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  • CJLACS, final Pure Caribbean Crisis & Performance, September 2018

    Rights statement: This is an Accepted Manuscript of an article published by Taylor & Francis in Canadian Journal of Latin American and Caribbean Studies 2018, available online: https://www.tandfonline.com/doi/abs/10.1080/08263663.2018.1513718

    Accepted author manuscript, 946 KB, PDF document

    Available under license: CC BY-NC: Creative Commons Attribution-NonCommercial 4.0 International License

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The Impact of the 2008 Global Crisis On Small Economies in the Caribbean

Research output: Contribution to journalJournal articlepeer-review

Published
<mark>Journal publication date</mark>2018
<mark>Journal</mark>Canadian Journal of Latin American & Caribbean Studies
Issue number3
Volume43
Number of pages23
Pages (from-to)394-416
Publication StatusPublished
<mark>Original language</mark>English

Abstract

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.

Bibliographic note

This is an Accepted Manuscript of an article published by Taylor & Francis in Canadian Journal of Latin American and Caribbean Studies 2018, available online: https://www.tandfonline.com/doi/abs/10.1080/08263663.2018.1513718