Small States

Economic Review and Basic Statistics, Volume 12

image of Small States

This unique annual collection of key economic and statistical data on the world’s small states – those with fewer than five million inhabitants – is an essential reference for economists, planners and policy-makers. The book contains fifty-four tables covering selected economic and social indicators culled from international and national sources and presents information unavailable elsewhere. A detailed parallel commentary on trends in Commonwealth small states, looking at growth, employment, inflation and economic policy issues, permits a deeper understanding of developments behind the figures.

The book also includes two topical articles, on the dynamics of growth and macroeconomic fluctuations of small states, by Dr Gordon Cordina of the University of Malta, and the crucial role of energy efficiency and renewable energy in small island developing states, by David Barrett.



The Macroeconomic and Growth Dynamics of Small States

This article establishes a number of stylised facts about the dynamics of growth and macroeconomic fluctuations of small states arising out of their well-recognised vulnerability, defined as proneness to exogenous shocks. It is shown that, on average, small vulnerable states show no tendency towards underdevelopment, but they exhibit greater dispersions in per capita incomes from the crosssectional perspective and over time. Small vulnerable economies tend to devote a larger share of their expenditure to investment, but this does not lead to higher rates of economic growth.


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