The impact of the 2008 global crisis on small economies in the Caribbean
Bibliographic Data
| ID | 5674690 |
|---|---|
| Authors | H W Armstrong (0000-0002-2534-848X, University of Sheffield), Robert Read (0000-0002-8001-1900, Department of Economics, Lancaster University Management School, Lancaster, UK) |
| Year | 2018 |
| Volume | 43 |
| Issue | 3 |
| Pages | 394-416 |
| Publication date | 2018-09-02 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Canadian Journal of Latin American and Caribbean Studies / Revue canadienne des études latino-américaines et caraïbes (JOURNAL) |
| Journal identifiers | ISSN: 0826-3663 • E-ISSN: 2333-1461 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/08263663.2018.1513718 |
| OpenAlex | W2894795019 |
| Language | EN |
| References cited | 24 |
This paper investigates the impact of the global 2008 crisis on the Caribbean region, with particular focus on its many small tourism-dependent economies. Specialization in tourism and, in some cases, offshore financial services has been a successful specialization strategy for many small economies but has made them highly susceptible to exogenous economic shocks. The paper utilizes cluster analysis to identify five distinct pre-crisis patterns of sectoral specialization in Caribbean economies generally. The 2008 crisis is shown to have had very distinct cluster-specific effects, with small economies specializing in tourism and financial services being the worst affected. These findings raise important questions regarding the future sustainability of this sectoral growth template, previously adopted by many successful small economies
Business · Caribbean region · Economic geography · Economics · Economy · Financial crisis · Geography · Latin Americans · Macroeconomics · Political science · Sustainability · Tourism · Cruise Tourism Development and Management · Economic Zones and Regional Development · Island Studies and Pacific Affairs
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| Highly cited | No |
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