DDI_WLD_1995_SSSP_v02_M 2010-10-24 NADA DDI Document - Version 02 - (04/21/21) This version is identical to DDI_WLD_1995_SSSP_v01_M but country field has been updated to capture all the countries covered by survey. Version 01 (October 2010) Small States, Small Problems? 1960-1995 SSSP 1960-1995 WLD_1995_SSSP_v01_M William Easterly and Aart Kraay NADA Development Research Group Macroeconomics - Indicators Dataset used for Easterly, William and Aart Kraay (1999). "Small States, Small Problems?". World Bank Policy Research Department Working Paper No. 2139 Small states have attracted a large amount of research. In this paper we test whether small states are any different from other states in terms of their income, growth, and volatility outcomes. We find that, controlling for location, small states have higher per capita GDP than other states. This income advantage is largely due to a productivity advantage, constituting evidence against the idea that small states suffer from an inability to exploit increasing returns to scale. Small states also do not have different per capita growth rates than other states. Small states do have greater volatility of annual growth rates, which is in part due to their greater volatility of terms of trade shocks. This terms of trade-based volatility is in turn due to small states’ greater openness. However, their greater openness on balance has a positive net payoff for growth. The one differential policy measure that might be relevant for small states is to further open up to international capital markets in order to better diversify risk, but the benefits of even that are still unresolved in the literature. We conclude that small states are no different from large states, and so should receive the same policy advice that large states do. Angola United Arab Emirates Argentina Armenia Antigua and Barbuda Australia Austria Azerbaijan Burundi Belgium Benin Burkina Faso Bulgaria Bahrain Bahamas, The Bolivia Brazil Barbados Bhutan Botswana Central African Republic Canada Switzerland Chile China China China Cameroon Congo, Rep. Congo, Rep. Colombia Comoros Cabo Verde Costa Rica Cyprus Czech Republic Germany Germany Djibouti Dominica Denmark Dominican Republic Algeria Ecuador Egypt, Arab Rep. Spain Estonia Ethiopia Finland Fiji France Gabon United Kingdom Georgia Ghana Guinea Gambia, The Guinea-Bissau Equatorial Guinea Greece Grenada Guatemala Guyana Hong Kong SAR, China Honduras Haiti Hungary Indonesia India Ireland Iran, Islamic Rep. Iraq Iceland Israel Italy Jamaica Jordan Japan Kazakhstan Kenya Kyrgyz Republic St. Kitts and Nevis Kuwait Lao PDR Lebanon Liberia St. Lucia Sri Lanka Lesotho Lithuania Luxembourg Latvia Morocco Moldova Madagascar Maldives Mexico Mali Malta Myanmar Mongolia Mozambique Mauritania Mauritius Malawi Malaysia Namibia Niger Nigeria Nicaragua Norway Nepal New Zealand Oman Pakistan Panama Peru Philippines Papua New Guinea Poland Puerto Rico Portugal Paraguay Qatar Romania Russian Federation Rwanda Saudi Arabia Sudan Senegal Singapore Solomon Islands Sierra Leone El Salvador Somalia Suriname Slovak Republic Slovenia Sweden Eswatini Seychelles Syrian Arab Republic Chad Togo Thailand Tajikistan Turkmenistan Tonga Trinidad and Tobago Tunisia Turkiye Taiwan, China Tanzania Uganda Ukraine Uruguay United States Uzbekistan St. Vincent & Grenadines Venezuela, RB Vietnam Vanuatu Samoa South Africa Zambia Zimbabwe Yugoslavia Fed. Rep. Soviet Union The database contains data on 176 countries from all regions in the world. Aggregate data [agg] The dataset includes the following indicators: - Real per capita GDP - Real per capita GNP - Population - GDP growth - Growth in population - Investment to GDP - Terms of trade shock - Secondary school enrollment rates - IMF indicator of capital account restrictions - Trade openess - Financial openness - Capital inflows - Institutional Investor Risk Ratings - Ethnolinguistic fractionalization - Inflation - Proportion of population speaking english - Proportion of population speaking a major european language (non English) - Latitude - ODA Face-to-face [f2f] Use of the dataset must be acknowledged using a citation which would include: - the Identification of the Primary Investigator - the title of the survey (including acronym and year of implementation) - the survey reference number - the source and date of download Example: William Easterly and Aart Kraay. Small States, Small Problems? (SSSP) 