Alesina, Alberto, and Romain Wacziarg, 1998, Openness, Country Size and the Government, Journal of Public Economics, Vol. 69, pp. 305-2 1.
- Alesina, Alberto, Arnaud Devleeschauwer, William Easterly, Sergio Kurlat, and Romain Wacziarg, 2003, Fractionalization Journal of Economic Growth, Vol. 8, pp. 15594, Alesina, Alberto, and Enrico Spolaore, 2003, The Size of Nations (Cambridge, MA: MIT Press).
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- Antigua and Barbuda 1981 UK (in 1667) The Siboney were the first to inhabit the islands ofAntigua and Barbuda in 2400 B.C., but Arawak ffidians populated the islands when COLUMBUS landed on his second voyage in 1493. Early settlenrnts by the Spanish and French were succeeded by the English who fornrd a colony in 1667. Slavery, established to run the sugar plantations on Antigua, was abolished in 1834. The islands became an independent state within the British Comnnnwealth ofNations in 1981.
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Antinolfi, Gaetano, and Todd Keister, 2001, Dollarization as a Monetary Arrangement for Emerging Market Economies, Federal Reserve Bank of St. Louis, November/December, pp. 29-40.
Armstrong, H., R.J. De Kervenoael, X. Li, and R. Read, R., 1998, A Comparison of the Economic Performance of Different Micro-states, and Between Micro-states and Larger Countries, World Development, Vol. 26, pp. 639-56.
- Aruba part of the Kingdomof Netherlands (1636) Discovered and claimed for Spain in 1499, Aruba was acquired by the Dutch in 1636. The island's economy has been the Netherlands dominated by three main industries. A 19th century gold rush was followed by prosperity brought on by the opening in 1924 ofan oil refinery. The last decades ofthe 20th century saw a boomin the tourismindustry. Aruba seceded fromthe Netherlands Antilles in 1986 and became a separate, autonomous menterofthe Kingdomofthe Netherlands. Movement toward fall independence was halted at Aruba's request in 1990.
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- Barbados 1966 UK (1627) The island was uninhabited when first settled by the British in 1627. Slaves worked the sugar plantations established on the island until 1834 when slavery was abolished. The economy remained heavily dependent on sugar, rum, and molasses production through most of the 20th century. The gradual introduction of social and political reforms in the 1940s and 1950s led to complete independence fromthe UK in 1966. In the 1990s, tourismand manufacturing surpassed the sugar industry in economic importance. a Belize 1981 UK (1854) Belize was the site of several Mayan city states until their decline at the end of the first millenniumA.D. The British and Spanish disputed the region in the 17th and 18th centuries; it fornially became the colony of British Honduras in 1854.
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Barro, Robert, and David Gordon, 1983, Rules, Discretion and Reputation in a Model of Monetary Policy, Journal of Monetary Economics, Vol. 12, pp. 101-21.
- Bermuda overseas territory of UK Bermuda was first settled in 1609 by shipwrecked English colonists headed for Virginia. Tourismto the island to escape the UK North American winters first developed in Victorian times. Tourism continues to be important to the island's economy, although international business has overtaken it in recent years. Bermuda has developed into a highly successful offshore financial center. Although a referendumon independence fromthe UKwas soundly defeated in 1995, the present government has reopened debate on the issue.
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Bolton, Patrick, and Gerard Roland, 1997, The Breakup of Nations: A Political Economy Analysis, Quarterly Journal of Economics, Vol. 112, pp. 1057-80.
- Brunei 1984 UK (1888) The Sultanate of Brunei's influence peaked between the 15th and 17th centuries when its control extended over coastal areas of northwest Borneo and the southern Philippines. Brunei subsequently entered a period of decline brought on by internal strife over royal succession, colonial expansion of European powers, and piracy. In 1888, Brunei becan~ a British protectorate; independence was achieved in 1984. The san~ fiTmily has ruled Brunei for over sixcenturies. Brunei benefits fromextensive petroleumand natural gas fields, the source of one ofthe highest per capita GDPs in Asia.
