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The Economics of Natural Disasters in a Developing Country: The Case of Vietnam

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Author Info
Ilan Noy () (Department of Economics, University of Hawaii at Manoa)
Tam Bang Vu () (College of Business and Economics, University of Hawaii at Hilo)

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Abstract

We examine impact of natural disasters on annual output and output growth in Vietnam. Using provincial data for primary and secondary industries in Vietnam, we employ the Blundell-Bond System GMM procedure to estimate the impact of disasters on the macro-economy. Results show that more lethal disasters result in lower output growth but that more costly disasters (in terms of destroyed capital) actually appear to boost the economy in the short-run. This result is consistent with the ‘creative destruction’ hypothesis that we outline. However we find that disasters have different macroeconomic impact in different geographical regions; and these differences are potentially related to the ability to generate transfers from the central government.

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File URL: http://www.economics.hawaii.edu/research/workingpapers/WP_09-3.pdf
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File Function: First version, 2009
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Publisher Info
Paper provided by University of Hawaii at Manoa, Department of Economics in its series Working Papers with number 200903.

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Length: 28 pages
Date of creation: 01 May 2009
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Handle: RePEc:hai:wpaper:200903

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Related research
Keywords: Vietnam; natural disasters; growth; exogenous shocks;

Find related papers by JEL classification:
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters

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References listed on IDEAS
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  1. Selcuk, F. & Yeldan, E., 2000. "On the Macroeconomic Impact of the August 1999 Earthquake in Turkey: a First Assessment," Papers 2001, Economic Research Forum.
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  2. Anbarci, Nejat & Escaleras, Monica & Register, Charles A., 2005. "Earthquake fatalities: the interaction of nature and political economy," Journal of Public Economics, Elsevier, vol. 89(9-10), pages 1907-1933, September. [Downloadable!] (restricted)
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  3. Eduardo A. Cavallo & Patricio Valenzuela & Eduardo Borensztein, 2008. "Debt Sustainability under Catastrophic Risk: The Case for Government Budget Insurance," IMF Working Papers 08/44, International Monetary Fund. [Downloadable!]
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  4. Ilan Noy & Aekkanush Nualsri, 2007. "What do Exogenous Shocks Tell Us about Growth Theories?," Working Papers 200728, University of Hawaii at Manoa, Department of Economics. [Downloadable!]
  5. Crespo Cuaresma & Hlouskova & Obersteiner, 2008. "Natural Disasters As Creative Destruction? Evidence From Developing Countries," Economic Inquiry, Western Economic Association International, vol. 46(2), pages 214-226, 04. [Downloadable!] (restricted)
  6. Ilan Noy & Aekkanush Nualsri, 2008. "Fiscal Storms: Public Spending and Revenues in the Aftermath of Natural Disasters," Working Papers 200809, University of Hawaii at Manoa, Department of Economics. [Downloadable!]
  7. Toya, Hideki & Skidmore, Mark, 2007. "Economic development and the impacts of natural disasters," Economics Letters, Elsevier, vol. 94(1), pages 20-25, January. [Downloadable!] (restricted)
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  8. Noy, Ilan, 2009. "The macroeconomic consequences of disasters," Journal of Development Economics, Elsevier, vol. 88(2), pages 221-231, March. [Downloadable!] (restricted)
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This page was last updated on 2009-11-24.

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