Book review : Development and stabilization in small open economies : theories and evidence from Caribbean experience

Abstract

Many books cover the structural features of open economies and the resulting policy dilemmas that these countries face. These provide analytical frameworks for understanding macroeconomic processes and outcomes in areas such as fiscal and monetary policy, exchange rate dynamics, international competitiveness, economic growth, and labour market outcomes for economies which are highly integrated into the global economy. While these books offer insights that can be helpful to small open economies (SOEs), they are usually aimed at larger open economies and therefore not a good fit for some of the SOEs, such as the majority of countries covered in Development and stabilization in small open economies. [excerpt]