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Calvo, Guillermo, and Carmen Reinhart, 2002, Fear of Floating, Quarterly Journal of Economics, Vol. 117, pp. 379-408.
- Cape Verde 1975 Portugal The uninhabited islands were discovered and colonized by the Portuguese in the 15th century; Cape Verde subsequently becan~ a trading center for African slaves and later an important coaling and resupply stop for whaling and transatlantic shipping. Following independence in 1975, and a tentative interest in unification with Guinea-Bissau, a one-party system was established and maintained until multi-party elections were held in 1990. Cape Verde continues to ethibit one of Africa's nxst stable democratic governntnts. Repeated droughts during the second half ofthe 20th century caused significant hardship and prompted heavy emigration. As a result, Cape Verde's expatriate population is greater than its domestic one. Most Cape Verdeans have both African and Portuguese antecedents.
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Cappallari, Lorenzo, and Stephen Jenkins, 2003, Multivariate Probit Regression Using Simulated Maximum Likelihood, Stata Journal, Vol. 3, pp 278-94.
Catao, Luis, and Marco Terrones, 2000, Determinants of Dollarization: The Banking Side, IMF Working Paper No. 146 (Washington: International Monetary Fund).
- Comoros 1975 France Comoros has endured nure than 20 coups or attempted coups since gaining independence fromFrance in 1975. In 1997, the a islands ofAnjouan and Moheli declared independence from Comoros. In 1999, military chief Col. AZALI seized power in a -bloodless coup, and helped negotiate the 2000 Fonthoni Accords power-sharing agreennt in which the federal presidency rotates among the three islands, and each island maintains its own local government. AZALI won the 2002 Presidential election, and each island in the archipelago elected its own president. AZALI stepped down in 2006 and President SAMBI took office. Since 2006, Anjouan's President Mohamed BACARhas refused to work effectively with the Union presidency.
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- Country Year of Independence Country from ~shich Receat Background History became inde~wndence Bahamas 1973 UK (1783) Lucayan Indians inhabited the islands when Christopher COLUMBUS first set foot in the New World on San Salvador in 1492. British settlement of the islands began in 1647; the islands became a colony in 1783. Since attaining independence fromthe UK in 1973, The Bahamas have prospered through tourismand international banking and investment management. Because of its geography, the country at times has been a major transshipment point for illegal drugs, particularly shipments to the US and Europe, and for smuggling illegal migrants into the US.
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- Country Year of Independence Country from ~shich Recent Background History became inde~wndence Luxembourg 1839 Netherlands Founded in 963, Luxembourg became a grand duchy in 1815 and an independent state under the Netherlands. It lost more than half of its territory to Belgium in 1839, but gained a larger measure of autonomy. Full independence was attained in 1867. Overrun by Germany in both World Wars, it ended its neutrality in 1948 when it entered into the Benelux Customs Union and when it joined NATO the following year. In 1957, Luxembourg became one ofthe sixfounding countries of the European Economic Community (later the European Union), and in 1999 it joined the euro currency area.
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- Country Year of Independence Country from ~shich Recent Background History became inde~wndence Namibia 1990 South Africa South Africa occupied the German colony of South-West Africa during World War land administered it as a mandate until after World War II, when it annexed the territory. In 1966 the Marxist South-West Africa People's Organization (SWAPO) guerrilla group launched a war of independence for the area that was soon named Namibia, but it was not until 1988 that South Africa agreed to end its administration in accordance with a UN peace plan for the entire region. Namibia has been governed by SWAPO since the country won independence in 1990. Hifikepunye POHAMBA was elected president in November2004 in a landslide victory replacing Sam NUJOMA who led the country during its first 14 years of self rule.
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- Country Year of Independence Country from ~shich Recent Background History became independence Seychelles 1976 UK A lengthy stmggle between France and Great Britain for the islands ended in 1814, when they were ceded to the latter.
