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2019 | nr 2(12) | 56--83
Tytuł artykułu

Pacific Island Countries: In Search of a Trade Strategy

Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
This paper examines the role of international trade for economic prosperity in Pacific island countries (PICs), discusses their comparative advantage, and explores the potential for trade, and tourism in particular, to serve as a locomotive for inclusive economic growth. We find the trade performance in PICs has been generally weak over the past decade, with the exception of resource-rich countries. Small country size and remoteness from global economic centers may have contributed to this relatively poor performance. Using the gravity models to analyze the determinants of merchandise trade and tourism in PICs, we find tourism in these countries faces more favorable conditions for growth than goods exports. Further, we place our analysis in the context of the eastward shift of global economic gravity, focusing on emerging Asia as a source of demand for resource-based goods and services. We argue that the emergence of Asia as a dynamic global economic region presents PICs with an unprecedented opportunity to develop trade, particularly tourism, although traditional markets will remain important for a long time to come. Moreover, if stronger synergies can be established between tourism, agriculture, and fisheries, Pacific island countries stand a better chance to improve broad-based growth. (original abstract)
Rocznik
Numer
Strony
56--83
Opis fizyczny
Twórcy
autor
  • Fujian University of Technology, China
  • Reserve Bank of Fiji, Fiji
  • Asian Development Bank, Philippines
autor
  • International Monetary Fund
  • International Monetary Fund
Bibliografia
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  • Narayan, P. (2004) Reformulating Critical Values for the Bounds F-Statistics Approach to Cointegration: An Application to the Tourism Demand Model for Fiji. Monash University Discussion Paper, No. 02/04. Melbourne: Monash University.
  • Rahman, M.M. (2003) A Panel Data Analysis of Bangladesh's Trade: The Gravity Model Approach. Proceedings of the 5th Conference (September 11-13, 2003) of the European Trade Study Group. Madrid: European Trade Study Group.
  • Sheridan, N., Tumbarello P., and Wu Y. (2012) Global and Regional Spillovers to Pacific Island Countries. IMF Working paper No. 12/154. Washington: International Monetary Fund.
  • Song, H. (2013) China Outbound Tourism: Trends and Prospects (Hong Kong: The Hong Kong Polytechnic University).
  • Song, H., and Li, G. (2007) Tourism Demand Modeling and Forecasting - a Review of Recent Research. Tourism Management 29 (2), pp. 203-220.
  • Tinbergen, J. (1962) An analysis of world trade flows. In Shaping the World Economy. New York: Twentieth Century Fund.
  • United Nations World Tourism Organization (UNWTO), 2013, Tourism Towards 2030: Global Overview (Madrid: United Nations World Tourism Organization).
  • Winters, L.A., and Pedro M.G. (2004) When Comparative Advantage is Not Enough: Business Costs in Small Remote Economies. London: Centre for Economic Performance, London School of Economics.
  • Yang, Y., Chen H., Singh, S.R., and Singh, B. (2013) The Pacific Speed of Growth: How Fast Can It Be and What Determines It? IMF Working Paper, 13/104. Washington: International Monetary Fund.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171610163

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