1960-1995. Ref. WLD_1995_SSSP_v01_M. Dataset downloaded from http://microdata.worldbank.org on [date] The user of the data acknowledges that the original collector of the data, the authorized distributor of the data, and the relevant funding agency bear no responsibility for use of the data or for interpretations or inferences based upon such uses. WLD_1995_SSSP_v01_M Dataset used for Easterly, William and Aart Kraay (1999). "Small States, Small Problems?". World Bank Policy Research Department Working Paper No. 2139 176 38 Country code Country code Country code Country code Country code 176 AGO ARE ARG ARM ATG AUS AUT AZE BDI BEL BEN BFA BGD BGR BHR BHS BLR BLZ BMU BOL BRA BRB BTN BWA CAF CAN CHE CHL CHN CIV CMR COG COL COM CPV CRI CSK CYP CZE DDR DEU DJI DMA DNK DOM DZA ECU EGY ESP EST ETH FIN FJI FRA GAB GBR GEO GHA GIN GMB GNB GNQ GRC GRD GTM GUY HKG HND HTI HUN IDN IND IRL IRN IRQ ISL ISR ITA JAM JOR JPN KAZ KEN KGZ KNA KOR KWT LAO LBN LBR LCA LKA LSO LTU LUX LVA MAR MDA MDG MDV MEX MLI MLT MMR MNG MOZ MRT MUS MWI MYS NAM NER NGA NIC NLD NOR NPL NZL OMN PAK PAN PER PHL PNG POL PRI PRT PRY QAT REU ROM RUS RWA SAU SDN SEN SGP SLB SLE SLV SOM SUN SUR SVK SVN SWE SWZ SYC SYR TCD TGO THA TJK TKM TON TTO TUN TUR TWN TZA UGA UKR URY USA UZB VCT VEN VNM VUT WSM YEM YUG ZAF ZAR ZMB ZWE Country name Country name Country name Country name Country name 176 Algeria Angola Antigua and Barbuda Argentina Armenia Australia Austria Azerbaijan Bahamas, The Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Botswana Brazil Bulgaria Burkina Faso Burundi Cameroon Canada Cape Verde Central African Republic Chad Chile China Colombia Comoros Congo, Dem. Rep. Congo, Rep. Costa Rica Cote d'Ivoire Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic East Germany Ecuador Egypt, Arab Rep. El Salvador Equatorial Guinea Estonia Ethiopia Fiji Finland Former Czechoslovakia France Gabon Gambia, The Georgia Germany Ghana Greece Grenada Guatemala Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong, China Hungary Iceland India Indonesia Iran, Islamic Rep. Iraq Ireland Israel Italy Jamaica Japan Jordan Kazakhstan Kenya Korea, Rep. Kuwait Kyrgyz Republic Lao PDR Latvia Lebanon Lesotho Liberia Lithuania Luxembourg Madagascar Malawi Malaysia Maldives Mali Malta Mauritania Mauritius Mexico Moldova Mongolia Morocco Mozambique Myanmar Namibia Nepal Netherlands New Zealand Nicaragua Niger Nigeria Norway Oman Pakistan Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russian Federation Rwanda Samoa Saudi Arabia Senegal Seychelles Sierra Leone Singapore Slovak Republic Slovenia Solomon Islands Somalia South Africa Soviet Union Spain Sri Lanka St. Kitts and Nevis St. Lucia St. Vincent and the Grenadines Sudan Suriname Swaziland Sweden Switzerland Syrian Arab Republic Taiwan, China Tajikistan Tanzania Thailand Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Venezuela Vietnam Yemen, Rep. Yugoslavia, FR (Serbia/Montenegro) Zambia Zimbabwe Country sequential number Country sequential number Country sequential number Country sequential number Country sequential number 176 1 176 88.5 50.951 Real per capita GDP, average 1960-95 Real per capita GDP, average 1960-95 Real per capita GDP, average 1960-95 Real per capita GDP, average 1960-95 Real per capita GDP, average 1960-95 158 18 305.182 19765.037 4127.814 3976.052 Average is not always for the exact period 1960-1995; it is the average over all available years, min of 10 years Real per capita GDP, 1960 (or first year for which data are available) Real per capita GDP, 1960 (or first year for which data are available) Real per capita GDP, 1960 (or first year for which data are available) Real per capita GDP, 1960 (or first year for which data are available) Real per capita GDP, 1960 (or first year for which data are available) 158 18 257 33946 3028.413 4434.95 Initial year is not always 1960; it is the first year for which data are available Population, average 1960-95 Population, average 1960-95 Population, average 1960-95 Population, average 1960-95 Population, average 1960-95 175 1 41829.859 934543488 25895618.225 91104860.205 Average is not always for the exact period 1960-1995; it is the average over all available years, min of 10 years Real per capita GDP growth, average 1960-95 Real per capita GDP growth, average 1960-95 Real per capita GDP growth, average 1960-95 Real per capita GDP growth, average 1960-95 Real per capita GDP growth, average 1960-95 155 21 -0.0655 0.0678 0.0159 0.0219 