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- Country Year of Independence Country from which Recent Background History became independence Botswana 1966 TJJ( Forntrly the British protectorate of Bechuanaland, Botswana adopted its new nan~ upon independence in 1966. Four decades ofuninterrupted civilian leadership, progressive social policies, and significant capital investment have created one of the nxst dynamic economies in Africa. Mineral extraction, principally diaimrnd mining, dominates economic activity, though tourismis a growing sector due to the country's conservation practices and extensive nature preserves. Botswana has one of the world's highest known rates ofHIV/AIDS infection, but also one of Africa's nxst progressive and comprehensive programs for dealing with the disease.
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- Country Year of Independence Country from which Recent Background Ilistory became independence Fast Caribbean Central Bank Anguilla overseas territory of UK (1650) Colonized by English settlers from Saint Kitts in 1650, Anguilla was administered by Great Britain until the early 19th the UK century, when the island - against the wishes ofthe inhabitants - was incorporated into a single British dependency, along with Saint Kitts and Nevis. Several attempts at separation thiled. lii 1971, two years after a revolt, Anguilla was finally allowed to secede; this arrangement was formally recognized in 1980, with Anguilla becoming a separate British dependency.
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- Dominica 1978 UK Dominica was the last of the Caribbean islands to be colonized by Europeans due chiefly to the fierce resistance of the native Caribs. France ceded possession to Great Britain in 1763, which made the island a colony in 1805. lii 1980, two years after independence, Dominica's fortunes improved when a corrupt and tyrannical administration was replaced by that of Mary Eugenia CHARLES, the first female prime minister in the Caribbean, who remained in office for 15 years. Some 3,000 Carib ffidians still living on Dominica are the only pre-Columbian population remaining in the eastern Caribbean.
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Easterly, William and Aart Kraay, 2000, Small States, Small Problems? Income, Growth and Volatility in Small States World Development, Vol. 28, pp. 2013-2027.
- Easterly, William, and Sergio Rebello, 1993, Fiscal Policy and Economic Growth: An Empirical Investigation Journal of Monetary Economics, Vol. 32, pp. 4 17-58.
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Edwards, Sebastian, and Igal Magendzo, 2001, Dollarization, Inflation and Growth (photocopy; Los Angeles: UCLA).
Farrugia, Charles, 1993, The Special Working Environment of Senior Administrators in Small States, World Development, Vol. 21, pp. 22 1-26.
- Fiji 1970 UK Fiji became independent in 1970, afternearly a century as a British colony. Denncratic rule was interrupted by two military coups in 1987, caused by concern over a government perceived as dominated by the Indian community (descendants of contract laborers brought to the islands by the British in the 19th century). The coups and a 1990 constitution that cemented native Melanesian control of Fiji, led to heavy Indian emigration; the population loss resulted in economic difficulties, but ensured that Melanesians became the majority. A new constitution enacted in 1997 was more equitable.
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Flood, R., and Andrew Rose, 1995, Fixing Exchange Rates: A Virtual Quest for Fundamentals, Journal of Monetary Economics, Vol. 36, pp. 3-37.
Frankel, Jeffrey, 1999, No Single Currency Regime Is Right for All Countries or at All Times, NBER Working Paper No. 7338 (Cambridge, MA: National Bureau of Economic Research).
- Free and peaceffil elections in 1999 resulted in a governnrnt led by an Indo-Fijian, but a civilian-led coup in May 2000 ushered in a prolonged period ofpolitical turnnil. Parlianrntary elections held in August 2001 provided Fiji with a democratically elected government led by Prime Minister Lais enia QARASE. Re-elected in May 2006, QARASE was ousted in a December 2006 military coup led by Commodore Voreqe BAIN[MARAMA, who initially appointed hftiiself acting president. In January 2007, BAINIIMARAMA was appointed interimprime minister.
