Competitiveness in Small Developing Economies: Insights from by Alvin G. Wint
By Alvin G. Wint
Explores the demanding situations and possibilities linked to expanding competitiveness in small, constructing economies. in keeping with learn performed within the Caribbean.
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Additional info for Competitiveness in Small Developing Economies: Insights from the Caribbean
The experience of Caribbean economies suggests that fixed exchange rates, despite their disadvantages, have been more conducive to maintaining economic stability and growth in small countries than have flexible rates. This chapter turns to the experience of a single economy – Barbados – to examine the implications of maintaining a fixed exchange rate. Focus on a single country enables us to look at experience over a number of years and in a greater level of detail. This adds to the understanding that the previous chapter provided based on a cross-sectional, more cursory, examination of a number of countries and territories.
At the same time, the fixed exchange rates create an environment of stability that is conducive to investment and trade, particularly in the areas of financial services and tourism that dominate economic activity in this region. This does not represent an “orthodox” economic position, since the dominant view on exchange rate determination, operating through the PPP principle, is that inflation differentials determine exchange rate movements, rather than exchange rate movements determining inflation.
7. 7: Relationship between Export-to-GDP Ratios and Per Capita Income Levels in Small Caribbean Countries Country Antigua and Barbuda Bahamas Barbados Grenada Guyana Jamaica St Kitts and Nevis St Lucia St Vincent and Grenadines Trinidad and Tobago a Export of G&Sa to GDPb (%) 70 55 50 61 80 44 43 55 52 48 Per Capita Income Levelc (US$) 8,300 (e) 7,890 3,450 2,760 2,330 6,420 3,770 2,700 4,390 G&S – Goods and services b The most comprehensive comparative source of such data is the International Financial Statistics (IFS), although this publication provides data on only ten small Caribbean countries.