TY - BOOK ID - 138031675 TI - The Middle-Income Trap Turns Ten AU - Gill, Indermit S AU - Kharas, Homi PY - 2015 PB - Washington, D.C. : The World Bank, DB - UniCat KW - Advanced countries KW - Advanced country KW - Agriculture KW - Balance sheet KW - Banking KW - Bankruptcy KW - Barriers KW - Benchmark KW - Benchmarks KW - Capital KW - Capital account KW - Capital accumulation KW - Capital flow KW - Capital investment KW - Capital investments KW - Capital markets KW - Carbon emissions KW - Central bank KW - Climate change economics KW - Closed economies KW - Comparative advantage KW - Competition KW - Competitiveness KW - Currency KW - Currency risk KW - Customers KW - Decentralization KW - Democracy KW - Demographic KW - Deregulation KW - Developing countries KW - Development KW - Development economics KW - Development policy KW - Dividend KW - Economic development KW - Economic developments KW - Economic geography KW - Economic growth KW - Economic outlook KW - Economic performance KW - Economic progress KW - Economic rents KW - Economic research KW - Economic structures KW - Economic theory & research KW - Economics KW - Economy KW - Efficient capital KW - Elasticity KW - Emerging economies KW - Emerging markets KW - Entry point KW - Environmental sustainability KW - Equity KW - Exchange KW - Exchange rate KW - Exchange rates KW - Expectations KW - Exports KW - External finance KW - Externalities KW - Federal reserve KW - Financial crisis KW - Financial markets KW - Financial sector KW - Flexible exchange rates KW - Foreign direct investment KW - Foreign investors KW - Foreign markets KW - Free trade KW - Future KW - GDP KW - GDP per capita KW - Global economic prospects KW - Globalization KW - Goods KW - Governance KW - Growth models KW - Growth potential KW - Growth rate KW - Growth rates KW - Growth theories KW - Growth theory KW - Human capital KW - Incentives KW - Income KW - Income levels KW - Incomes KW - Industrialization KW - Inequality KW - Infrastructure investments KW - Institutional capacity KW - Institutional infrastructure KW - Intellectual property KW - Interest KW - International finance KW - International trade KW - Investment KW - Investments KW - Investors KW - Knowledge economy KW - Labor market KW - Labor markets KW - Labor policies KW - Liberalization KW - Liquidity KW - Low-income countries KW - Macroeconomic management KW - Macroeconomic performance KW - Macroeconomics and economic growth KW - Market conditions KW - Market prices KW - Markets KW - Mic traps KW - Middle income countries KW - Middle-income countries KW - Middle-income country KW - Middle-income economies KW - Monetary policy KW - Money market KW - National income KW - Natural resources KW - Open economies KW - Patents KW - Per capita income KW - Per capita incomes KW - Political economy KW - Political power KW - Poverty reduction KW - Price KW - Prices KW - Private sector development KW - Productivity KW - Productivity growth KW - Property rights KW - Protectionism KW - Public policy KW - Rapid growth KW - Real estate KW - Regional integration KW - Rent KW - Risk management KW - Safety nets KW - Share KW - Social capital KW - Social protections and labor KW - Social safety nets KW - Startups KW - Structural change KW - Sustainable development KW - Taxes KW - Technological change KW - Theory KW - Total factor productivity KW - Total factor productivity growth KW - Trade KW - Trade diversion KW - Trade liberalization KW - Trade negotiations KW - Trade policy KW - Trends KW - Unemployment KW - Unemployment rates KW - Urbanization KW - Value KW - Value added KW - Variables KW - Venture capital KW - Volatility KW - Wage growth KW - Wages KW - World development indicators KW - WTO UR - https://www.unicat.be/uniCat?func=search&query=sysid:138031675 AB - Since we introduced the term "middle-income trap" in 2006, it has become popular among policy makers and researchers. In May 2015, a search of Google Scholar returned more than 3,000 articles including the term and about 300 articles with the term in the title. This paper provides a (non-exhaustive) survey of this literature. The paper then discusses what, in retrospect, we missed when we coined the term. Today, based on developments in East Asia, Latin America, and Central Europe during the past decade, we would have paid more attention to demographic factors, entrepreneurship, and external institutional anchors. We would also make it clearer that to us, the term was as much the absence of a satisfactory theory that could inform development policy in middle-income economies as the articulation of a development phenomenon. Three-quarters of the people in the world now live in middle-income economies, but economists have yet to provide a reliable theory of growth to help policy makers navigate the transition from middle- to high-income status. Hybrids of the Solow-Swan and Lucas-Romer models are not unhelpful, but they are poor substitutes for a well-constructed growth framework. ER -