Size and Sectoral Specialisation
The Asymmetric Cross‐country Impacts of the 2008 Crisis and Its Aftermath
Bibliographic Data
| ID | 21594409 |
|---|---|
| Authors | H W Armstrong (0000-0002-2534-848X, Department of Geography University of Sheffield Sheffield UK), Robert Read (0000-0002-8001-1900, Department of Economics Lancaster University Management School Lancaster UK, corresponding author) |
| Year | 2020 |
| Volume | 32 |
| Issue | 6 |
| Pages | 891-921 |
| Publication date | 2020-08-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Journal of International Development (JOURNAL) |
| Journal identifiers | ISSN: 0954-1748 • E-ISSN: 1099-1328 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1002/jid.3482 |
| OpenAlex | W3023885336 |
| Language | EN |
| Citations received | 4 |
| References cited | 37 |
This paper analyses the cross‐country impacts of the 2008 global financial crisis and the subsequent recovery process, with a specific focus on small economies. Key growth volatility variables highlight the critical exposure of small economies to the transmission of exogenous shocks owing to their high degrees of trade openness and inherent output and export specialisation, notably in financial services and tourism. These factors also constrain the mitigation of exogenous shocks giving rise to greater growth volatility. The paper demonstrates systematic asymmetries between countries with respect to the impact of the crisis and its persistence according to their size and patterns of sectoral specialisation. Small tourism‐dependent economies and nonsovereign entities were particularly adversely affected although an offshore financial sector partly mitigated the impacts. The robustness of the findings is examined further in the appendix with regard to truncation problems arising from the use of international datasets. © 2020 John Wiley & Sons, Ltd
Economic geography · Economics · Financial crisis · Financial economics · Geography · International economics · Macroeconomics · Monetary economics · Openness to experience · Tourism · Economic Zones and Regional Development · Island Studies and Pacific Affairs · Migration and Labor Dynamics
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| Citations per year | 0.8 |
|---|---|
| Citation span | 2021 - 2025 (5) |
| Highly cited | No |