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The economics of sovereignty: «secrets of success» of very small countries Table 5.4: High-income VSC characteristics Countrynatural tourismfinancial       resourcesservices     Andorranovery important important Bahamasfewvery importantvery important Bruneioil, natural gasunimportantunimportant Icelandwater, fishimportantunimportant Liechtensteinnoimportantimportant Luxembourgnounimportantimportant Monaconovery importantvery important San Marinonovery importantimportant Sources: Baratta (1999), OECD (2000), FATF-GAFI (2001), own 
collection. Countryindependent linguistic fractio-ethnic fractio-   sincenalizationnalization Andorra1278highhigh Bahamas1973lowlow Brunei1984very highhigh Iceland1918very lowvery low Liechtenstein1719very lowlow Luxembourg1815highlow Monaco1489highvery high San Marino885lowlow Sources: Baratta (1999), own 
collection. Countrytransport costsopennessvulnerability   index (rank) Andorran.a.n.a.n.a. Bahamas32.2173.600.633 (11) Brunein.a.n.a.n.a.   Iceland1.7434.850.292 (99) Liechtensteinn.a.n.a.n.a. Luxembourgn.a.n.a.n.a. Monacon.a.n.a.n.a.   San Marinon.a.n.a.n.a. Sources: Briguglio (1995); transport costs (= transport and freight costs as a percentage of merchandise exports) based on UNCTAD data; openness (= (Imports + Exports)/(2•GDP)) based on IMF data; vulnerability index by Briguglio (1995), 114 countries ranked.