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Ghosh, Atish, and Holger Wolf, 1994, How Many Monies? A Genetic Approach to Finding Optimum Currency Areas, NBER Working Paper No. 4805 (Cambridge, MA: National Bureau of Economic Research).
Ghosh, Atish, Anne-Marie Gulde, and Holger Wolf, 1998, Currency Boards: The Ultimate Fix? IMF Working Paper No. 8 (International Monetary Fund: Washington DC) Goodhart, Charles, 1995, The Political Economy of Monetary Union, in Understanding Interdependence, ed by Peter Kenen (Princeton, NJ: Princeton University Press).
Ghosh, Atish, Anne-Marie Gulde, Jonathan Ostry, and Holger Wolf, 1995, Does the Nominal Exchange Rate Regime Matter? IMF Working Paper No. 121 (Washington: International Monetary Fund).
- Gibon 1960 France Only two autocratic presidents have ruled Gibon since independence fromFrance in 1960. The current president of Gabon, El Hadj Omar BONGO Ondimba - one ofthe longest-serving heads of state in the world - has dominated the country's political scene for four decades. President BONGO introduced a nominal multiparty system and a new constitution in the early 1990s. However, allegations of electoral fraud during local elections in 2002-03 and the presidential elections in 2005 have exposed the weaknesses of formal political structures in Gabon. Gibon's political opposition remains weak, divided, and financially dependent on the current regime. Despite political conditions, a small population, abundant natural resources, and considerable foreign support have helped make Gibon one of the nure prosperous and stable African countries.
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- Grenada 1974 UK (1762) Carib ffidians inhabited Grenada when COLUMBUS discovered the island in 1498, but it remained uncolonized formore than a century. The French settled Grenada in the 17th century, established sugar estates, and imported large numbers of Affican slaves. Britain took the island in 1762 and vigorously e~anded sugarproduction. lii the 19th century, cacao eventually surpassed sugar as the main e~ort crop; in the 20th century, nutmeg became the leading e~ort. lii 1967, Britain gave Grenada autonomy over its internal afthirs. Full independence was attained in 1974, making Grenada one of the smallest independent countries in the Western Hemisphere. Grenada was seized by a Maixist military council on 19 October 1983. Sixdays laterthe island was invaded by US forces and those ofsixother Caribbean nations, which quickly captured the ringleaders and theirhundreds of Cuban advisers. Free elections were reinstituted the following year and have continued since that tiur.
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- Guyana 1966 UK(1815) Originally a Dutch colony in the 17th century, by 1815 Guyana had become a British possession. The abolition of slavery led to black settlement of urban areas and the importation of indentured servants from India to work the sugar plantations.
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Hanke, Steve H., 2002, On Dollarization and Currency Boards: Error and Deception, Journal of Policy Reform, Vol. 5 (No. 4), pp. 203-22.
- Helleiner, Eric, 2004, The Making of National Money: Territorial Currencies in Historical Perspective (Ithaca, NY: Cornell University Press).
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Hines, James, and Lawrence Summers, 2009, How Globalization Affects Tax Design, NBER Working Paper No. 14664 (Cambridge, MA: National Bureau of Economic Research).
- Iceland 1944 Denmark Settled by Norwegian and Cekic (Scottish and Irish) immigrants during the late 9th and 10th centuries A.D., Iceland boasts the world's oldest functioning legislative assembly, the Althing, established in 930. Independent for over 300 years, Iceland was subsequently ruled by Norway and Denmark. Fallout fromthe Asl~a volcano of 1875 devastated the Icelandic economy and caused widespread famine. Over the next quarter century, 20 percent ofthe island's population emigrated, mostly to Canada and the US. Limited home rule from Denmark was granted in 1874 and complete independence attained in 1944. Literacy, longevity, income, and social cohesion are first-rate by world standards.
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Imam, Patrick, 2008, Rapid Current Account Adjustments: Are Microstates Different? IMF Working Paper No. 233 (Washington: International Monetary Fund).
