Small Open Economy

Views Updated: Dec 15, 2025

Abbreviation

SOE

Pronunciation

/smɔl ˈoʊpən ɪˈkɑnəmi/

But the eurozone is not a small open economy; it is a large and relatively closed one.
As a small open economy with no capital controls, Hong Kong is potentially vulnerable to destabilising capital flows.
If confronted with a crisis such as this, you do not want to be a small open economy, on the fringes of the eurozone, with an irrelevant currency and lots of Swiss Franc mortgages.
But deflating an economy suffering from the collapse of an asset price bubble often fails to work, though Ireland, as a small open economy, has a better chance of exporting its way out than other vulnerable eurozone members.
As is so typical in the eurozone, each country behaves like a small open economy at the edge of the world.

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