, M., 63n1 spillover effects, 130 Sri Lanka fiscal policies, 389, 390f inequality reduction, 257 poverty reduction rates, 255f, 256 sectoral changes, 397 trade growth, 394 urbanization, 403 Standard & Poor’s, 308 Stiglitz, Joseph, 119–20 stimulus packages, 72, 211, 223, 242, 301b, 332, 338, 347, 378 subnational debt finance, 219–37 bank loans, 230–31 bonds. See bonds, subnational competitive subnational credit markets, 230–32 definition of “subnational,” 233n1 financial crisis, impact of, 221–22 impact of, 219–20 implicit and contingent liabilities, 227–30 long-term structural issues, 222–23 macroeconomic fundamentals, 223–24, 223f ratings of, 221, 223, 223f, 233n4 regulatory frameworks for, 224–27
Sub-Saharan Africa. See also specific countries agriculture, 277 demographic explosion, 280 demographic transition, 328 education enrollment and completion rates, 288 governance, 329 hunger reduction, 256, 257f infant deaths, 277 infrastructure needs, 327 poverty reduction, 15, 255f, 256 remittances to, 298, 299t, 300 sanitation, 264f school enrollment levels, 285 trade increases, 55 Summers, L., 245, 247 Suro, R., 319n2 sustainability, 6, 111–12 Svejnar, J., 64n5 Swindell, D., 173 switchover to growth locomotives of developing countries, 2–3, 38–39, 39f, 374–75 Switzerland’s fiscal policies, 183, 190n3 Systemic Expected Shortfall, 132, 139n5 systemic risk, 130–32, 144, 151
T Tajikstan, remittances to, 298, 304, 305, 316, 354 Tanzania, emergency banking program of, 326 Tata Consulting Services, 58 Tata Motors, 57 taxes incentives, 136–37 tax-to-GDP ratio, 265, 390, 391f willingness to pay, 171 Taylor, A., 133 Taylor, J.E., 301b Taylor-Gooby, P., 175n10