CINXE.COM

<!DOCTYPE html><html lang="en-US"><head><title>Just a moment...</title><meta http-equiv="Content-Type" content="text/html; charset=UTF-8"><meta http-equiv="X-UA-Compatible" content="IE=Edge"><meta name="robots" content="noindex,nofollow"><meta name="viewport" content="width=device-width,initial-scale=1"><style>*{box-sizing:border-box;margin:0;padding:0}html{line-height:1.15;-webkit-text-size-adjust:100%;color:#313131;font-family:system-ui,-apple-system,BlinkMacSystemFont,Segoe UI,Roboto,Helvetica Neue,Arial,Noto Sans,sans-serif,Apple Color Emoji,Segoe UI Emoji,Segoe UI Symbol,Noto Color Emoji}body{display:flex;flex-direction:column;height:100vh;min-height:100vh}.main-content{margin:8rem auto;max-width:60rem;padding-left:1.5rem}@media (width <= 720px){.main-content{margin-top:4rem}}.h2{font-size:1.5rem;font-weight:500;line-height:2.25rem}@media (width <= 720px){.h2{font-size:1.25rem;line-height:1.5rem}}#challenge-error-text{background-image:url(data:image/svg+xml;base64,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);background-repeat:no-repeat;background-size:contain;padding-left:34px}@media (prefers-color-scheme:dark){body{background-color:#222;color:#d9d9d9}}</style><meta http-equiv="refresh" content="120"></head><body class="no-js"><div class="main-wrapper" role="main"><div class="main-content"><noscript><div class="h2"><span id="challenge-error-text">Enable JavaScript and cookies to continue</span></div></noscript></div></div><script>(function(){window._cf_chl_opt={cvId: '3',cZone: "publications.waset.org",cType: 'non-interactive',cRay: '91357a5adb3fce1e',cH: '_lKTQrFI5IVRt1YtkRvrQIB8dBiyng4CovaIKapd6sc-1739792168-1.2.1.1-5Rb_zuHKVtBqPXENlLeOZ_PV7tkBCiJiVTfX4s2I7cvfpDcVEalSPHR1hbcNA8d_',cUPMDTk: "\/abstracts\/search?q=small%20open%20economy&__cf_chl_tk=_qQd0_D34uuJOM.Fsgzn9e6BIqzN7vQTbA4w0lmaS2w-1739792168-1.0.1.1-lz4QMe6H6Ahyis5tkdSWw_7vrZw3lvhybUmN8fXnJP8",cFPWv: 'b',cITimeS: '1739792168',cTTimeMs: '1000',cMTimeMs: '120000',cTplC: 0,cTplV: 5,cTplB: 'cf',cK: "",fa: "\/abstracts\/search?q=small%20open%20economy&__cf_chl_f_tk=_qQd0_D34uuJOM.Fsgzn9e6BIqzN7vQTbA4w0lmaS2w-1739792168-1.0.1.1-lz4QMe6H6Ahyis5tkdSWw_7vrZw3lvhybUmN8fXnJP8",md: "oRFXUicZnM2mKIupu9S7H2sVpf0vWRneSWevirKz27E-1739792168-1.2.1.1-sqMoCduOiNdhWO0z0mHxYcbq0SeOG2FGR9BhGvFGZO2h8.rNMQKPH1sG6n.jWxBSJSf.eQK70CAymCy0DObZ5Pk6OmeJDKXfmZSU6A5W8I.Ggz7kvsgoyK0psHb7l3SnSvlrDqXvrgHgo8cQewxEgjDL06vQhbk6LOQLXTaJ7utB7uzrX8SrAVQGVDl7aLVdLM54muISxzKBE4PXIxP35SNzJ8nbQl8E.BqSJPjp71nFrH78DsImPNDzmWNGhR68tTAQ3gCjpeP1cQfSX4Io9a5I1opgg2HXpKY8TQ9R8n8VhKoA3lJK030y4k2dn.glPznm8b.RJcaRsXf5FLYeUHFt8QWLPUOeMzkv1gsv__cwDcr5xocFwvw_e6Y_IHUU_vsqI2m56nGkXwTb4L1TDIrlRdXT3RTmWFaKt9WyftnWT.w4iivB9aAs51L4BuQvRZDIybNBtG9f9_rkL7h08La51GJ7i.YF2wa.HkH96G2cSlPaz6IJ9bQTEbXesIvfvtv_8TD_As8mj5KZtcs2fSi9m71PlOkQOQnoE5zGkWks29NGWH5MPUk7IluQb98gRecaeZSqgUFHbfI7TcWwc9MlaDMhiPzwsBNSjLru0ImgKrkpgujoe70RUazM5PTIdX_5Cc23zHQ_AOCffFRgql20Us60ne_eiRk6vmIa8OXgJc1YLMyDJY4Wzsa6jQfmuCEl5cMpslxEfsGuY_0_wV_IiAJCZf7MuMP977K9EC1PyR67r9q1ItmBR4j6MDgECEM.dhf0QkoP9d.kEV0w4heIHJz15FhjDkDVGM3fOBxIJSe.v4nLclMvwudU.X9hi1uHDDz_hHI28R9pC.toSYO4NnPRhB40TjE1PDTLN60fURMeHG1Z22GrbAzZLX4e.OPx6GED75MrPl118sSyhGgtA06.xp1ISsf3WUVlsEofam1Fp7zZYUk513Baj_vFh_UrnygDOcfOuXY28t0FQL5DrDjuCJP57KP0SUywztSbTLBatDgvUBs5TgvV81ObtQiccaO5zb4b_TEagqIa08ihNR8wMkNJD_82yff7Fg9WTNc2J71lxDX3wx7upMRWxd2YlHhDCvU5mFuE17TL3LNG.Vj52WRnkDu3p9_FTDzskPseITofy3D4RU5FAGR.QhkV6kqEX8srn7rOdXQ0djct7OvxpNsZYS3oShXrlf9p.xGNYoUEmSKlpDDL5EoDz623Ynlst35kdv3sUhzPDKNC2bAeZKcc9KkGb0suZpexK3cRJ5pbMhibe1PuXt8JAmC96HILvv3ZfWVFVYSAJeo33WPNF9rqunG.Q7pA4lpQJlSXAb_D1pmS9R5779SwApvLS0DSelXtLdryabwvhznWG2ITI6Ri126ZyTX17nzOWyRFO7Js8Pa02grLyNdtYaaNv2dNoPcHjXCpYsaQrdNfZTCwMawngLQQTQYEYjdgJTc3yvsoRt6uGqT4.q9vkrXEOtQSgSdY5xv2yK2B1YeEAh40pRJ9YUsP0V3s6x8bZ_b8AWTaQCccl78N_WjNBjZOri_bOzKa0fNBnK4HIkiXThu7NO6h20VedOPq2DG.ZvA6M3c8ndoyIOVtRkhL3Ty.fF7nfR4TVmjomEQP0VdQMCJq6aPyfUecaadppIdRdjq9pbzudEUfnJokiU_1WNrIqbemtZSoaQu3cI9Go5Sb3RCXWw.nkWjRSvVtxTS_BxFztfW9eVqj7KNEhn0zWbY2HHvY3SQIqWFeD3qJ0OsqSGodDI32mFNmjMqh63hAhiIn2e6737faI2.1WMWS3fApMcfocob2QudrFrdaPo87cV8LBZDQ7fNriaCZBZYnMhw8TN1_yvucRh3RotbCpMS_NX1kQO0F2nA3ZkJ6uSoDMiCSf52E.xeScye079uTHcFokM8dPr1J0096p39QUMaFTHEPYyqhPxh.UZKy8_ECukidQqDknRppPkdA3f3WYINFyht.jmb8vn8Bnrxp",mdrd: "RI4BrSuKQUWguGKBA.LH_hnjjdRIc2eul5OXx5yzi40-1739792168-1.2.1.1-bCSLOjE1cSQzLNfTwrm8uGrwdoMyRUUTi4DLb9eoe1B7yfhYuXX8rVuDFMB.ck8cvTwI8lv_ynMfcEjCS3BMmV3C6gydieYKHZAcMU4DA0ch6AluRq.9.OhvEmEDgmErpbAuHKcmXlaNFNc_mrNQBtGOZEzQpgkcX9APpWzSjmDGLBoYJMZSCnMlFjfdY6XkgRW2wjWsfU1SwFanyPPx5JIx_RCbC_2LHrOVklCVPSxudOBEx7MbQfwxcZGkXMFGNKzZVKBOxFqSu0rtkGJYrI_LoVb5aaazB8981eFWqWUNWSInDqQEnCJ_X2g9kEhcAWZzByHnd0NvmZ2z0DKnALLLms3OEQhUQitrUf7vksEbwDZANQFWjJsPzzh7SLx3c8YsHQ3yBH28g5uTih7wcroypVtnQSOI6Itp.v9g5FDArcHpxbgNEp2eHD97vofOg6P3awtZUOZgH1PJqublTEu72pNf5wf_Zq97V1MiNCVm5Y4G9M9T0vIheLUo47_SGvVm_AN5