CEU Electronic Theses and Dissertations, 2011
| Author | Kokstaite, Monika |
|---|---|
| Title | The Economic Security of Small States: The Cases of Iceland, Latvia and Lithuania |
| Summary | The studies of small states have recently come back to one of the main questions for small states’ existence – economic security. Since the only one framework, covering the analysis of vulnerabilities and resilience created and applied by Briguglio, Cordina, Farrugia and Vella indicated Iceland as the most resilient country in the world, the turmoil and dramatic setbacks in small states after the 2008 crisis should raise doubts about its further applicability. This thesis examines what the most important factors are for small states’ economic security and especially resilience, and proceeds with new framework for analysis. By applying the framework to the analysis of the critical Iceland, Latvia and Lithuania’s cases, I present the changes in economic security over time in small states and identifies the areas were improvements and special policy makers’ attention is needed. By using the 2008 crisis as a catalyst, I show to what extent the constructed framework helps to evaluate economic security and what future studies of small states’ economic security should dwell on in order to learn a lesson from the 2008 financial crisis. In contrast to previous studies, this thesis reveals that Lithuania is more vulnerable than Iceland, and, in terms of resilience, the analyzed countries are not doing very well. Proper regulation is still a great challenge for all three countries. Finally, the further analysis of the inclusion of financial regulation under resilience “umbrella” is suggested to improve the explanatory power of resilience framework and the presented model hereby in general. |
| Supervisor | Fetzer, Thomas |
| Department | International Relations MA |
| Full text | https://www.etd.ceu.edu/2011/kokstaite_monika.pdf |
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