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REPLICATION STUDY: Toya and Skidmore (Economics Letters, 2007

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Abstract

This study replicates the empirical findings of Toya and Skidmore (2007), hereinaf¬ter “TS”, and performs a variety of robustness checks. We are able to exactly replicate the find¬ings reported by TS. Our robustness checks consist of two parts. Firstly, we update TS’s orig¬in¬al data set, both with respect to variable values and years. We then address a number of estim-ation issues: (i) truncation bias, (ii) the effect of severe skewness in the disaster data, (iii) fixed effects, and (iv) the omission of a time trend. Our robustness checks produce two major results: We confirm TS’s finding that income is negatively related to both fatalities and econ¬omic losses from disasters. In fact, we estimate coefficients that are substantially larger than TS. On the other hand, we find no evidence to indicate that the other economic devel¬op¬ment variables (educational attainment, size of government, economic openness, financial sec¬tor development) are statistically related to either fatalities or economic damages.

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  • W. Robert Reed & Robert Mercer, 2013. "REPLICATION STUDY: Toya and Skidmore (Economics Letters, 2007," Working Papers in Economics 13/05, University of Canterbury, Department of Economics and Finance.
    • Handle: RePEc:cbt:econwp:13/05
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    File URL: https://repec.canterbury.ac.nz/cbt/econwp/1305.pdf
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    1. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-838, May.
    2. World Bank, 2012. "World Development Indicators 2012," World Bank Publications - Books, The World Bank Group, number 6014, December.
    3. Price V. Fishback, 2010. "Social Welfare Expenditures in the United States and the Nordic Countries: 1900-2003," NBER Working Papers 15982, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Peter A. G. van Bergeijk & Sara Lazzaroni, 2015. "Macroeconomics of Natural Disasters: Strengths and Weaknesses of Meta‐Analysis Versus Review of Literature," Risk Analysis, John Wiley & Sons, vol. 35(6), pages 1050-1072, June.
    2. van Bergeijk, P.A.G. & Lazzaroni, S., 2013. "Macroeconomics of natural disasters," ISS Working Papers - General Series 50075, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
    3. Lazzaroni, Sara & van Bergeijk, Peter A.G., 2014. "Natural disasters' impact, factors of resilience and development: A meta-analysis of the macroeconomic literature," Ecological Economics, Elsevier, vol. 107(C), pages 333-346.

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    More about this item

    Keywords

    Economic development; Natural disasters; Replication study;
    All these keywords.

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General

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