Handbook of Small States: Economic, Social and Environmental Issues, 1st Edition (Hardback) book cover

Handbook of Small States

Economic, Social and Environmental Issues, 1st Edition

Edited by Lino Briguglio


628 pages

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pub: 2018-05-08
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This handbook covers a wide spectrum of issues relating to small states. Chapters in the volume have been grouped under the three main themes of economic, social and environmental issues. The economics sections include chapters dealing with trade, finance and regulatory frameworks, while the social theme covers health, migration, population ageing, as well as overall social wellbeing. The environmental theme examines matters such as measuring environmental performance, natural disasters, the ocean economy, and the validity of the Sustainable Development Goals.

One major issue is the definition of small states. As this volume demonstrates, generally speaking, population is used to measure country size in the literature. However, it clearly emerges that there is no real consensus as to the population cut-off point that distinguishes small states from large ones. While the approaches taken by the authors vary, in all cases the chapters draw practical policy implications for small states. The book can therefore be considered as a wide-ranging depositary of information on small states with the aim of deriving policy prescriptions, and thus as an excellent resource for academics, students and policymakers.

Table of Contents


Lino Briguglio


Part I: Trade


1 Opportunities and Challenges for Small Economies in Global Value Chains

Rainer Lanz and Hans-Peter Werner

2 Trade Openness, Volatility and Governance

Lino Briguglio and Melchior Vella

3 Trade, Fiscal and Welfare Considerations of the CARIFORUM-EU Economic Partnership Agreement: A CARICOM Perspective

Roger Hosein, Rebecca Gookool and Troy Lorde

4 Structural Reform and Growth: What Really Matters? Evidence from the Caribbean

Kevin Greenidge, Meredith Arnold McIntyre, and Hanlei Yun

5 The Export of Higher Education services from Small Island Developing States: the Caribbean Potential

Richard L. Bernal


Part II: Finance


6 Do Small States Need Large External Buffers? Evidence from an Event-study analysis

Valerio Crispolti

7 Challenges in Correspondent Banking in the Small States of the Pacific

Jihad Alwazir, Fazurin Jamaludin, Dongyeol Lee, Niamh Sheridan, and Patrizia Tumbarello

8 Anchoring the Exchange Rate in the Small Open Economy: Why and How?

DeLisle Worrell, Winston Moore and Jamila Beckles

9 The Role of Excess Liquid Assets in Monetary Policy of Small Open Developing Economies

Tarron Khemraj

10 The Evolution of Stock Markets in the CARICOM Region (1969 – 2010): Lessons for other Emerging Small Economies

John Gerard Cozier and Patrick Kent Watson

11 Monetary Transmission Mechanisms in Selected Small Island Developing States with Floating Exchange Rates

Wendell Samuel and Arina Viseth


Part III: Aid and Foreign Direct Investment


12 Improving Aid Allocation for Small Developing States

Patrick Guillaumont, Vincent Nossek and Laurent Wagner

13 Dutch Disease and the Pacific Island Countries

T. K. Jayaraman and Evan Lau

14 The Determinants and Growth Effects of Foreign Direct Investment in Small Economies

Robert Read


Part IV: Regulatory Issues


15 When International ‘Best Practice’ is Not: Power Sector Reform in Small Island States

Matthew Dornan

16 Regulatory Frameworks in Small States – with Special Reference to Telecommunications

Omar Dhaher

17 Small States and Regional Competition and Consumer Law Agreements: Some Key Features, Lessons and Experiences

George R. Barker


Part V: Social Issues


18 Behavioural Economics and Small States: A Focus on Social Preferences

Marie Briguglio and Jonathan Spiteri

19 Small is Beautiful: Country Size and National Wellbeing in Small Economies

Robert Read

20 The Effects of Skilled Emigration on Small Island Nations

Satish Chand

21 The Effect of Brain Drain on Productivity Growth in Small States

Maurice Schiff and Yanling Wang


22 Smallness Compared: On Democracy and Modernization

Dag Anckar

23 Challenges and Opportunities for the Health Sector in Small States

Natasha Azzopardi Muscat and Carl Camilleri

24 Demographic Transition and Population Ageing in Small States

Philip von Brockdorff and Melchior Vella




Part VI: Environmental Issues


25 Environmental Economics: Special considerations for Small States

Stefano Moncada, Jonathan Spiteri and Marie Briguglio


26 Small Island Developing States and Sustainable Development Goals: Curse or Cure

John Laing Roberts

27 Small Island Developing States and the Ocean Economy: Widening the Development Frontier

Bonapas Francis Onguglo, and David Vivas Eugui

28 The Fiscal Consequences of Natural Disasters: Does Country Size Matter?

Reginald Darius, Travis Mitchell, Sanjana Zaman and Charumathi Raja

29 Natural Disasters and Tourism-led Economic Growth: A Case Study of Fiji: 1980-2014

T. K. Jayaraman, Chee Keong Choong, Cheong Fatt Ng and Markand Bhatt

About the Editor

Lino Briguglio is an Economics Professor at the University of Malta and also directs the Islands and Small States Institute of the same University. He possesses a PhD in Economics from the University of Exeter, UK. He was formerly Head of the Economics Department and of the Banking and Finance Department of the University of Malta, as well as Director of the University Gozo Campus. He is former Chief Executive Officer of the Foundation for International Studies of the University of Malta. His main area of interest is islands and small states studies, in particular economic aspects, and he has authored many publications on this subject. He is known internationally for his seminal work on the ‘vulnerability index’ which led to a worldwide interest in and to many quantitative studies on Economic and Environmental Vulnerability. He has also pioneered studies on economic resilience.

About the Series

Europa Perspectives: Emerging Economies

The Europa Emerging Economies series from Routledge, edited by Robert E. Looney, examines a wide range of contemporary economic, political, developmental and social issues as they affect emerging economies throughout the world. Complementing the Europa Regional Surveys of the World series and the Handbook of Emerging Economies, which was also edited by Professor Looney, the volumes in the Europa Emerging Economies series will be a valuable resource for academics, students, researchers, policy-makers, professionals, and anyone with an interest in issues regarding emerging economies in the wider context of current world affairs.

There will be individual volumes in the series which provide in-depth country studies, and others which examine issues and concepts; all are written or edited by specialists in their field. Volumes in the series are not constrained by any particular template, but may explore economic, political, governance, international relations, defence, or other issues in order to increase the understanding of emerging economies and their importance to the world economy.

Robert E. Looney is a Distinguished Professor at the Naval Postgraduate School, Monterey, California, who specializes in issues relating to economic development in the Middle East, East Asia, South Asia and Latin America. He has published over 20 books and 250 journal articles, and has worked widely as a consultant to national governments and international agencies.

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Subject Categories

BISAC Subject Codes/Headings:
BUSINESS & ECONOMICS / Development / Economic Development
POLITICAL SCIENCE / International Relations / General
POLITICAL SCIENCE / Economic Conditions
POLITICAL SCIENCE / Public Policy / Economic Policy
POLITICAL SCIENCE / Government / National