Imam, Patrick, 2009, Introducing the Euro as Legal Tender-Benefits and Costs of Eurorization in Cape Verde, IMF Working Paper (forthcoming) (Washington: International Monetary Fund), Klein, Michael, and Jay Shambaugh, 2006, Fixed Exchange Rates and Trade, Journal of International Economics, Vol. 70, pp. 359-83.
- In 2007, BACAR effected Anjouan's de-fiTcto secession fromthe Union, reftising to step down in fiTvor of fresh Anjouanais elections when Conuros' other islands held legitimate elections in July. The African Union (AU) initially attempted to resolve the political crisis by applying sanctions and a naval blockade on Anjouan, but in March 2~8, AU and Conxran soldiers seized the island. The nuve was generally welcon~d by the island's inhabitants.
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- Independence came in 1976. Socialist rule was brought to a close with a new constitution and free elections in 1993.
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- Independence from the Netherlands was granted in 1975. Five years later the civilian government was replaced by a military regime that soon declared a socialist republic. It continued to exert control through a succession of nominally civilian administrations until 1987, when international pressure finally forced a democratic election. In 1990, the military overthrew the civilian leadership, but a democratically elected government - a four-party New Front coalition - returned to power in a 1991 and has ruled since; the coalition expanded to eight parties in 2005.
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- Kiribati 1979 UK The Gilbert Islands were granted self-rule by the UK in 1971 and complete independence in 1979 under the new name of Kiribati. The US relinquished all claims to the sparsely inhabited Phoenixand Line Island groups in a 1979 treaty of friendship with Kiribati Kuwait 1961 UK Britain oversaw foreign relations and defense for the ruling Kuwaiti AL-SABAH dynasty from 1899 until independence in 1961. Kuwait was attacked and overrun by Iraq on 2 August 1990. Following several weeks of aerial bombardment, a US-led, UN coalition began a ground assault on 23 February 1991 that liberated Kuwait in four days. Kuwait spent more than $5 billion to repair oil infrastructure damaged during 1990-91. The AL-SABAH family has ruled since returning to power in 1991 and reestablished an elected legislature that in recent years has become increasingly assertive.
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- Laidler, David, 1982, Monetarist Perspectives (Cambridge, MA: Harvard University Press).
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- Lesotho 1966 UK Basutoland was renamed the Kingdom ofLesotho upon independence fromthe UK in 1966. The Basuto National Party ruled for the first two decades. King MOSHOESHOEwas exiled in 1990, but returned to Lesotho in 1992 and was reinstated in 1995. Constitutional government was restored in 1993 after seven years ofmilitary rule. In 1998, violent protests and a military mutiny following a contentious election prompted a brief but bloody intervention by South African and Botswanan military forces under the aegis ofthe Southern African Development Community. Subsequent constitutional refomis restored relative political stability. Peaceful parliamentary elections were held in 2002, but the National Assembly elections of February 2007 were hotly contested and aggrieved parties continue to periodically demonstrate their distrust of the resuks.
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- Maldives 1965 UK The Maldives was long a sultanate, first under Dutch and then under British protection. It became a republic in 1968, three years after independence. Since 1978, President Maumoon Abdul GAYOOM - currently in his sixth termin office - has dominated the islands' political scene. Following riots in the capital Male in August 2004, the president and his government pledged to embark upon democratic reforms including a more representative political systemand expanded political freedoms. Progress has been slow, however, and many promised reforms have been slowto come to fruition. Nonetheless, political parties were legalized in 2005. A constituent assembly - termed the special majlis - has pledged to complete the drafting of a new constitution by the end of 2007 and first-ever presidential elections under a multi-candidate, multi-party systemare slated for November 2008. Tourismand fishing are being developed on the archipelago.
