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The Global Financial Crisis and Trade Prospects in Small States

image of The Global Financial Crisis and Trade Prospects in Small States

This is the first study to look at the trade effects on small states of the current global slowdown. Export industries in these countries have been affected at least as much as those of other developing countries. Given their reliance on trade, this means that the overall economic impact on small states may be greater than for other developing countries, all the more so for those countries exporting minerals and fuels, and ‘luxury’ goods and services, such as beef and tourism. The authors suggest a number of policy responses for governments of small states which may help to address the issues that arise.

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How the Effects of the Global Financial Crisis Play Out Via Trade

In order to assess the implications of the current crisis for small countries’ trade, it is important to understand in what ways developing countries’ trade may be affected by the crisis. An equally important starting point is to examine the characteristics of small states and in what ways these determine the extent to which the global financial crisis displays its effects via the channel of trade. Sections 2 and 3 address these issues and derive the expected trade implications of the crisis on small states.

English

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