This paper analyses the cross-country impacts of the 2008 Global Financial Crisis and the subsequent recovery process, with a specific focus on small economies. Key growth volatility variables highlight the critical exposure of small economies to the transmission of exogenous shocks owing to their high degrees of trade openness and inherent output and export specialisation, notably in financial services and tourism. These factors also constrain the mitigation of exogenous shocks giving rise to greater growth volatility. The paper demonstrates systematic asymmetries between countries with respect to the impact of the crisis and its persistence according to their size and patterns of sectoral specialisation. Small tourism-dependent economies and non-sovereign entities were particularly adversely affected although an offshore financial sector partly mitigated the impacts. The robustness of the findings is examined further in an appendix with regard to truncation problems arising from the use of international datasets.

中文翻译：

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规模和部门专业化：2008 年危机及其后果的不对称跨国影响

本文分析了 2008 年全球金融危机和随后的复苏过程的跨国影响，特别关注小型经济体。主要的增长波动变量凸显了小型经济体由于其高度的贸易开放度和固有的产出和出口专业化，特别是在金融服务和旅游业方面，容易受到外生冲击的传播。这些因素也限制了对导致更大增长波动的外来冲击的缓解。本文根据各国的规模和部门专业化模式，展示了各国在危机影响及其持续性方面的系统性不对称。尽管离岸金融部门在一定程度上减轻了影响，但依赖旅游业的小型经济体和非主权实体受到的不利影响尤其严重。关于因使用国际数据集而引起的截断问题，在附录中进一步检查了结果的稳健性。