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Disasters: Issues for State and Federal Government Finances

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Author Info
David E. Wildasin () (Martin School of Public Policy and Administration and Department of Economics, University of Kentucky)

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Abstract

Extreme events like hurricanes, earthquakes, or terrorist attacks present major challenges for fiscal systems at all levels of government. Analysts concerned with the fiscal and financial impacts of disasters must attempt to assess the likelihood of rare events of large magnitude such as Hurricane Katrina. Extreme value theory, applied here to flood damage data for Louisiana, offers one promising methodology for this purpose. The experience of Katrina and 9/11 also show that large disasters have large intergovernmental impacts. Individual states could, in principle, engage in more extensive ex ante financial and policy preparations for disasters, including disaster avoidance, but the \u201crevealed institutional structure\u201d exposed by recent experience shows that the US federal system shifts much of the economic incidence of local disasters to the rest of society through intergovernmental transfers. This raises policy questions regarding the assignment of responsibility for disaster avoidance in the US federation. In particular, Federal \u201cownership\u201d of the consequences of disasters may invite or necessitate new forms of Federal \u201ccontrol\u201d of subnational government.

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Paper provided by University of Kentucky, Institute for Federalism and Intergovernmental Relations in its series Working Papers with number 2006-07.

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Length: 35 pages
Date of creation: Sep 2006
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Handle: RePEc:ifr:wpaper:2006-07

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This paper has been announced in the following NEP Reports: References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Barro, Robert J, 1979. "On the Determination of the Public Debt," Journal of Political Economy, University of Chicago Press, vol. 87(5), pages 940-71, October. [Downloadable!] (restricted)
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  2. Wallace E. Oates, 2006. "On the Theory and Practice of Fiscal Decentralization," Working Papers 2006-05, University of Kentucky, Institute for Federalism and Intergovernmental Relations. [Downloadable!]
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  3. Buettner, Thiess & Wildasin, David E., 2006. "The dynamics of municipal fiscal adjustment," Journal of Public Economics, Elsevier, vol. 90(6-7), pages 1115-1132, August. [Downloadable!] (restricted)
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  4. Wildasin, David E., 2002. "Local Public Finance in the Aftermath of September 11," Journal of Urban Economics, Elsevier, vol. 51(2), pages 225-237, March. [Downloadable!] (restricted)
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  5. Sonstelie, Jon C. & Portney, Paul R., 1978. "Profit maximizing communities and the theory of local public expenditure," Journal of Urban Economics, Elsevier, vol. 5(2), pages 263-277, April. [Downloadable!] (restricted)
  6. Mark Skidmore & Hideki Toya, 2005. "Economic Development and the Impacts of Natural Disasters," Working Papers 05-04, UW-Whitewater, Department of Economics. [Downloadable!]
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  7. David E. Wildasin, 2004. "The Institutions of Federalism: Toward an Analytical Framework," Public Economics 0403006, EconWPA. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Hikaru Ogawa & David Wildasin, 2007. "Think Locally, Act Locally: Spillovers, Spillbacks, and Efficient Decentralized Policymaking," Working Papers 2007-06, University of Kentucky, Institute for Federalism and Intergovernmental Relations. [Downloadable!]
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  2. David Wildasin, 2007. "Disaster Policy in the US Federation: Intergovernmental Incentives and Institutional Reform," Working Papers 2007-01, University of Kentucky, Institute for Federalism and Intergovernmental Relations. [Downloadable!]
  3. Christos Kotsogiannis & Robert Schwager, 2006. "Fiscal Equalization and Yardstick Competition," Working Papers 2006-15, University of Kentucky, Institute for Federalism and Intergovernmental Relations. [Downloadable!]
  4. David Wildasin, 2007. "Pre-Emption: Federal Statutory Intervention in State Taxation," Working Papers 2007-05, University of Kentucky, Institute for Federalism and Intergovernmental Relations. [Downloadable!]
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