Instabilità dei proventi delle esportazioni, crescita eco¬nomica e politiche di stabilizzazione. Il caso dei paesi in via di sviluppo aderenti alla Convenzione di Lomé

The paper investigates the relationship between export earnings instability and economic growth of the open and small developing countries which signed the Lomé Convention (ACP states). It has been empirically shown how export instability lessens the economic performance of these countries. This result legitimates the EU policy to guarantee financial aid to the ACPs suffering unforeseen drops in export proceeds. To this end, since 1975 the policy adopted is the STABEX. The extension of the analysis shows that the compensatory payments stabilised the export earnings time series of the recipient countries. Furthermore, it is also pointed out how weak the results are when the effectiveness of STABEX transfers is evaluated by considering their impact on the economic growth of ACPs.