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Thinking about Imbalances in Post-catastrophe Economies: An Input-Output based Proposition

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  • Albert E. Steenge
  • Marija Bockarjova

Abstract

In this paper we focus on the consequences of a major catastrophe for a modern economy, where 'major' means that a significant part of the economy's productive capacity is lost. In the aftermath of the catastrophe, authorities have to address a great number of issues. We show, using basic principles, that input-output methodology offers a flexible set of tools to address three fundamental issues: (1) obtaining a systematic insight in the imbalances that exist in the non-affected area after the catastrophe, (2) determining the nature of these imbalances and the way they affect options in the recovery process, and (3) introducing the elements of a cost-benefit analysis in the context of prevention and precautionary policies. Our approach strongly supports the need for extensive contingency planning in the presence of major natural hazards. A numerical example accompanies the various steps of the exercise.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Economic Systems Research.

Volume (Year): 19 (2007)
Issue (Month): 2 ()
Pages: 205-223

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Handle: RePEc:taf:ecsysr:v:19:y:2007:i:2:p:205-223

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Related research

Keywords: Disaster; input-output analysis; economic network; cost-benefit analysis;

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Cited by:
  1. Jing-Li Fan & Qiao-Mei Liang & Xiao-Jie Liang & Hirokazu Tatano & Yoshio Kajitani & Yi-Ming Wei, 2014. "National vulnerability to extreme climatic events: the cases of electricity disruption in China and Japan," Natural Hazards, International Society for the Prevention and Mitigation of Natural Hazards, vol. 71(3), pages 1937-1956, April.
  2. K. Jenkins, 2013. "Indirect economic losses of drought under future projections of climate change: a case study for Spain," Natural Hazards, International Society for the Prevention and Mitigation of Natural Hazards, vol. 69(3), pages 1967-1986, December.
  3. SafarzyƄska, Karolina & Brouwer, Roy & Hofkes, Marjan, 2013. "Evolutionary modelling of the macro-economic impacts of catastrophic flood events," Ecological Economics, Elsevier, vol. 88(C), pages 108-118.

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