Open and Nimble : Finding Stable Growth in Small Economies.

Front Cover -- Contents -- Acknowledgments -- About the Authors -- Abbreviations -- Chapter 1 Introduction -- Note -- Chapter 2 What Is a Small Economy? -- What Is a "Small" Economy? -- Differences in Economic Orientation among Small Economies in LAC -- Economic Size and Its Relationship with Growth Outcomes -- Notes -- References -- Chapter 3 In Search of Scale Economies with International Data -- Literature on Economies of Scale -- Economies of Scale in Trade Patterns -- Scale Economies in Spillovers from Foreign Direct Investment? -- Evidence of Scale Economies in Government -- Notes -- References -- Chapter 4 Implications for Economic Outcomes -- External Economic Volatility -- Higher Relative Costs of Natural Disasters -- Fiscal Challenges in the Context of Fixed Exchange Rates -- Low Savings Rates -- Notes -- References -- Chapter 5 Open and Nimble: How Small Economies Adapt to Their Economic Challenges -- Openness to Trade and Investment -- Nimbleness: Diversification Over Time -- Emigration and Remittances -- Notes -- References -- Chapter 6 Policy Implications -- Economic Characteristics of Small Economies -- Policy Solutions -- Concluding Thoughts -- Notes -- References -- Appendix A Distribution of Labor Force Size in Latin America and the Caribbean -- Figures -- Figure 2.1 Export Value Decomposition for Small Economies in Latin America and the Caribbean, 2014 -- Figure 2.2 Differing Long-Term Growth Trends in Small Economies in Latin America and the Caribbean, 1981-2013 -- Figure 2.3 LAC Labor Force Size in 2013 -- Figure 2.4 GDP per Capita PPP Levels in LAC, 2013 -- Figure 2.5 Long-Run Growth Rates in LAC, 1970-2013 -- Figure 3.1 Number of Export Product Lines, 1995-2013 -- Figure 3.2 Herfindahl-Hirschman Index, 1995-2013 -- Figure 3.3 Relationship between Size and Openness.

Figure 3.4 Relationship between Openness and Number of Export Lines -- Figure 3.5 Partial Correlation between Size and Number of Export Lines, Controlling for Openness -- Figure 3.6 Partial Correlation between Openness and Number of Export Lines, Controlling for Size -- Figure 3.7 Number of Export Markets, 1995-2013 -- Figure 3.8 Herfindahl-Hirschman Index Export Markets, 1995-2013 -- Figure 3.9 Share of Exports in Increasing Returns to Scale Products, 1995-2013 -- Figure 3.10 Backward Linkages Increase with Size -- Figure 3.11 Effects of Different Sectors on the Propensity to Form Backward Linkages -- Figure 3.12 Partial Correlation between Backward Linkages and Labor Force Size, Controlling for Average Years of Education Attained -- Figure 3.13 Partial Correlation between Backward Linkages and Average Years of Education Attained, Controlling for Labor Force Size -- Figure 3.14 Government Spending as a Share of GDP, 1990-2013 -- Figure 3.15 Partial Correlation between Government Spending and Labor Force Size, Controlling for Level of GDP per Capita -- Figure 3.16 Partial Correlation between Government Spending and GDP per Capita Levels, Controlling for Labor Force Size -- Figure 3.17 Partial Correlation between Openness and Government Spending, Controlling for Labor Force Size and GDP per Capita Levels -- Figure 3.18 Government Revenue Generation, 1990-2013 -- Figure 4.1 Terms of Trade Growth Volatility, 1970-2013 -- Figure 4.2 Partial Correlation between Terms of Trade Volatility and Number of Export Lines, Controlling for Labor Force -- Figure 4.3 Partial Correlation between Terms of Trade Volatility and Labor Force, Controlling for Number of Export Lines -- Figure 4.4 Marginal Impact of Partners, Given Number of Export Lines -- Figure 4.5 Marginal Impact of Products, Given Number of Trading Partners -- Figure 4.6 Growth Rate Volatility, 1970-2013.

Figure 4.7 Relationship between Size and Growth Volatility, 1970-2013 -- Figure 4.8 Partial Correlation between Terms of Trade Volatility and Growth Rate Volatility, Controlling for Development, Size, Number of Export Lines, and Openness -- Figure 4.9 Partial Correlation between Openness and Growth Rate Volatility, Controlling for Development, Size, Number of Export Lines, and Terms of Trade Volatility -- Figure 4.10 Number of Disasters per Year, 1970-2013 -- Figure 4.11 Damages Relative to GDP in a Disaster Year, 1970-2013 -- Figure 4.12 Choice of Exchange Rate Regime by Labor Force, 1996-2007 -- Figure 4.13 Government Debt in 2013 -- Figure 4.14 Relationship between Government Debt and Terms of Trade Volatility -- Figure 4.15 Partial Correlation between Government Debt and Terms of Trade Volatility, Controlling for GDP per Capita Levels, Labor Force Size, and Openness -- Figure 4.16 Long-Run Savings, 1970-2013 -- Figure 4.17 Savings Rate versus Size -- Figure 4.18 Relationship between Savings and Investment -- Figure 4.19 Relationship between Investment and Growth -- Figure 5.1 Trade Openness, 1970-2013 -- Figure 5.2 Foreign Direct Investment Inflows, 1970-2013 -- Figure 5.3 Creation and Destruction of Export Product Lines, 1972-2012 -- Figure 5.4 Ratio of Latent Products to Average Number of Export Lines, 1995-2013 -- Figure 5.5 Stock of Emigrants over Labor Force, 2015 -- Figure A.1 Distribution of Labor Force in Latin America and the Caribbean in 2013 -- Figure A.2 Changes in Labor Force between Countries in Latin America and the Caribbean in 2013 -- Tables -- Table 2.1 Small Economies in Latin America and the Caribbean by Export Orientation, 2014 -- Table 4.1 Determinants of Terms of Trade Volatility -- Table 4.2 Determinants of Growth Volatility -- Table 4.3 Determinants of Damages from Disasters -- Table 5.1 Determinants of Emigrant Ratio.

Table 5.2 Determinants of Remittances -- Table 5.3 Unemployment and Remittances -- Table 5.4 Remittances and Participation -- Table A.1 Countries Grouped by Labor Force Size in 2013 -- Table A.2 Countries Grouped by Income Levels -- Table A.3 LAC Countries Grouped by Region and Subregion -- Table A.4 LAC Small Economies by Economic Orientation.

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