Small States and the Pillars of Economic Resilience
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.
This publication is yet another outcome of a collaborative project between the Commonwealth Secretariat and the Islands and Small States Institute of the University. The project is aimed at developing the conceptual underpinnings of economic resilience and at deriving a sound basis for its measurement. This work has resulted in the publication of four books, including this one, and the development of an Economic Resilience index, based on internationally-comparable data and covering a wide cross-section of countries. It is planned that this project will be further developed through the undertaking of country-specific case studies which may serve as examples of best practice conducive to economic resilience building.
Published by the Islands and Small States Institute, Malta and the Commonwealth Secretariat
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Macroeconomic Stability and Economic Resilience
Government Expenditure Debt and Fiscal Adjustment
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access to foreign analysis argues average Briguglio capital Caribbean CARICOM chapter Commonwealth Secretariat competition 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 foreign labour markets Gini Coefficient global governance Guinea Human Development Human Development Index important in0oco income investment Islands and Small issues Jamaica Kiribati liberalisation macroeconomic macroeconomic stability Malta Marshall Islands measures microstates migration negotiations Pacific Island percent of GDP PICs political population private sector programme public debt region remittances Resilience of Small revenue Samoa small economies small island Small States Institute social cohesion social development Solomon Islands sustainable development tend Tonga University of Malta Vanuatu variables volatility weights World Bank