INTERNATIONAL MONE TAR Y FUND

Frontier and Developing Asia

The Next Generation of Emerging Markets

EDITOR

Alfred Schipke

INTERNATIONAL MONETARY FUND

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? 2015 International Monetary Fund Cover design: IMF Multimedia Services Division

Cataloging-in-Publication Data Joint Bank-Fund Library

Frontier and developing Asia: the next generation of emerging markets / editor: Alfred Schipke. ? Washington, D.C. : International Monetary Fund, 2015.

p. ; cm. Includes bibliographical references and index. ISBN: 978-1-47559-551-2

1. Economic development ? Asia. 2. Economic development ? Developing countries. I. Schipke, Alfred, 1959- II. International Monetary Fund.

HC415.E44 F76 2015

Disclaimer: The views expressed in this book are those of the authors and do not necessarily represent the views of the International Monetary Fund, its Executive Board, or management.

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Contents

Foreword v Preface vii Contributors ix

PART I INTRODUCTION 1 The Growing Importance of Frontier and Developing Asia ...........................3

Alfred Schipke 2 Lessons for Frontier Economies from the Recent

Experience of Emerging Markets........................................................................... 11 Itai Agur, Mangal Goswami, Shinichi Nakabayashi, and Sunil Sharma

PART II TRANSFORMING ECONOMIES AND GROWTH 3 Diversification, Growth, and Volatility ................................................................. 59

Chris Papageorgiou, Nikola Spatafora, and Ke Wang 4 Growth Slowdown: Are Frontier and Developing Asian Countries

Different? ........................................................................................................................ 81 Longmei Zhang and Damien Puy 5 Achieving Inclusive Growth...................................................................................113 Ravi Balakrishnan, Chad Steinberg, and Murtaza Syed

PART III STRENGTHENING POLICY FRAMEWORKS 6 Financial Sector Deepening and Transformation..........................................141

Era Dabla-Norris, Yasuhisa Ojima, and Marco Arena 7 Addressing Financial Sector Vulnerabilities.....................................................165

Todd Schneider, Faisal Ahmed, Rina Bhattacharya, Sergei Dodzin, Souvik Gupta, Jongsoon Shin, and Xuan Tu 8 Frontier Markets in Asia and Beyond .................................................................203 Nehad Chowdhury, Martin Edmonds, and Chris Walker 9 Monetary Policy Frameworks: An Assessment...............................................225 Ashvin Ahuja, Nombulelo Duma, Sarwat Jahan, Yasuhisa Ojima, and Alexandra Peter Index ...........................................................................................................................................245

iii

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