- James Yao, Gamal El-Masry, Padamja Khandelwal, and Emilio Sacerdoti
- Published Date:
- March 2005
© 2005 International Monetary Fund
Production: IMF Multimedia Services Division
Cover Design: Massoud Etemadi
Typesetting: Alicia Etchebarne-Bourdin
Cover Photos: Chris Hellier/CORBIS (left) and Bernardo Bucci/CORBIS (right)
Mauritius : challenges of sustained growth / Emilio Sacerdoti … [et al.]—Washington,
D.C. : International Monetary Fund, 
- p. cm.
- ISBN 1-58906-416-X
- Includes bibliographical references.
1. Mauritius—Economic conditions. 2. Mauritius—Economic conditions—Statistics. 3. Mauritius—Economic policy. 4. Labor market—Mauritius. 5. Financial institutions—Mauritius. 6. Monetary policy—Mauritius. I. Sacerdoti, Emilio.
Disclaimer: The views expressed in this work are those of the authors and do not necessarily represent those of the IMF or IMF policy. The IMF has not edited this publication. Some documents cited in this work may be not available publicly.
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- Chapter 1. Overview
- Chapter 2. Outstanding Growth Performance
- Chapter 3. Sectoral Diversification and Openness
- Chapter 4. The Role of Institutions
- Chapter 5. Labor Market and Educational System
- Chapter 6. Fiscal Developments
- Chapter 7. Financial System and Institutions
- Chapter 8. The Evolution of Monetary and Exchange Rate Policy
- Chapter 9. Medium-Term Challenges and Concluding Remarks
- 3.1. Openness Strategy
- 3.2. Mauritius: The Future of the EPZ
- 3.3. Mauritius: ICT Sector Outlook and Its Impact on Medium-Term Growth
- 5.1. Mauritius: Unemployment and the Labor Market
- 7.1. Future Risk and Challenges to the Mauritian Financial System
- 7.2. Further Development of the Bond Market
- 8.1. Money Demand in Mauritius
- 8.2. Econometric Analysis of Bank of Mauritius Monetary Policy Rule
- 2.1. Inheritance: Mauritius Versus the Rest of the World
- 2.2. Key Economic Indicators, 1980/81–2003/04
- 2.3. Sources of Growth in the World by Region, 1960–2000
- 3.1. Principal Growth Industries by Period
- 3.2. Balance of Payments, 1979/80–2002/03
- 3.3. Implicit Transfer from European Sugar Consumers, 1975–2000
- 3.4. Welfare Benefits of the Sugar Protocol (SP), 1975–92
- 3.5. Estimates of Effective Protection, 1980 and 1990
- 3.6. Import Tax and Offsetting Export Subsidies
- 3.7. Total Factor Productivity (TFP) in the EPZ Sector
- 3.8. Key Tourism Indicators, 1980–2002
- 3.9. Tourism Statistics in Comparison with Maldives and Seychelles, 1985–2002
- 4.1. Mauritius and Other Countries with Respect to Indices of Institutions
- 4.2. Institutional Variables: Mauritius and Other Regions
- 4.3. Cross-Country Growth Regression as in Sachs and Warner (1997)
- 4.4. Breakdown of Mauritian Growth
- 4.5. Cross-Country Regressions of Change in Growth (Rodrick, 1999b)
- 6.1. Summary of Government Finances, 1980/81–2003/04
- 6.2. Tax Revenue, 1997/98–2003/04
- 6.3. Value-Added Tax Efficiency Ratios
- 6.4. Public Debt Sustainability Framework, 2003/04–2007/08
- 6.5. Maturity Composition of Government Debt, 1998/99–2002/03
- 6.6. Savings and Investment, 2000/01–2003/04
- 6.7. Holders of Domestic Debt, 2002
- 7.1. Financial System Structure, June 2002
- 8.1. Inflation Target and Outcome, 1997/98–2003/04
- 2.1. GDP Developments, Composition, and Growth Accounting
- 3.1. International Sugar Prices, 1970–2000
- 3.2. Wages in the EPZ and Non-EPZ Sectors, 1983–2000
- 5.1. Real GDP Growth, Employment Growth, and Unemployment Rate, 1982–2002
- 5.2. Average Compensation and Labor Productivity, 1982–2002
- 6.1. Central Government Debt, 1995–2003
- 6.2. Bank Rate and Inflation, January 1998–June 2003
- 7.1. Income Velocity of Money, 1967–2003
- 8.1. Mauritius Monetary Policy—Bank Rate and Inflation, 1967–2003
- 8.2. Credit to Private Sector, 1967–2003
- 8.3. Balance of Payments, 1967–2003
- 8.4. Real and Nominal Effective Exchange Rate Indices, January 1979–June 2004
- 8.5. Net Foreign Assets of Bank of Mauritius, 1967–2004
- 8.6. Principal Interest Rates, January 2000–February 2004
- 8.7. Yield Curve for Treasury Securities
The following conventions have been used throughout the paper:
- … to indicate that data are not available or not applicable;
- — to indicate that the figure is zero or negligible;
- – between years or months (for example, 2002–03 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
- / between years or months (for example, 2002/93) to indicate a fiscal or financial year.
Some of the material presented in this Special Issues Paper was previously published in the selected issues papers prepared as background for discussions in the IMF Executive Board. The paper also draws on material presented in a very comprehensive study by Arvind Subramanian and Devesh Roy, 2001, “Who Can Explain the Mauritian Miracle: Meade, Romer, Sachs or Rodrik?” IMF Working Paper 01/116.
The authors wish to express their gratitude to Arvind Subramanian, who has been a driving force behind this work through his insightful analysis of the roots of the Mauritian economic miracle.
The authors are grateful to the Mauritian authorities for the open discussion of the issues covered in the paper, and for their assistance in providing data and other source material, and to the Executive Director for Mauritius, Mr. Damian Ondo Mañe.
The authors wish to thank Bakar Ould-Abdallah for his extremely effective and valuable research assistance, and Michael Nowak, Calvin McDonald, and Catherine Pattillo for their insightful comments. Finally, the authors wish to acknowledge the very valuable contributions of Ramatu Kabia, who provided assistance in preparing the document, and of Marina Primorac of the External Relations Department, who coordinated the production of the publication.
The opinions expressed in this paper are solely those of its authors and do not necessarily reflect the views of the International Monetary Fund, its Executive Directors, or the Mauritian authorities.