Small States and the Pillars of Economic ResilienceLino Briguglio Islands and Small States Institute of the University of Malta, 2008 - Business & Economics - 425 pages Small developing states tend to be inherently prone to exogenous shocks over which they can exercise very little control. In the main, such proneness emanates from the small states; structural trade openness and their very high dependence on a narrow range of exports. There are a number of small developing states that, in spite of their inherent economic vulnerability, manage to generate a relatively high GDP per capita when compared with other developing countries. This can be ascribed to economic resilience building associated with policy-induced measures that enable a country to recover from or adjust to the negative impacts of adverse exogenous shocks and to benefit from positive shocks. The main argument put forward in this book is that economic resilience can be built through appropriate policy interventions in four principal areas, namely macroeconomic stability, microeconomic market efficiency, good governance and social development. Published by the Islands and Small States Institute, Malta and the Commonwealth Secretariat. |
Contents
The Authors | 5 |
Small States Resilience and Governance | 11 |
Macroeconomic Stability and Economic Resilience | 37 |
Copyright | |
16 other sections not shown
Common terms and phrases
access to foreign argues average balance Briguglio capital Caribbean CARICOM chapter Commonwealth Secretariat components composite indices Connell consumption Cordina correlation costs developing countries domestic economic growth economic resilience building economic vulnerability effective exchange rate regime expenditure exports external debt external shocks factors Fiji fiscal adjustment fiscal deficits fiscal policy fixed exchange rate flexibility foreign labour markets Gini Coefficient global governance Guinea higher impact important investment Islands and Small issues Jamaica Kiribati large countries liberalisation macroeconomic macroeconomic policies macroeconomic stability Malta market efficiency market failure measures microstates migration monetary policy negative Pacific Island percent of GDP PICs political population production public and external public debt reform region remittances Resilience of Small result revenues Samoa significant small economies small island Small States Institute social cohesion Solomon Islands sustainable development terms of trade Tonga Vanuatu variables volatility Washington DC World Bank