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Arnold McIntyre, Mike Xin Li, Ke Wang, and Hanlei Yun
The paper considers concepts of economic diversification with respect to exports (including service sectors) for small states. We assessed the economic performance of different groups of 34 small states over the period of 1990-2015 and found those more diversified experienced lower output volatility and higher average growth than most other small states. Our findings are consistent with conventional economic theories but we found that export diversification has a more significant impact on reducing output volatility than improving long run growth in small states. Diversification requires fundamental changes and should be contemplated in the context of a cohesive development strategy.
Arnold McIntyre, Mike Xin Li, Ke Wang, and Hanlei Yun

control variables for each 3-year period. Again, the number of control variables included here is limited by poor data availability for small states. Table X shows our growth regression results on small states. The coefficient on the diversification measure of 1-digit export goods (HFI) is negative and significant as expected. When HFI of 1-digit export goods decreases, growth rate increases, which suggests export diversification across products at the 1-digit level helps economic growth. Similarly, we found that the coefficient of HFI of 4-digit export goods is