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- Malta 1964 UK Great Britain formally acquired possession ofMalta in 1814. The island staunchly supported the UK through both World Wars and remained in the Commonwealth when it became independent in 1964. A decade later Malta became a republic. Since about the mid-1980s, the island has transformed itself into a freight transshipment point, a financial center, and a tourist destination. Maka became an EU member in May 2004 and began to use the euro as currency in 2008.
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- Marshall Islands 1986 US (fromthe USadministered UN After ahnost four decades under US administration as the easternmost part ofthe UN Trust Territory of the Pacific Islands, trusteeship) the Marshall Islands attained independence in 1986 under a Compact of Free Association. Compensation claims continue as a result ofUS nuclear testing on some of the atolls between 1947 and 1962. The Marshall Islands hosts the US Army Kwajalein Atoll (USAKA) Reagan Missile Test Site, a key installation in the US missile defense network.
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McCallum, John, 1995, National Borders Matter: Canada-US Regional Trade Patterns, American Economic Review, Vol. 85, pp. 6 15-23.
- Micronesia, Federated States of 1986 US (fromthe US- In 1979 the Federated States ofMicronesia, a UN Trust Territory under US administration, adopted a constitution. In 1986 administered UN independence was attained under a Compact of Free Association with the US, which was amended and renewed in 2004. trusteeship) Present concerns include large-scale unemployment, overfishing, and overdependence on US aid.
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Mishkin, Frederic, 1999, International Experiences with Different Monetary Policy Regimes, NBER Working Paper No. 7044 (Cambridge, MA: National Bureau of Economic Research).
- Montserrat overseas territory of UK (1632) English and fish colonists from St. Kills first sealed on Montserrat in 1632; the first Aflican slaves arrived three decades -the UK later. The British and French fought forpossession ofthe island formost ofthe 18th century, but it finally was confirmed as a British possession in 1783. The island's sugarplantation economy was converted to small farmlandholdings in the mid c 19th century. Much of this island was devastated and two-thirds of the population fled abroad because of the eruption of the Soufliere Hills Volcano that began on 18 July 1995. Montserrat has endured volcanic activity since, with the last eruption occurring in July 2003.
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- Netherlands Antilles part ofthe Kingdom of Netherlands Once the center ofthe Caribbean slave trade, the island of Curacao was hard hit by the abolition of slavery in 1863. Its the Netherlands prosperity (and that of neighboring Aruba) was restored in the early 20th century with the construction of oil refineries to service the newly discovered Venezuelan oil fields. The island of Saint Martin is shared with France; its southern portion is named Sint Maarten and is part ofthe Netherlands Antilles; its northern portion, called Saint Martin, is an overseas collectivity of France.
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Ocampo, Jose Antonio, Codrina Rada, and Lance Taylor. 2008, Economic Policy, Structure and Growth in Developing Countries: A Structuralist Approach, Initiative for Policy Dialogue Reinhart, Carmen and Kenneth Rogoff, 1994, The Modern History of Exchange Rate Arrangements: A Reinterpretation Quarterly Journal of Economics, Vol. 119, pp.148 Rodrik, Dani, 1998 Why Do More Open Economies Have Bigger Governments? Journal of Political Economy, Vol. 106, pp. 997-1032.
- Oman 1650 Portugal (expulsion of The inhabitants ofthe area of Oman have long prospered on Indian Ocean trade. In the late 18th century, a newly the Portuguese) established sultanate in Muscat signed the first in a series of friendship treaties with Britain. Over time, Oman's dependence on British political and military advisors increased, but it never became a British colony. In 1970, QABOOS bin Said al-Said overthrew the restrictive rule of his father; he has ruled as sultan ever since. His extensive modernization programhas opened the country to the outside world while preserving the longstanding close ties with the UK. Oman's moderate, independent foreign policy has sought to maintain good relations with all Middle Eastern countries.
