Macroeconomic Implications of Natural Disasters in the Caribbean
AbstractEach year natural disasters affect about 200 million people and cause about $50 billion in damage. This paper compares the incidence of natural disasters across countries along several dimensions and finds that the relative costs tend to be far higher in developing countries than in advanced economies. The analysis shows that small island states are especially vulnerable, with the countries of the Eastern Caribbean standing out as among the most disaster-prone in the world. Natural disasters are found to have had a discernible macroeconomic impact, including large effects on fiscal and external balances, pointing to an important role for precautionary measures.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 04/224.
Date of creation: 01 Dec 2004
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This paper has been announced in the following NEP Reports:
- NEP-AGR-2005-10-22 (Agricultural Economics)
- NEP-ALL-2005-10-22 (All new papers)
- NEP-DEV-2005-10-22 (Development)
- NEP-ENV-2005-10-22 (Environmental Economics)
- NEP-MAC-2005-10-22 (Macroeconomics)
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.:
- Paul Cashin, 2004. "Caribbean Business Cycles," IMF Working Papers 04/136, International Monetary Fund.
- 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.
- Michael Keen & Paul K. Freeman & Muthukumara Mani, 2003. "Dealing with Increased Risk of Natural Disasters," IMF Working Papers 03/197, International Monetary Fund.
- Céline Charvériat, 2000. "Natural Disasters in Latin America and the Caribbean: An Overview of Risk," Research Department Publications 4233, Inter-American Development Bank, Research Department.
- Auffret, Philippe, 2003. "High consumption volatility : the impact of natural disasters?," Policy Research Working Paper Series 2962, The World Bank.
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