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Export structure is less diversified in low-income countries (LICs) and especially small states that face resource constraints and small economic size. This paper explores the potential linkages between export structure and economic growth and its volatility in LICs and small states, using a range of indices of export concentration differing in the coverage of industries. The empirical analysis finds that export diversification may promote economic growth and reduce economic volatility in these countries. Furthermore, the analysis demonstrates that the economic benefits of export diversification differ by country size and income level—there are bigger benefits for relatively larger and poorer countries within the group of LICs and small states.

Produce trade. --- Agricultural marketing --- Agricultural products --- Food trade --- Agriculture --- Food industry and trade --- Commodity exchanges --- Farm produce --- Economic aspects --- Exports and Imports --- Macroeconomics --- Macroeconomic Analyses of Economic Development --- Industrialization --- Manufacturing and Service Industries --- Choice of Technology --- Development Planning and Policy: General --- Trade: General --- Personal Income, Wealth, and Their Distributions --- Macroeconomics: Consumption --- Saving --- Wealth --- International economics --- Export diversification --- Exports --- Personal income --- Government consumption --- Export performance --- Income --- Consumption --- Economics

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Export Diversification in Low-Income Countries and Small States: Do Country Size and Income Level Matter?.

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Pacific island countries (PICs) are vulnerable severe natural disasters, especially cyclones, inflicting large losses on their economies. In the aftermath of disasters, PIC governments face revenue losses and spending pressures to address post-disaster relief and recovery efforts. This paper estimates the effects of severe natural disasters on fiscal revenues and expenditure in PICs. These are combined with information on the frequency of large disasters to calculate the rate of budgetary savings needed to build appropriate fiscal buffers. Fiscal buffers provide self-insurance against natural disaster shocks and facilitate quick disbursement for recovery and relief efforts, and protection of spending on essential services and infrastructure. The estimates can provide a benchmark for policymakers, and should be adjusted to take into account other sources of financing, as well as budget risks from less severe as well as more frequent disasters.

Budgeting --- Exports and Imports --- Macroeconomics --- Public Finance --- Natural Disasters --- National Budget --- Budget Systems --- Climate --- Natural Disasters and Their Management --- Global Warming --- Environmental Economics: Government Policy --- Fiscal Policy --- Foreign Aid --- National Government Expenditures and Related Policies: General --- Natural disasters --- International economics --- Public finance & taxation --- Budgeting & financial management --- Fiscal space --- Disaster aid --- Expenditure --- Budget planning and preparation --- Environment --- Fiscal policy --- Foreign aid --- Public financial management (PFM) --- International relief --- Expenditures, Public --- Budget --- Vanuatu

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Bo, Gao --- Chan Yuk Keung --- Lin Tian Miao --- Wang Gong Xin --- Wang Jin --- Zhan Wang --- Zhang Huan --- China