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Dealing with Increased Risk of Natural Disasters

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Author Info

  • Michael Keen
  • Paul K. Freeman
  • Muthukumara Mani

Abstract

Natural disaster risk is emerging as an increasingly important constraint on economic development and poverty reduction. This paper first sets out the key stylized facts in the area-that the costs of disaster have been increasing, seem set to continue to increase, and bear especially heavily on the poorest. It then reviews the key economic issues at stake, focusing in particular on the actual and prospective roles of, and interaction between, market instruments and public interventions in dealing with disaster risk. Key sources of market failure include the difficulty of risk spreading and, perhaps even more fundamental, the Samaritan''s dilemma: the underinvestment in protective measures associated with the rational expectation that others will provide support if disaster occurs. Innovations addressing each of these are discussed.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 03/197.

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Length: 38
Date of creation: 01 Oct 2003
Date of revision:
Handle: RePEc:imf:imfwpa:03/197

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Related research

Keywords: Developing countries; disaster; disasters; natural disasters; hurricane; disaster risk; extreme weather; natural disaster; earthquake; disaster management; disaster insurance; disaster risks; earthquakes; disaster risk management; disaster preparedness; reconstruction; emergency assistance; natural catastrophe; likelihood of disaster; disaster losses; emergency management; global climate change; disaster management facility; food security; natural catastrophes; disaster relief; catastrophic disaster; environmental disasters; world disaster report; wind speed; epidemiology of disasters; tsunami; disaster reconstruction; impact of disaster; disaster report; disaster mitigation; catastrophic events; tropical cyclone; international strategy for disaster reduction; vulnerability to natural disasters; market incentives for mitigation investment; disaster prevention; emergency relief; humanitarian assistance; flood control; catastrophic event; disaster responses; disaster-prone countries; natural disaster losses; accuracy of prediction; national emergency; natural disaster management; disaster reduction; health risks; disaster community; natural hazards; disaster assistance; agricultural production;

References

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  1. Albala-Bertrand, J. M., 1993. "Political Economy of Large Natural Disasters: With Special Reference to Developing Countries," OUP Catalogue, Oxford University Press, number 9780198287650, September.
  2. John D. Pollner, 2001. "Managing Catastrophic Disaster Risks Using Alternative Risk financing and Pooled Insurance Structures," World Bank Publications, The World Bank, number 13961, October.
  3. Neil Bruce & Michael Waldman, 1988. "Transfers in Kind: Why They Can Be Efficient and Non-Paternalistic," UCLA Economics Working Papers 532, UCLA Department of Economics.
  4. James Daniel, 2001. "Hedging Government Oil Price Risk," IMF Working Papers 01/185, International Monetary Fund.
  5. Arrow, Kenneth J & Lind, Robert C, 1970. "Uncertainty and the Evaluation of Public Investment Decisions," American Economic Review, American Economic Association, vol. 60(3), pages 364-78, June.
  6. Eduardo Borensztein & Paolo Mauro, 2002. "Reviving the Case for GDP-Indexed Bonds," IMF Policy Discussion Papers 02/10, International Monetary Fund.
  7. Coate, Stephen, 1995. "Altruism, the Samaritan's Dilemma, and Government Transfer Policy," American Economic Review, American Economic Association, vol. 85(1), pages 46-57, March.
  8. Alcira Kreimer & Margaret Arnold, 2000. "Managing Disaster Risk in Emerging Economies," World Bank Publications, The World Bank, number 15196, October.
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