Average is not always for the exact period 1960-1995; it is the average over all available years, min of 10 years Growth in population, average 1960-95 Growth in population, average 1960-95 Growth in population, average 1960-95 Growth in population, average 1960-95 Growth in population, average 1960-95 170 6 -0.00656 0.0653 0.0199 0.0121 Average is not always for the exact period 1960-1995; it is the average over all available years, min of 10 years Investment to GDP at PPP, average 1960-95 Investment to GDP at PPP, average 1960-95 Investment to GDP at PPP, average 1960-95 Investment to GDP at PPP, average 1960-95 Investment to GDP at PPP, average 1960-95 151 25 0.0141 0.384 0.176 0.0862 Average is not always for the exact period 1960-1995; it is the average over all available years, min of 10 years Real per capita GDP growth - Standard deviation Real per capita GDP growth - Standard deviation Real per capita GDP growth - Standard deviation Real per capita GDP growth - Standard deviation Real per capita GDP growth - Standard deviation 155 21 0.012 0.109 0.056 0.0215 Standard deviation is not always for the exact period 1960-1995; it is the average over all available years, min of 10 years Terms of trade shock Terms of trade shock Terms of trade shock Terms of trade shock Terms of trade shock 114 62 0.0047 0.0871 0.038 0.0215 Growth in export deflator minus growth in import deflator, weighted by current LCU shares of exports and imports in GDP Unweighted terms of trade shock Unweighted terms of trade shock Unweighted terms of trade shock Unweighted terms of trade shock Unweighted terms of trade shock 114 62 0.00818 0.32 0.126 0.0727 Secondary school enrollment rates, average 1960-95 Secondary school enrollment rates, average 1960-95 Secondary school enrollment rates, average 1960-95 Secondary school enrollment rates, average 1960-95 Secondary school enrollment rates, average 1960-95 145 31 1.525 106.333 45.732 30.799 Average is not always for the exact period 1960-1995; it is the average over all available years, min of 10 years Secondary school enrollment rates, 1960 (or first year for which data are availa Secondary school enrollment rates, 1960 (or first year for which data are availa Secondary school enrollment rates, 1960 (or first year for which data are availa Secondary school enrollment rates, 1960 (or first year for which data are availa Secondary school enrollment rates, 1960 (or first year for which data are availa 145 31 1 101 27.628 28.752 Initial year is not always 1960; it is the first year for which data are available IMF indicator of capital account restrictions, average 1960-95 IMF indicator of capital account restrictions, average 1960-95 IMF indicator of capital account restrictions, average 1960-95 IMF indicator of capital account restrictions, average 1960-95 IMF indicator of capital account restrictions, average 1960-95 145 31 1 0.789 0.344 Trade openess, average 1960-95 Trade openess, average 1960-95 Trade openess, average 1960-95 Trade openess, average 1960-95 Trade openess, average 1960-95 158 18 0.14 3.296 0.739 0.437 Average is not always for the exact period 1960-1995; it is the average over all available years, min of 10 years Trade openess = (exports + imports)/GDP Financial openness, average 1960-95 Financial openness, average 1960-95 Financial openness, average 1960-95 Financial openness, average 1960-95 Financial openness, average 1960-95 135 41 -0.032 0.32 0.0621 0.0578 Average is not always for the exact period 1960-1995; it is the average over all available years, min of 10 years Financial openness = (financial account inflows + financial account outflows)/GDP Capital inflows (Inward FDI + inward portfolio + inward other)/GDP Capital inflows (Inward FDI + inward portfolio + inward other)/GDP Capital inflows (Inward FDI + inward portfolio + inward other)/GDP Capital inflows (Inward FDI + inward portfolio + inward other)/GDP Capital inflows (Inward FDI + inward portfolio + inward other)/GDP 136 40 -0.0298 0.182 0.0439 0.0344 Correlation of annual growth rates with OECD average annual growth rates Correlation of annual growth rates with OECD average annual growth rates Correlation of annual growth rates with OECD average annual growth rates Correlation of annual growth rates with OECD average annual growth rates Correlation of annual growth rates with OECD average annual growth rates 155 21 -0.328 0.846 0.247 0.268 Institutional Investor Risk