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The impact of Spanish immigrants on the Trinidad and Tobago's economy: can Spanish as a second language promote trade?
- Source :
-
Journal of International Trade & Economic Development . Feb 2022, Vol. 31 Issue 1, p136-159. 24p. 9 Charts, 1 Graph. - Publication Year :
- 2022
-
Abstract
- 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]
Details
- Language :
- English
- ISSN :
- 09638199
- Volume :
- 31
- Issue :
- 1
- Database :
- Academic Search Index
- Journal :
- Journal of International Trade & Economic Development
- Publication Type :
- Academic Journal
- Accession number :
- 155144746
- Full Text :
- https://doi.org/10.1080/09638199.2021.1962955