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Economic development and losses due to natural disasters: The role of hazard exposure

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Author Info

  • Schumacher, Ingmar
  • Strobl, Eric

Abstract

Our contribution is to show that the relationship between wealth and disasters is mainly formed by the exposure to disaster hazard. We first build a simple analytical model that demonstrates how countries that face a low hazard of disasters are likely to see first increasing losses and then decreasing ones with increasing economic development. At the same time, countries that face a high hazard of disasters are likely to experience first decreasing losses and then increasing ones with increasing economic development. We then use a cross-country panel dataset in conjunction with a hazard exposure index to investigate whether the data is consistent with the predictions from the model. In line with our model, we find that the relationship of losses with wealth crucially depends on the level of hazard of natural disasters faced by countries.

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File URL: http://www.sciencedirect.com/science/article/pii/S0921800911003648
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Bibliographic Info

Article provided by Elsevier in its journal Ecological Economics.

Volume (Year): 72 (2011)
Issue (Month): C ()
Pages: 97-105

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Handle: RePEc:eee:ecolec:v:72:y:2011:i:c:p:97-105

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Web page: http://www.elsevier.com/locate/ecolecon

Related research

Keywords: Natural disasters; Disaster losses; Economic development; Hazard exposure;

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Cited by:
  1. Kousky, Carolyn, 2012. "Informing Climate Adaptation: A Review of the Economic Costs of Natural Disasters, Their Determinants, and Risk Reduction Options," Discussion Papers dp-12-28, Resources For the Future.
  2. Samuel Fankhauser & Thomas K.J. McDermott, 2013. "Understanding the adaptation deficit: why are poor countries more vulnerable to climate events than rich countries?," Grantham Research Institute on Climate Change and the Environment Working Papers 134, Grantham Research Institute on Climate Change and the Environment.
  3. Yang Zhou & Ning Li & Wenxiang Wu & Jidong Wu, 2014. "Assessment of provincial social vulnerability to natural disasters in China," Natural Hazards, International Society for the Prevention and Mitigation of Natural Hazards, vol. 71(3), pages 2165-2186, April.
  4. St├ęphane Hallegatte, 2013. "An Exploration of the Link Between Development, Economic Growth, and Natural Risk," Working Papers 2013.29, Fondazione Eni Enrico Mattei.

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