/library/oar/handle/123456789/60732 2025-12-21T13:10:24Z /library/oar/handle/123456789/61631 Title: The authors [Small states and the pillars of economic resilience] Abstract: List of the authors that contributed in In L. Briguglio, G. Cordina, N Farrugia, & C. Vigilance (Eds.), Small states and the pillars of economic resilience. 2008-01-01T00:00:00Z /library/oar/handle/123456789/61630 Title: Introduction [Small states and the pillars of economic resilience] Authors: Briguglio, Lino; Cordina, Gordon; Farrugia, Nadia; Vigilance, Constance Abstract: Small developing states tend to be inherently prone to exogenous shocks over which they can exercise very little control, if any. In the main such proneness emanates from these states' structural trade openness and their very high dependence on a narrow range of exports. There are a number of small developing states that, in spite of their economic vulnerability, manage to generate a relatively high GDP per capita when compared with other developing countries. This can be ascribed to economic resilience building, which Briguglio et al. (2006) associate with policy-induced measures that enable a country to recover from or adjust to the negative impacts of adverse exogenous shocks and to benefit from positive shocks. Briguglio et al. argue that economic resilience depends upon appropriate policy interventions in four principal areas, namely macroeconomic stability, microeconomic market efficiency, good governance and social development. 2008-01-01T00:00:00Z /library/oar/handle/123456789/61629 Title: Macroeconomic stability and economic resilience in small states : the role of macroeconomic policies Authors: Schembri, Lawrence Abstract: This chapter examines the role of macroeconomic stability in building economic resilience and considers which public policies are best suited towards this end, especially in small states. The paper argues that small states have difficulty achieving stable economic growth principally because they are highly exposed to external shocks. In this regard, economic resilience is an important and useful concept as it relates to the capacity of small states to respond to such shocks. The main argument put forward in this chapter is that fiscal deficits must be prudently managed to ensure that the path for public debt is sustainable; otherwise other macroeconomic policies will be undermined. 2008-01-01T00:00:00Z /library/oar/handle/123456789/61628 Title: Government expenditure, debt and fiscal adjustment in small states Authors: Medina Cas, Stephanie; Ota, Rui Abstract: Using a new fiscal dataset for small states, this paper analyses the link between country size, government size, debt, and economic performance. It finds that on average small states have larger governments and higher public debt. Although there are intrinsic factors that explain why governments are bigger in small states, those with smaller governments and lower public debt tend to grow faster and are less vulnerable and more economically resilient to external shocks. Large fiscal adjustments, primarily through expenditure restraint, can underpin growth, especially when embedded in an economic reform programme. Since better governance is associated with lower debt, fiscal adjustment should be supported by governance improvements. 2008-01-01T00:00:00Z