Main Economic Characteristics of Small Countries: Some Empirical Evidence

Abstract

In the past four decades there have only been a few studies on the economic consequences of the size of countries (Robinson (1960), Khalaf (1971), Jalan (1982)) and only a few more on some of their special economic characteristics (Kuznets (1960), Michealy (1962), Lloyd (1968), Deans and Bernstein (1978), Senjur (1992a and 1992b), Damijan (1993, 1996), etc.). The main economic characteristics of small countries identified in those studies can be classified as a tendency towards: greater foreign trade openness greater concentration of production structure limited ability to achieve economies of scale greater commodity and geographic concentration of foreign trade larger public sector greater balance of payments difficulties smaller value of export multiplier. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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