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How do International Financial Flows to Developing Countries Respond to Natural Disasters?

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Author Info

  • Antonio C. David

    (International Monetary Fund)

Abstract

This paper uses multivariate dynamic panel analysis to examine the response of international financial flows to natural disasters. The models estimated for a large sample of developing countries point to differentiated responses of specific types of financial flows. The results show that remittance inflows increase significantly in response to shocks to both climatic and geological disasters, thus confirming their compensatory nature. The models suggest a nuanced role for foreign aid. While the responses of aid flows to natural disaster shocks in general tend not to be statistically significant, international assistance to low income countries increases following geological disaster shocks. Furthermore, the results show that typically, other private capital flows (bank lending and equity) do not attenuate the effects of disasters and in some specifications, even amplify the negative economic effects of these events.

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File URL: http://www.bepress.com/cgi/viewcontent.cgi?article=1799&context=gej
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Bibliographic Info

Article provided by De Gruyter in its journal Global Economy Journal.

Volume (Year): 11 (2011)
Issue (Month): 4 ()
Pages: 1

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Handle: RePEc:bpj:glecon:v:11:y:2011:i:4:n:1

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Web page: http://www.degruyter.com

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Web: http://www.degruyter.com/view/j/gej

Related research

Keywords: Capital Flows; Natural Disasters; Developing Countries;

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Cited by:
  1. Naudé, Wim & Bezuidenhout, Henri, 2012. "Remittances provide resilience against disasters in Africa," UNU-MERIT Working Paper Series 026, United Nations University, Maastricht Economic and social Research and training centre on Innovation and Technology.
  2. Yasser Abdih & Ralph Chami & Christian Ebeke & Adolfo Barajas, 2012. "Remittances Channel and Fiscal Impact in the Middle East, North Africa, and Central Asia," IMF Working Papers 12/104, International Monetary Fund.
  3. Christian EBEKE & Jean-Louis COMBES & Mireille NTSAMA ETOUNDI & Thierry YOGO, 2011. "Are Foreign Aid and Remittances a Hedge against Food Price Shocks in Developing Countries?," Working Papers 201121, CERDI.
  4. Faruk Balli & Syed Abul Basherz & Rosmy Jean Louis, 2012. "Risk Sharing in the Middle East and North Africa: The Role of Remittances and Factor Incomes," CAMA Working Papers 2012-39, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  5. International Monetary Fund, 2012. "Are Foreign Aid and Remittance Inflows a Hedge against Food Price Shocks?," IMF Working Papers 12/67, International Monetary Fund.
  6. Oscar Becerra & Eduardo Cavallo & Ilan Noy, 2010. "In the Aftermath of Large Natural Disasters, what happens to foreign aid?," Working Papers 201018, University of Hawaii at Manoa, Department of Economics.

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