Volltext: Very small countries: economic success against all odds

prising result is the significant sign of the South East Asia dummy. More confounding is the insignificance of the three variables concerning war and revolutions. They are far from being significant, although we expec- ted them to have clear negative impact on welfare. There are several ex- planations for the insignificance of the three variables. The most promis - ing line of arguments is that many countries currently involved in an armed conflict with adjacent countries or in state of revolution fail to provide data, which means that they are ruled out 
a priori.The small number of observations in models (3) and (4) also points in this direc- tion. Another intuitive explanation is the fact that the variables might not be able to measure the central effects properly, because they cover a relatively long time period. Contrary to that, we would assume that only those conflicts, which have been taken place in recent years, determine welfare (with the exception of long-lasting conflicts, of course). The effect of population density is rather ambiguous, since it is only significant in one out of three models. Contrary to that, the urbaniza tion ratio seems to be a stable determinant of wealth. The magnitude of its effect and its significance is very similar across different specifications. A higher urbanization ratio is associated with a higher per capita GNP. 142 
The economics of sovereignty: «secrets of success» of very small countries Abbreviations: Abbr. = Abbreviations; Obs. = Number of Observations; St. dev. = Standard 
VariableAbbr. Trade openness 1991open   Population density (pop/area)popdens Log of population 1996logpop Urbanization ratio 1997 (in %)urbrat Dummy for Latin American countrieslaamd Dummy for OECD countriesoecdd Dummy for Sub-Saharan African countriesafricad Dummy for Asian countriesasiad War dummyward War timewart Revolutions per yearrevo Index of freedom (1-7)freedom Vulnerability indexvul Log per capita income 1996lognpc Transport cost index 1991trans   
Table 5.3: Variables, abbreviations, sources and standard statistics


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