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For developing economies, exporting broadens the horizon for facilitating effective integration into the global economy and improving overall competitiveness. While small developing states are particularly at high risk given their fundamental characteristics, the expected impact of these exogenous shocks on small resource dependent economies are amplified given the high possibility of lower levels of diversification. This paper therefore assesses the determinants of exports and exporting potential of SIDS (small island developing states) with a focus on Caribbean resource-based countries. Using non resource exports, in an aggregate and disaggregate form, as the dependent variable, the traditional gravity model was augmented to include a revealed comparative advantage (RCA) index, the real effective exchange rate (REER) of the exporter and the export sophistication (EXPY) index. The main findings indicate that an appreciation of the REER has an inverse impact on exports of non-resource commodities and that trade according to comparative advantage and differences in export sophistication occurs mainly in the agricultural sector. [ABSTRACT FROM AUTHOR]

This paper presents an analysis of structural transformation with respect to the CARICOM region’s export sophistication and diversification dynamics. Trends in the data indicate that CARICOM, in relation to other country groups, has the lowest number of active export lines. The region also has a low number of commodities with comparative advantage, and an almost negligible number of highly sophisticated exports. The factors affecting export diversification were also evaluated in relation to resource and factor endowments, the regulatory environment and the degree of technical progress. The overall results, from a global perspective, indicate that countries which are technically advanced tend to have a higher degree of export diversification while resource reliant economies are shown to be less diversified. In terms of CARICOM, structural factors and technical progress significantly explain diversification, however as the ease of doing business improves, these countries tend to become more specialized therefore highlighting the tendency to focus on sectors in which they are relatively strong given their factor endowments. [ABSTRACT FROM AUTHOR]

This paper examines the extent to which having Spanish as a second language influences trade in Trinidad and Tobago (T&T). Our study is motivated by the inflow of Venezuelan migrants into T&T on account of political and economic tensions in Venezuela. This influx of immigrants can positively impact the T&T economy using the Rybczynski theorem. This is necessary given that the country faces an aging population and a decline in trade with traditional trade partners. Gravity modelling including Pooled OLS, Fixed Effects Model, Random Effects Model and the Poisson-Pseudo Maximum Likelihood method are used to examine whether language affects T&T's extra-regional trade with Spanish speaking countries. It is determined that language is a significant factor in promoting trade in T&T, increasing bilateral trade and exports. The impact of Spanish immigrants on the T&T economy reduces the loss of exports as compared to if Spanish immigrants were absent. We suggest an intensification of the adoption of Spanish as a second language in T&T in order to promote trade with other Spanish speaking countries as it would reduce communication costs. [ABSTRACT FROM AUTHOR]

The seemingly unchartered territory of the Citizenship by Investment Programs (CIP) among the Organisation of Eastern Caribbean States (OECS), in recent times have come to the fore as the most viable means of attracting Foreign Direct Investment (FDI). This paper seeks to make a case for the CIPs in the OECS, as they offer a lucrative additional revenue stream to governments. It delves into the structure of the CIP in the OECS, paying particular attention to the programs' management and receipts utilisation. Additionally, the limitations of the CIP are discussed and recommendations postulated to improve the functioning and perception. [ABSTRACT FROM AUTHOR]

This paper proposes a modified gravity model based on the natural trading partner theory to assess the role of trade complementarity on CARICOM's international trade. The findings show that intra-CARICOM trade is increasing (marginally) in an environment characterised by rising trade structure complementarities (albeit low) while extra-CARICOM trade is increasing with declining trade structure complementarities. In particular, extra-CARICOM trade is strongly influenced by trade preferences in the European Union (EU), Canada and the United States of America (USA). This raises an important concern for policy makers as the region has started to negotiate Free Trade Agreements (FTAs) with their former preference donors. [ABSTRACT FROM AUTHOR]

The article examines economic performance in the CARICOM Region against the background of the challenges facing the growth of both regional and international trade. It argues that CARICOM has not only failed to create the expected dynamic in intra-regional trade but has also failed to lay the groundwork for a competitive and efficient manufacturing sector that could exploit foreign market opportunities in an increasingly transparent global economy. A strategy for greater competitiveness needs to embrace a broad range of non-price factors. [ABSTRACT FROM AUTHOR]

CARICOM as a small regional trading agreement is characterized by economies with differing degrees of development. This article reviews the differing economic attributes of these various CARICOM states and then discusses in detail how the intra-regional movement of skilled workers (such as nurses) can help to solve some of the regional shortages of skills which exists for this category of workers. The article argues that this type of skilled worker movement can provide considerable benefits for migrant nurses without the drift of their skills beyond the region. [ABSTRACT FROM AUTHOR]

'Resource curse' refers to a combination of economic and political challenges, which arise when a country's natural resource wealth increases. In such a situation, an increase in natural resource wealth, which should propel development, actually results in slower economic growth, increased poverty, higher levels of corruption, worse governance and greater potential for violent conflict. [ABSTRACT FROM AUTHOR]