The economic growth of small states and small economies in regional economic organizations and integrations: similarities and differences

Abstract

The authors examine the effect of membership of small states in regional economic organizations and integrations on the growth of GDP. The aim is to use cost-benefi t analysis to answer the question of whether small states, and also small economies, achieve greater economic growth through regional economic organizations and integrations than those small states that are not small economies. Small states, as the subjects of research work, have been
chosen precisely because of their size, here defi ned by quantitative criteria, but taking into account that relational criteria are very important for their positioning in international relations, such as greater exposure to external infl uences and their dependence on membership in regional economic organizations and integrations. The GDP of small states, in an attempt to answer the hypothesis, was followed for a period of twenty years. Characteristics that
depend on regional affi liation of small states, as well as the similarities and differences between small states which are members of the same regional economic organizations/integrations, were also the subject of this paper.