The Macroeconomic Impacts of Natural Disasters: New Evidence from Floods
AbstractWe analyze the economic impacts of floods using new data on 3,184 large flood events in 118 countries between 1985 and 2008. We use panel vector auto-regressions to trace the dynamic response of output to three types of flood shocks. Our results robustly indicate that flood shocks tend to have a positive average impact on GDP growth, that this impact is limited to developing countries, that the effect is not confined to the agricultural sector, and that it is stronger when it is accompanied by an increase in gross fixed capital formation.
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Bibliographic InfoPaper provided by Agricultural and Applied Economics Association in its series 2011 Annual Meeting, July 24-26, 2011, Pittsburgh, Pennsylvania with number 103721.
Date of creation: 03 May 2011
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Natural Disasters; Floods; VAR; Economic growth; Macroeconomic Shocks; Environmental Economics and Policy; International Development; Public Economics;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-05-24 (All new papers)
- NEP-ENV-2011-05-24 (Environmental Economics)
- NEP-MAC-2011-05-24 (Macroeconomics)
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- Ghimire, Ramesh & Ferreira, Susana, 2013. "Economic Shocks and Civil Conflict: The Case of Large Floods," 2013 Annual Meeting, February 2-5, 2013, Orlando, Florida 142587, Southern Agricultural Economics Association.
- 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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