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The evolution of the Maltese economy since independence

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  • Aaron G Grech

    () (Central Bank of Malta)

Abstract

This paper surveys the performance of the Maltese economy in the first half century since independence. The picture that emerges is of a nation that has benefitted from an extraordinary rate of economic growth and a significant reduction in volatility. The Maltese economy has matured exceedingly rapidly, with cycles of inflation and unemployment becoming much less pronounced and with a consistent underlying downward trend. The economic structure has shifted strongly towards services, which has led to an increased demand for labour that has accommodated the secular rise in female participation.

Suggested Citation

  • Aaron G Grech, "undated". "The evolution of the Maltese economy since independence," CBM Working Papers WP/05/2015, Central Bank of Malta.
  • Handle: RePEc:mlt:wpaper:0515
    as

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    File URL: https://www.centralbankmalta.org/file.aspx?f=11217
    File Function: First version, 2015
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    References listed on IDEAS

    as
    1. Grech, Aaron George, 2004. "Estimating the output gap for the Maltese economy," MPRA Paper 33663, University Library of Munich, Germany.
    2. Grech, Aaron George, 2000. "The private and public savings gaps in Malta and their impact on the current account," MPRA Paper 33208, University Library of Munich, Germany.
    3. Hamilton, James D., 1990. "Analysis of time series subject to changes in regime," Journal of Econometrics, Elsevier, vol. 45(1-2), pages 39-70.
    4. Grech, Aaron George, 2004. "Unit labour costs in Malta: Trends and international comparisons," MPRA Paper 33666, University Library of Munich, Germany.
    5. Grech, Aaron George, 2003. "The Framework of Monetary Policy in Malta," MPRA Paper 33464, University Library of Munich, Germany.
    6. Grech, Aaron George & Pace, Christopher, 2004. "The adoption of the European System of Accounts 1995 framework in the national accounts of Malta," MPRA Paper 33460, University Library of Munich, Germany.
    7. Grech, Aaron George & Micallef, Brian, 2014. "Assessing the supply of the Maltese economy using a production function approach," MPRA Paper 53882, University Library of Munich, Germany.
    8. Aaron G Grech, "undated". "Assessing employment in Malta," CBM Working Papers WP/01/2006, Central Bank of Malta.
    9. Hendry, David F., 2000. "On detectable and non-detectable structural change," Structural Change and Economic Dynamics, Elsevier, vol. 11(1-2), pages 45-65, July.
    10. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
    11. Grech, Aaron George & Grech, Owen & Micallef, Brian & Rapa, Noel & Gatt, William, 2013. "A Structural Macro-Econometric Model of the Maltese Economy," MPRA Paper 46128, University Library of Munich, Germany.
    12. Grech, Aaron George, 2015. "Structural changes in the Maltese cconomy," MPRA Paper 63632, University Library of Munich, Germany.
    13. Apostolides, Alexander, 2011. "The growth of two small economies in the Great Depression: GDP estimation for Cyprus and Malta during the interwar period (1921-1938)," MPRA Paper 30276, University Library of Munich, Germany.
    14. Hubrich, Kirstin & Karlsson, Tohmas, 2010. "Trade consistency in the context of the Eurosystem projection exercises – an overview," Occasional Paper Series 108, European Central Bank.
    15. David E. Bloom & David Canning & Jaypee Sevilla, 2001. "Economic Growth and the Demographic Transition," NBER Working Papers 8685, National Bureau of Economic Research, Inc.
    16. Dora M Iakova, 2007. "Flattening of the Phillips Curve; Implications for Monetary Policy," IMF Working Papers 07/76, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Noel Rapa, "undated". "The exit of the United Kingdom from the European Union – Its short-to-medium term impact on the Maltese economy," CBM Policy Papers PP/01/2017, Central Bank of Malta.
    2. William Gatt, 2016. "Time variation, asymmetry and threshold effect in Malta's Phillips curve," CBM Working Papers WP/02/2016, Central Bank of Malta.
    3. Aaron G Grech & Noel Rapa, "undated". "Trends in Malta’s current account and their underlying causes," CBM Policy Papers PP/03/2016, Central Bank of Malta.
    4. Brian Micallef, "undated". "Estimating the Impact on potential output of structural reforms to Increase the female participation rate," CBM Policy Papers PP/03/2015, Central Bank of Malta.
    5. Aaron G Grech, "undated". "Understanding the Macroeconomic Impact of Migration in Malta," CBM Policy Papers PP/04/2015, Central Bank of Malta.
    6. Owen Grech & Noel Rapa, 2016. "STREAM: A structural macro-econometric model of the Maltese economy," CBM Working Papers WP/01/2016, Central Bank of Malta.
    7. Reuben Ellul, 2018. "Forecasting unemployment rates in Malta: A labour market flows approach," CBM Working Papers WP/03/2018, Central Bank of Malta.
    8. William Gatt & Owen Grech, "undated". "An assessment of the Maltese housing market," CBM Policy Papers PP/02/2016, Central Bank of Malta.

    More about this item

    JEL classification:

    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • H6 - Public Economics - - National Budget, Deficit, and Debt

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