sh_Q26nmQJhA_3ZdL3agswx6mdDqVtZTeCBCQ._PXYGa6zD0RaFi0XAh93apxuoK8IWkFwm8PDZjKrNMztidrk028ahe45uzd0MeM2Co9dQGailXqKuRo0wpEjKOEOGLZQGS_YOlf87RLeRX4UqxwDFFfeM.ClH2ccJu9kQZ1ZuMzYv05KYgQQ3l7..TWEwxyhkc9wnhDHsyuK6Bdn_8ruAEXiyfzUNxFpsWjmc_KT.9ge3bjiuWDhrteIZvIiFks6jm7cu.DOwsLKfevcN9g2hYsvBK.6NllcW7KfB7vCtNYAPz2soM3j86jUVCfKr8jLxlCUbBw0WMK2if8fHBouxAxcCM.jLs2YU8XAX8J5KJEBmbqLpmise7afncNlV8GGbiU8G7JFTx4Iyd8ir135FgeCVWgRxAsGhygojSvvXXeI16l2ydpg4fdvyc8_0e3Ff1stukNUSGD83maCkw4mq1Ec3GxjWlN7CexFal03jGzYDatoB0WwfeNcG3_VuxwM.au8z1kipTmIlLYrVLGbBoO4JwG6ePZep08kCEnCYwxvPvk3wOHJ.gran29FdEYXeMQh_P4EEbfhORJ3JZt2LFZO174xJuw9WqYFtLbhC5bkd38baxTFxorsGNo4_XqRL7Ftqb2WL1tMc6SZftxWRP15n5s.HsgT4d4eqHfnpY6JMtftTI4hEabfaxztAdrpSD7dVnTCMdSTgD87sJcQhwgWaDKx3rzB5AWnaKzTKUvu2hycp76XIk21DDkrK05r504RyihIdxSFSQKPukjWGIJSVp9hFe0gceNjdTInWD96VNYWOZisjYg5RIl50sWeyprFJkfQts9CDmV0yRSaDYREALGDrqtOjgoCAaZXTsHwgNPWIeIRYxZHTJ11TCB7DNntrWlLSZQbVtLd0J1xtRdqV6XHGY4Jo_4pUpVSqsbRTzJ9mzhmO2vu7krj1ifeo0WY1znwlqMk69qVakpsfRkPq6ldlZQV.IH_UbMGJXqXgT0affRXvFcWkoQEh2QxFzeh2KkX0J9cSqMRiIfvW3Kimsaf6PpbrlOFxSSO3gAFYNIi98B_an5nmpNYtWvFKuAyEmp1Q32YgANjd0gdP05VQApZA65Mr9HyEyoWDT0lStxWGm8aT6TefeaLLmR1n1XUCIs8jGr0SaSFwgNPfH2eY4GsG39D6y5tQTQFnwcLrAg1IGDC6VbD5C4XZsWDhRkmKEuJ0tcTmHjXxSLuv8cZkuz5TB5ZLBoVgJHrM2gjPi.s6iigX9GG14LbY_IhpU5FmU4O36XSMqnas0nVz7GSOt4_408dmm5F4nGF0skSYhFQJqjfFhL55Volp_KkOoNobNeO_Itc7CAlZeuUfFHzq30alg6dtVdieoCOjgtKtO7c23M.xHQGekU3IsPjZs9CyqIGS8t9UelQRD2GQ6cUlllqnQJbhfWITl_6dLQSWQFoQOtMVp"};var cpo = document.createElement('script');cpo.src = '/cdn-cgi/challenge-platform/h/b/orchestrate/chl_page/v1?ray=91357a5adb3fce1e';window._cf_chl_opt.cOgUHash = location.hash === '' && location.href.indexOf('#') !== -1 ? '#' : location.hash;window._cf_chl_opt.cOgUQuery = location.search === '' && location.href.slice(0, location.href.length - window._cf_chl_opt.cOgUHash.length).indexOf('?') !== -1 ? '?' : location.search;if (window.history && window.history.replaceState) {var ogU = location.pathname + window._cf_chl_opt.cOgUQuery + window._cf_chl_opt.cOgUHash;history.replaceState(null, null, "\/abstracts\/search?q=small%20open%20economy&__cf_chl_rt_tk=_qQd0_D34uuJOM.Fsgzn9e6BIqzN7vQTbA4w0lmaS2w-1739792168-1.0.1.1-lz4QMe6H6Ahyis5tkdSWw_7vrZw3lvhybUmN8fXnJP8" + window._cf_chl_opt.cOgUHash);cpo.onload = function() {history.replaceState(null, null, ogU);}}document.getElementsByTagName('head')[0].appendChild(cpo);}());</script></body></html>