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- Palau 1944 US (fromthe US- After three decades as part of the UN Trust Territory of the Pacific under US administration, this westernmost cluster of the administered UN Caroline Islands opted for independence in 1978 rather than join the Federated States ofMicronesia. A Compact ofFree trusteeship) Association with the US was approved in 1986, but not ratified until 1993. It entered into force the following year, when the islands gained independence.
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- President France-Albert RENE, who had served since 1977, was re-elected in 2001, but stepped down in 2004. Vice President James MICHEL took over the presidency and in July 2006 was elected to a new five-year temi Solomon Island 1978 UK The UK established a protectorate over the Solomon Islands in the 1890s. Some of the bitterest fighting of World War II occurred on this archipelago. Self-government was achieved in 1976 and independence two years later. Ethnic violence, government malfeasance, and endemic crime have undermined stability and civil society. In June 2003, then Prime Minister Sir Allan KEMAKFZA sought the as sistance of Australia in reestablishing law and order; the following month, an Australian-led multinational force arrived to restore peace and disarmethnic militias. The RegionalAssistance Mission to the Solomon Islands (RAMSI) has generally been effective in restoring law and order and rebuilding government institutions.
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- Qatar 1971 UK Ruled by the al-Thani family since the mid-1800s, Qatar transformed itself from a poor British protectorate noted mainly for pearling into an independent state with significant oil and natural gas revenues. During the late 1980s and early 1990s, the Qatari economy was crippled by a continuous siphoning off ofpetroleumrevenues by the Amir, who had ruled the country since 1972. His son, the current Amir HAMAD bin Khalifa al-Thani, overthrew him in a bloodless coup in 1995. In 2001, Qatar resolved its longstanding border disputes with both Bahrain and Saudi Arabia. As of 2007, oil and natural gas revenues had enabled Qatar to attain the highest per capita income in the world.
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Rogoff, Kenneth, Aasim Husain, Ashoka Mody, Robin Brooks, and Nienke Oomes, 2003, Evolution and Performance of Exchange Rate Regimes, IMF Working Paper No.
Ruggie, John, 1993, Territoriality and Beyond: Problematizing Modernity in International Relations, International Organization, Vol. 47, pp. 139-74.
- Saint Kills and Nevis 1983 UK (1623) First sealed by the British in 1623, the islands became an associated state with ftill internal autonomy in 1967. The island of Anguilla rebelled and was allowed to secede in 1971. Saint Kills and Nevis achieved independence in 1983. In 1998, a vote in Nevis on a referendumto separate from Saint Kitts fell short of the two-thirds majority needed. Nevis continues in its efforts to try and separate from Saint Kitts.
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- Saint Lucia 1979 UK (1814) The island, with its fine natural harbor at Castries, was contested between England and France throughout the 17th and early 18th centuries (changing possession l4tinrs); it was fmally ceded to the UKin 1814. Even afterthe abolition of slavery on its plantations in 1834, Saint Lucia remained an agricultural island, dedicated to producing tropical commodity crops. Self-governnrnt was granted in 1967 and independence in 1979.
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- Samoa 1962 New Zealand (from New Zealand- New Zealand occupied the German protectorate ofWestern Samoa at the outbreak of World War I in 1914. It continued to administered UN administer the islands as a mandate and then as a trust territory until 1962, when the islands became the first Polynesian trusteeshin~ nation to reestablish independence in the 20th century. The country dropped the Western from its name in 1997.
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- Sao Tome and Principe 1975 Portugal Discovered and claimed by Portugal in the late 15th century, the islands' sugar-based economy gave way to coffee and cocoa in the 19th century - all grown with plantation slave labor, a form ofwhich lingered into the 20th century. While independence was achieved in 1975, democratic reforms were not instituted until the late 1980s. The country held its first free elections in 1991, but frequent internal wrangling between the various politicalparties precipitated repeated changes in leadership and two failed coup attempts in 1995 and 2003. The recent discovery of oil in the Gulf of Guinea promises to attract increased attention to the small island nation.
