Handbook of Small States

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.

• Introduction 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 Yun5 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 – 20 10): 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 StatesMatthew 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 PreferencesMarie 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 2 1 The Effect of Brain Drain on Productivity Growth in Small States Maurice Schiff and Yanling Wang 2 2 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- 20 14 T. K. Jayaraman, Chee Keong Choong, Cheong Fatt Ng and Markand Bhatt