| Material | : | Makale |
| Category | : | Ekonomi, |
| Title | : | Economics of Small States and Globalization: Lessons for the Caucasus |
| Author | : | Erol Taymaz, |
| Place of Publishing | : | Ankara |
| Publisher | : | kafsam |
| Date of Publishing | : | 2009 |
| Volume No. | : | |
| Number of Pages | : | 23 |
| ISBN No | : | |
| Language | : | İngilizce |
| Shelf Number | : | DG.M.EN.000001 |
| Subject | : | Economics of Small States and Globalization: Lessons for the Caucasus |
| Remarks | : | The discussion on the opportunities and obstacles for economic development in small states is on the policy agenda since the increase in the number of independent small states in the 1970s as a result of the decolonization process. It is suggested by many researchers that the development of small states is hindered by a number of unavoidable obstacles such as high production costs, high transportation costs, and transaction costs. Moreover, since small countries would not be able to have a diversified economy, they are likely to be vulnerable to adverse external shocks. The process of globalization could amplify these problems because international cost differences would be more important in the global economy, and the globalization of economic activities, especially financial activities, would make it easier to transmit economic crises in main developed markets to the rest of the world. In this paper, we analyze if these arguments are supported by the data. Our analysis shows that small states may suffer from certain size-related disadvantages, but they could overcome most of these disadvantages by taking appropriate measures to exploit their distinct opportunities. Moreover, the empirical evidence suggests that small states, on average, do not perform worse than large states do. We also discuss some of the lessons that could be relevant for the Caucasian countries. |
| Keywords | : | Small states, development, Caucasus, |
| Material | : | Makale |
| Category | : | Ekonomi, |
| Title | : | Economics of Small States and Globalization: Lessons for the Caucasus |
| Author | : | Erol Taymaz, |
| Place of Publishing | : | Ankara |
| Publisher | : | kafsam |
| Date of Publishing | : | 2009 |
| Volume No. | : | |
| Number of Pages | : | 23 |
| ISBN No | : | |
| Language | : | İngilizce |
| Shelf Number | : | DG.M.EN.000001 |
| Subject | : | Economics of Small States and Globalization: Lessons for the Caucasus |
| Remarks | : | The discussion on the opportunities and obstacles for economic development in small states is on the policy agenda since the increase in the number of independent small states in the 1970s as a result of the decolonization process. It is suggested by many researchers that the development of small states is hindered by a number of unavoidable obstacles such as high production costs, high transportation costs, and transaction costs. Moreover, since small countries would not be able to have a diversified economy, they are likely to be vulnerable to adverse external shocks. The process of globalization could amplify these problems because international cost differences would be more important in the global economy, and the globalization of economic activities, especially financial activities, would make it easier to transmit economic crises in main developed markets to the rest of the world. In this paper, we analyze if these arguments are supported by the data. Our analysis shows that small states may suffer from certain size-related disadvantages, but they could overcome most of these disadvantages by taking appropriate measures to exploit their distinct opportunities. Moreover, the empirical evidence suggests that small states, on average, do not perform worse than large states do. We also discuss some of the lessons that could be relevant for the Caucasian countries. |
| Keywords | : | Small states, development, Caucasus, |
© 2015 Caucasian Research Culture and Solidarity Foundation