By Alvin G. Wint
Explores the demanding situations and possibilities linked to expanding competitiveness in small, constructing economies. in keeping with examine performed within the Caribbean.
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Extra info for Competitiveness in Small Developing Economies: Insights from the Caribbean
5. This analysis was also corrected for heteroskedasticity through White corrections of the standard errors, and the analysis showed no evidence of multicollinearity, autocorrelation or problems of undue influence from outlying observations. In this set of countries, the export variable has a negative sign, but is statistically insignificant. The service, political/country risk, infrastructure and education variables had the same signs as those hypothesized for small countries but, in the case of these larger countries, political/country risk and education were the statistically significant variables.
The positive, but statistically insignificant, service variable in the analysis suggests that caution needs to be expressed about the presumed link between service orientation and increased productivity in small countries. For small countries, the most striking elements of the statistical analysis lie in the emphasis on the importance of reducing risk and improving infrastructure as mechanisms for improving relative economic performance. These were the statistically significant variables in the small-country regression analysis.
Of these ninety-two territories, eighteen are in the Caribbean, although only Jamaica falls within the category of the thirty-two countries on which there is full reporting, while seventeen of these territories are microeconomies. 31 Analysing the performance differences among these Caribbean countries is facilitated by the common heritage of many. Most of these countries are former, or current, colonies of the United Kingdom. In colonial days, when risk profiles and industries (primarily agriculture in the form of sugar and banana cultivation) were very similar across this set of countries, the most important influence on economic performance was country size.