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Are the Asia and Pacific Small States Different from Other Small States?

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  • Ms. Patrizia Tumbarello
  • Ezequiel Cabezon
  • Mr. Yiqun Wu

Abstract

The small states of the Asia and Pacific region face unique challenges in raising their growth potential and living standards relative to other small states due to their small populations, geographical isolation and dispersion, narrow export and production bases, exposure to shocks, and heavy reliance on aid. Higher fixed government costs, low access to credit by the private sector, and capacity constraints are also key challenges. The econometric analysis confirms that the Pacific Island Countries (PICs) have underperformed relative to their peers over the last 20 years. Although these countries often face more limited policy tools, policies do matter and can further help build resilience and raise potential growth, as evidenced in the recent business cycle. The Asia and Pacific small states should continue rebuilding buffers and improve the composition of public spending in order to foster inclusive growth. Regional solutions should also continue to be pursued.

Suggested Citation

  • Ms. Patrizia Tumbarello & Ezequiel Cabezon & Mr. Yiqun Wu, 2013. "Are the Asia and Pacific Small States Different from Other Small States?," IMF Working Papers 2013/123, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2013/123
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    References listed on IDEAS

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    1. Easterly, William & Kraay, Aart, 2000. "Small States, Small Problems? Income, Growth, and Volatility in Small States," World Development, Elsevier, vol. 28(11), pages 2013-2027, November.
    2. International Finance Corporation & World Bank, 2013. "Doing Business 2013 : Smarter Regulations for Small and Medium-Size Enterprises [Regulaciones inteligentes para las pequeñas y medianas empresas : resumen ejecutivo (Vol. 2)]," World Bank Publications - Books, The World Bank Group, number 11857.
    3. World Bank, 2012. "Acting Today for Tomorrow," World Bank Publications - Reports 26776, The World Bank Group.
    4. Mr. Chris Becker, 2012. "Small Island States in the Pacific: the Tyranny of Distance," IMF Working Papers 2012/223, International Monetary Fund.
    5. Mr. Yiqun Wu & Ms. Patrizia Tumbarello & Niamh Sheridan, 2012. "Global and Regional Spillovers to Pacific Island Countries," IMF Working Papers 2012/154, International Monetary Fund.
    6. Mr. Jonathan C Dunn & Mr. Matt Davies & Yongzheng Yang & Mr. Yiqun Wu & Mr. Shengzu Wang, 2011. "Monetary Policy Transmission Mechanisms in Pacific Island Countries," IMF Working Papers 2011/096, International Monetary Fund.
    7. World Bank & International Finance Corporation, "undated". "Doing Business in Italy 2013 : Smarter Regulations for Small and Medium-Size Enterprises," World Bank Publications - Reports 13331, The World Bank Group.
    8. Paul Cashin & Norman Loayza, 1995. "Paradise Lost? Growth, Convergence, and Migration in the South Pacific," IMF Staff Papers, Palgrave Macmillan, vol. 42(3), pages 608-641, September.
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    Cited by:

    1. World Bank Group, "undated". "World Bank East Asia and Pacific Economic Update, October 2014 : Enhancing Competitiveness in an Uncertain World," World Bank Publications - Reports 20522, The World Bank Group.
    2. Brito, Joao, 2015. "Country Size and Determinants of Economic Growth: A Survey with Special Interest on Small States," MPRA Paper 61273, University Library of Munich, Germany.
    3. World Bank, 2014. "Well-being from Work in the Pacific Island Countries," World Bank Publications - Books, The World Bank Group, number 18642.
    4. Carneiro,Francisco Galrao & Hnatkovska,Viktoria, 2016. "Business cycles in the eastern Caribbean economies: the role of fiscal policy and interest rates," Policy Research Working Paper Series 7545, The World Bank.
    5. Ezequiel Cabezon & Ms. Patrizia Tumbarello & Mr. Yiqun Wu, 2015. "Strengthening Fiscal Frameworks and Improving the Spending Mix in Small States," IMF Working Papers 2015/124, International Monetary Fund.

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