Search Results

You are looking at 1 - 10 of 13 items for :

  • "a number of small states" x
Clear All
Mr. Chris Becker
This paper seeks to document key characteristics of small island states in the Pacific. It restricts itself to a limited number of indicators which are macro-orientated - population, fertility of land, ability to tap into economies of scale, income, and geographic isolation. It leaves aside equally important but more micro-orientated variables and development indicators. We show that small island states in the Pacific are different from countries in other regional groupings in that they are extremely isolated and have limited scope to tap economies of scale due to small populations. They often have little arable land. There is empirical evidence to suggest that these factors are related to income growth.
Mr. Chris Becker

cooperation (see also Hausmann 2001 ). A number of small states could come together to form a larger common market for goods and services, or share access to certain types of infrastructure. Figure 9.3 sums the population of all countries in each region to derive a regional aggregate as an indication of the potential for cooperation. Figure 9.3 Small States: Population by Region Source: World Bank, World Development Indicators database. Note: Population measured as the sum of population in all states in the regions shown. In terms of the scope for

International Monetary Fund. Secretary's Department

-au-Prince, Haiti Executive Directors recognized that small states had not matched the improved economic performance of larger countries since the late 1990s. With slower and more volatile growth than larger peers and higher public spending during this period, it was observed, a number of small states faced high debt burdens and reduced policy buffers. The ability of small states to manage economic shocks had also been hampered by their weak financial systems. Microstates faced particular challenges, marked by more volatile growth and external accounts and more costly banking

Mr. Chris Becker

scope to improve the position of small states through regional cooperation (see also Hausmann, 2001 ). A number of small states could come together to form a larger common market for goods and service, or share access to certain types of infrastructure. Figure 3 sums the population of all countries in each region to derive a regional aggregate as an indication of the potential for cooperation. Figure 3: Small States - Population (by region) Sum of population in all states in the region, thousands Source: World Bank In terms of the scope for

International Monetary Fund

high lending rates. 53. Inadequate financial infrastructure hinders lenders’ processes and keeps credit risk elevated. In a number of small states, legal frameworks deliver little protection of creditor rights, while absent or ineffective collateral registries for real estate and other secured assets limit creditor ability to enforce claims, a key component of financial development ( Yang and others, 2011 ). 35 Supervisory regulatory frameworks often fall short of international standards and, in most small states, the lack of credit report bureaus is an important

International Monetary Fund

Fragile states are countries where severe institutional weaknesses have significantly impaired the pace of economic development over time. For the purpose of the analysis in this paper, countries are deemed to be fragile if they currently record a score of 3.2 or less in the World Bank’s Country Policy and Institutional Assessment (CPIA). The grouping contains 27 countries—in most cases they are quite poor (falling below the International Development Association (IDA) operational cutoff income level of $1,205 per capita (2012), but also include a number of small states

International Monetary Fund. Legal Dept.

the late 1990s. With slower and more volatile growth than larger peers and higher public spending during this period, a number of small states now face high debt burdens and reduced policy buffers. The ability of small states to manage economic shocks has also been hampered by their weak financial systems. Micro states face particular challenges, marked by more volatile growth and external accounts and more costly banking services. Directors noted that the evidence suggests that small states are generally well-served by the Fund’s surveillance, technical

Ms. Manuela Goretti, Mr. Lamin Y Leigh, Aleksandra Babii, Mr. Serhan Cevik, Stella Kaendera, Mr. Dirk V Muir, Sanaa Nadeem, and Mr. Gonzalo Salinas

quartile on this indicator ( Annex Figure 4.1 , panel 2). This is also the case in a number of small states (below 1 million population, highlighted in red), which have significant levels of manufacturing exports. For example, Bahamas, Barbados, Saint Kitts and Nevis, and Saint Lucia have export medicaments, medical goods and equipment, ships and vessels, and electronics. Natural resource-based exports (for example, in fisheries and agriculture) are also a significant export diversification option, including for small states. Several countries have developed other

International Monetary Fund
This paper reviews the macroeconomic characteristics and performance of small states and discusses ways in which the Fund’s engagement with these countries could be better tailored to meet their needs. The Fund previously examined small states issues in 2000, informed by a Joint Task Force Report of the Commonwealth Secretariat (CS) and World Bank. Small states continue to face many of the same challenges they did then, and the 2000 Small States Report remains the foundation for much of the work in this area, both inside and outside the Fund. However, the relative macroeconomic performance of small states has deteriorated since the late 1990s, and a fresh look is warranted.
International Monetary Fund
An assessment of vulnerabilities and risks in LICs remains important both for LICs themselves and for the international community. There are currently 74 LICs, eligible for concessional financing from the Fund. This group of countries has a total population of about 1.3 billion, with an average per capita income of around $850. They typically face the steepest challenges in meeting the Millennium Development Goals (MDGs) and are increasingly the focus of global development assistance to assist them in this endeavor. This report serves several purposes. It provides a cross-cutting analysis of the economic vulnerabilities of LICs, yielding some general policy conclusions and messages aimed at strengthening their resilience to external shocks. It delivers a richer coverage of developments in LICs than is typically contained in the major IMF multilateral surveillance reports, where analysis is focused primarily on developments in the advanced and emerging market economies. The report serves as an effective outreach tool to country authorities and the wider public. Finally, it provides useful information to other international financial institutions (IFIs) and donors that provide financial resources to LICs on the potential financing needs of these countries under varying global scenarios.