The Economic Growth Impact of Hurricanes: Evidence from U.S. Coastal Counties
Abstract
I estimate the impact of hurricane strikes on local economic growth rates. To this end, I assemble a panel data set of U.S. coastal counties' growth rates and construct a novel hurricane destruction index that is based on a monetary loss equation, local wind speed estimates derived from a physical wind field model, and local exposure characteristics. The econometric results suggest that a county's annual economic growth rate falls on average by 0.45 percentage points, 28%% of it due to richer individuals moving away from affected counties. I also find that the impact of hurricanes is netted out in annual terms at the state level and does not affect national economic growth rates at all. © 2011 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.Download Info
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Bibliographic Info
Article provided by MIT Press in its journal Review of Economics and Statistics.
Volume (Year): 93 (2011)
Issue (Month): 2 (May)
Pages: 575-589
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Web page: http://mitpress.mit.edu/journals/
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Web: http://mitpress.mit.edu/journal-home.tcl?issn=00346535
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Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Yamamura, Eiji, 2011.
"Public sector corruption and the probability of technological disasters,"
MPRA Paper
32012, University Library of Munich, Germany.
- Eiji Yamamura, 2013. "Public sector corruption and the probability of technological disasters," EERI Research Paper Series EERI RP 2013/02, Economics and Econometrics Research Institute (EERI), Brussels.
- Yamamura, Eiji, 2011. "Public sector corruption and the probability of technological disasters," MPRA Paper 34833, University Library of Munich, Germany.
- 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.
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