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
Final published version
Research output: Contribution to Journal/Magazine › Journal article › peer-review
Research output: Contribution to Journal/Magazine › Journal article › peer-review
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TY - JOUR
T1 - The Impact of the 2008 Global Crisis On Small Economies in the Caribbean
AU - Armstrong, Harvey
AU - Read, Robert Allan
N1 - 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
PY - 2018
Y1 - 2018
N2 - 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.
AB - 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.
KW - small economies
KW - Caribbean
KW - global crisis
KW - sectoral specialization
KW - cluster analysis
KW - tourism dependence
KW - economic performance
KW - crisis impact
U2 - 10.1080/08263663.2018.1513718
DO - 10.1080/08263663.2018.1513718
M3 - Journal article
VL - 43
SP - 394
EP - 416
JO - Canadian Journal of Latin American & Caribbean Studies
JF - Canadian Journal of Latin American & Caribbean Studies
SN - 0826-3663
IS - 3
ER -