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- Schuler, Kurt. 1992. The World History of Free Banking. pp. 7-47 in The Experience of Free Banking, ed. by Kevin Dowd (London: Routledge).
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Schwartz, Anne, 1993, Currency Boards: Their Past, Present, and Possible Future Role, Carnegie-Rochester Conference Series on Public Policy, Vol. 39, pp. 147-88.
- Suriname 1975 Netherlands First explored by the Spaniards in the 16th century and then settled by the English in the mid-l7th century, Suriname became a Dutch colony in 1667. With the abolition of slavery in 1863, workers were brought in fromlndia and Java.
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- Swaziland 1968 UK Autonon~' for the Swans of southern Africa was guaranteed by the British in the late 19th century; independence was granted in 1968. Student and labor unrest during the 1990s pressured King MSWATI III, the world's last absolute monarch, to grudgingly allowpoliticalreformnand greaterdemocracy, although he has backslid on thesepromises in recentyears. A constitution came into effect in 2006, but political parties remain banned. The African United Democratic Party tried unsuccessifilly to register as an official political party in mid 2006. Talks over the constitution broke down between the government and progressive groups in 2007. Swaziland recently surpassed Botswana as the country with the world's highest known HIWAIDS prevalence rate.
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- Territorial disputes between the UK and Guatemala delayed the independence of Belize until 1981. Guatemala refused to recognize the new nation until 1992. Tourismhas become the mainstay ofthe economy. Current concerns include high foreign debt, high unemployment, growing involvement in the South American drug trade, growing urban crime, and increasing incidences of HIV/AIDS.
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- The Gimbia 1965 UK The Gambia gained its independence from the UK in 1965. Geographically surrounded by Senegal, it formed a short-lived federation of Senegantia between 1982 and 1989. In 1991 the two nations signed a friendship and cooperation treaty, but tensions have flared up intermittently since then. Yahya A. J. J. JAMMEH led a military coup in 1994 that overthrew the president and banned political activity. A new constitution and presidential elections in 1996, followed by parliamentary balloting in 1997, completed a nominal return to civilian rule. JAMMEH has been elected president in all subsequent elections, including most recently in late 2006.
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- This ethnocultural divide has persisted and has led to turbulent politics. Guyana achieved independence fromthe UK in 1966, and since then it has been ruled mostly by socialist-oriented governments. In 1992, Cheddi JAGAN was elected president in what is considered the country's first free and fair election since independence. After his death five years later, his wife, Janet JAGAN, became president but resigned in 1999 due to poor health. Her successor, Bharrat JAGDEO, was reelected in 2001 and again in 2006.
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Train, Kenneth, 2003, Discrete Choice Methods with Simulation (Cambridge: Cambridge University Press).
- Trinidad and Tobago 1962 UK First colonized by the Spanish, the islands came under British control in the early 19th century. The islands' sugar industry was hurt by the emancipation of the slaves in 1834. Manpower was replaced with the importation of contract laborers from India between 1845 and 1917, which boosted sugar production as well as the cocoa industry. The discovery of oil on Trinidad in 1910 added another important export. Independence was attained in 1962. The country is one of the most prosperous in the Caribbean thanks largely to petroleumand natural gas production and processing. Tourism, mostly in Tobago, is targeted for expansion and is growing.
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- Vanuatu 1980 France/UK Multiple waves of colonizers, each speaking a distinct language, migrated to the New Hebrides in the millennia preceding European exploration in the 18th century. This settlement pattern accounts for the complexlinguistic diversity found on the archipelago to this day. The British and French, who settled the New Hebrides in the 19th century, agreed in 1906 to an Anglo-French Condominium, which administered the islands until independence in 1980, when the new name of Vanuatu was adopted. Source: CIA Factbook
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von Hagen, Juergen and Jizhong Zhou, 2007 The Choice of Exchange Rate Regimes in Developing Countries: A Multinomial Panel Analysis Journal of International Money and Finance, Vol. 26, pp. 1071-1094.