Ratings, average 1960-95 Institutional Investor Risk Ratings, average 1960-95 Institutional Investor Risk Ratings, average 1960-95 Institutional Investor Risk Ratings, average 1960-95 Institutional Investor Risk Ratings, average 1960-95 107 69 6.497 94.494 41.62 25.039 Average is not always for the exact period 1960-1995; it is the average over all available years, min of 10 years Institutional Investor Risk Ratings, 1998 Institutional Investor Risk Ratings, 1998 Institutional Investor Risk Ratings, 1998 Institutional Investor Risk Ratings, 1998 Institutional Investor Risk Ratings, 1998 128 48 5.7 92.6 42.308 24.18 High = good, lots of missing data in panel so use RISK98 (value for 1998) in cross-section regressions Ethnolinguistic fractionalization Ethnolinguistic fractionalization Ethnolinguistic fractionalization Ethnolinguistic fractionalization Ethnolinguistic fractionalization 113 63 93 41.469 29.787 Sub-saharan Africa Sub-saharan Africa Sub-saharan Africa Sub-saharan Africa Sub-saharan Africa 176 No 1 Yes Asia Asia Asia Asia Asia 176 No 1 Yes Eastern Europe and Central Asia Eastern Europe and Central Asia Eastern Europe and Central Asia Eastern Europe and Central Asia Eastern Europe and Central Asia 176 No 1 Yes Middle East and North Africa Middle East and North Africa Middle East and North Africa Middle East and North Africa Middle East and North Africa 176 No 1 Yes Latin Americ and Caribbean Latin Americ and Caribbean Latin Americ and Caribbean Latin Americ and Caribbean Latin Americ and Caribbean 176 No 1 Yes OECD OECD OECD OECD OECD 176 No 1 Yes Oil Exporters, 1996 WDR Definition Oil Exporters, 1996 WDR Definition Oil Exporters, 1996 WDR Definition Oil Exporters, 1996 WDR Definition Oil Exporters, 1996 WDR Definition 176 No 1 Yes Non-Oil Commodity Exporters, 1996 WDR Definition Non-Oil Commodity Exporters, 1996 WDR Definition Non-Oil Commodity Exporters, 1996 WDR Definition Non-Oil Commodity Exporters, 1996 WDR Definition Non-Oil Commodity Exporters, 1996 WDR Definition 176 No 1 Yes Dummy for microstates (POPAV6095<1,000,000) Dummy for microstates (POPAV6095<1,000,000) Dummy for microstates (POPAV6095<1,000,000) Dummy for microstates (POPAV6095<1,000,000) Dummy for microstates (POPAV6095<1,000,000) 176 No 1 Yes Inflation, average 1960-95 Inflation, average 1960-95 Inflation, average 1960-95 Inflation, average 1960-95 Inflation, average 1960-95 170 6 0.0206 13.101 0.849 2.173 Average is not always for the exact period 1960-1995; it is the average over all available years, min of 10 years Proportion of population speaking english Proportion of population speaking english Proportion of population speaking english Proportion of population speaking english Proportion of population speaking english 161 15 1 0.0672 0.227 Proportion of population speaking a major european language (non English) Proportion of population speaking a major european language (non English) Proportion of population speaking a major european language (non English) Proportion of population speaking a major european language (non English) Proportion of population speaking a major european language (non English) 161 15 1.004 0.215 0.373 Latitude Latitude Latitude Latitude Latitude 169 7 -36.892 63.892 17.525 24.283 Total ODA from all sources, billions constant 1985 dollars, average 1960-95 Total ODA from all sources, billions constant 1985 dollars, average 1960-95 Total ODA from all sources, billions constant 1985 dollars, average 1960-95 Total ODA from all sources, billions constant 1985 dollars, average 1960-95 Total ODA from all sources, billions constant 1985 dollars, average 1960-95 146 30 0.466 2339.606 179.074 297.538 Average is not always for the exact period 1960-1995; it is the average over all available years, min of 10 years ODA/Real per capita GDP, average 1960-95 ODA/Real per capita GDP, average 1960-95 ODA/Real per capita GDP, average 1960-95 ODA/Real per capita GDP, average 1960-95 ODA/Real per capita GDP, average 1960-95 129 47 0.000177 0.192 0.0267 0.0324 Average is not always for the exact period 1960-1995; it is the average over all available years, min of 10 years Real per capita GNP, average 1960-95 Real per capita GNP, average 1960-95 Real per capita GNP, average 1960-95 Real per capita GNP, average 1960-95 Real per capita GNP, average 1960-95 145 31 313.744 20217.625 4415.9 4335.096 Average is not always for the exact period 1960-1995; it is the average over all available years, min of 10 years