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The phantom of liberty?: economic growth and the vulnerability of small states

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Author Info
Harvey W. Armstrong (Department of Geography, University of Sheffield, Sheffield, UK)
Robert Read (Department of Economics, University of Lancaster, Lancaster, UK)

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Abstract

This paper is concerned with the relationship between economic growth in small states and their vulnerability. A critical argument in much of the literature on small states, particularly small island states, is that their growth performance is greatly constrained by their vulnerability to exogenous shocks because of their size. These shocks include economic, political and environmental factors, which together dampen the long-run growth rate of these economies. The paper makes use of a global small state data set and appropriate quantitative techniques to test the relationship between growth and vulnerability using the results of Briguglio's Vulnerability Index. The results highlight some of the conceptual shortcomings in the analytical literature on small states, particularly islands, as well as suggesting that the Vulnerability Index is mis-specified. Copyright © 2002 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/jid.886
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Publisher Info
Article provided by John Wiley & Sons, Ltd. in its journal Journal of International Development.

Volume (Year): 14 (2002)
Issue (Month): 4 ()
Pages: 435-458
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Handle: RePEc:wly:jintdv:v:14:y:2002:i:4:p:435-458

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Robert J. Barro & Xavier Sala-i-Martin, 1991. "Convergence across States and Regions," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(1991-1), pages 107-182. [Downloadable!]
    Other versions:
  2. Armstrong, H. & De Kervenoael, R. J. & Li, X. & Read, R., 1998. "A comparison of the economic performance of different micro-states, and between micro-states and larger countries," World Development, Elsevier, vol. 26(4), pages 639-656, April. [Downloadable!] (restricted)
    Other versions:
  3. Harvey W. Armstrong & Robert Read, 1998. "Trade and Growth in Small States: The Impact of Global Trade Liberalisation," The World Economy, Blackwell Publishing, vol. 21(4), pages 563-585, 06. [Downloadable!] (restricted)
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  4. Armstrong, Harvey & Read, Robert, 1995. "Western European micro-states and EU autonomous regions: The advantages of size and sovereignty," World Development, Elsevier, vol. 23(7), pages 1229-1245, July. [Downloadable!] (restricted)
  5. Briguglio, Lino, 1995. "Small island developing states and their economic vulnerabilities," World Development, Elsevier, vol. 23(9), pages 1615-1632, September. [Downloadable!] (restricted)
  6. Armstrong, H W & Read, R, 2000. "Comparing the Economic Performance of Dependent Territories and Sovereign Microstates," Economic Development and Cultural Change, University of Chicago Press, vol. 48(2), pages 285-306, January.
  7. Ashcroft, Brian K, 1988. "External Takeovers in Scottish Manufacturing: The Effect on Local Linkages and Corporate Functions," Scottish Journal of Political Economy, Scottish Economic Society, vol. 35(2), pages 129-48, May.
  8. Milner, Chris & Westaway, Tony, 1993. "Country size and the medium-term growth process: Some cross-country evidence," World Development, Elsevier, vol. 21(2), pages 203-211, February. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Patrick A. Imam, 2008. "Rapid Current Account Adjustments: Are Microstates Different?," IMF Working Papers 08/233, International Monetary Fund. [Downloadable!]
  2. Riaz Shareef, 2004. "Country Risk Ratings of Small Island Tourism Economies," Working Papers 2004.25, Fondazione Eni Enrico Mattei. [Downloadable!]
  3. Hansen, Henrik & Headey, Derek, 2007. "The Short-Run Macroeconomic Impact of Foreign Aid to Small States: An Agnostic Timeseries Analysis," Working Papers UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
    Other versions:
  4. Read, Robert, 2001. "Growth, Economic Development and Structural Transition in Small Vulnerable States," Working Papers UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
  5. Maria Abreu & Henri L.F. de Groot & Raymond J.G.M. Florax, 2005. "A Meta-Analysis of Beta-Convergence: The Legendary Two-Percent," Tinbergen Institute Discussion Papers 05-001/3, Tinbergen Institute. [Downloadable!]
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