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Macroeconomic Implications of Natural Disasters in the Caribbean

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Author Info
Tobias N. Rasmussen

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Abstract

Each 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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Paper provided by International Monetary Fund in its series IMF Working Papers with number 04/224.

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Length: 24 pages
Date of creation: 10 Dec 2004
Date of revision:
Handle: RePEc:imf:imfwpa:04/224

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Related research
Keywords: Emergency assistance ; Caribbean ; Developing countries ;

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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. Paul Cashin, 2004. "Caribbean Business Cycles," IMF Working Papers 04/136, International Monetary Fund. [Downloadable!]
  2. Auffret, Philippe, 2003. "High consumption volatility : the impact of natural disasters?," Policy Research Working Paper Series 2962, The World Bank. [Downloadable!]
  3. Céline Charvériat, 2000. "Natural Disasters in Latin America and the Caribbean: An Overview of Risk," RES Working Papers 4233, Inter-American Development Bank, Research Department. [Downloadable!]
  4. Muthukumara Mani & Michael Keen & Paul K. Freeman, 2003. "Dealing with Increased Risk of Natural Disasters: Challenges and Options," IMF Working Papers 03/197, International Monetary Fund. [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. Martin Gassebner & Alexander Keck & Robert Teh, 2006. "Shaken, not stirred: the impact of disasters on international trade," KOF Working papers 06-139, KOF Swiss Economic Institute, ETH Zurich. [Downloadable!]
  2. Sebastian Sosa & Paul Cashin, 2009. "Macroeconomic Fluctuations in the Caribbean: the Role of Climatic and External Shocks," IMF Working Papers 09/159, International Monetary Fund. [Downloadable!]
  3. David Hofman & Patricia Brukoff, 2006. "Insuring Public Finances Against Natural Disasters--A Survey of Options and Recent Initiatives," IMF Working Papers 06/199, International Monetary Fund. [Downloadable!]
  4. Padli, Jaharudin & Habibullah, M.S., 2008. "Natural disaster death and socio-economic factors in selected Asian countries: A panel data analysis," MPRA Paper 11921, University Library of Munich, Germany. [Downloadable!]
  5. Ilan Noy, 2007. "The Macroeconomic Consequences of Disasters," Working Papers 200707, University of Hawaii at Manoa, Department of Economics. [Downloadable!]
    Other versions:
  6. Heger, Martin & Julca, Alex & Paddison, Oliver, 2008. "Analysing the Impact of Natural Hazards in Small Economies: The Caribbean Case," Working Papers RP2008/25, World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
  7. Eduardo A. Cavallo & Patricio Valenzuela & Eduardo Borensztein, 2007. "La Sostenibilidad de Deuda frente a Riesgo de Catastrofes Naturales," RES Working Papers 4523, Inter-American Development Bank, Research Department. [Downloadable!]
  8. Juliana Dutra Araujo, 2009. "Fiscal Cycles in the Caribbean," IMF Working Papers 09/158, International Monetary Fund. [Downloadable!]
  9. Raddatz, Claudio, 2009. "The wrath of God : macroeconomic costs of natural disasters," Policy Research Working Paper Series 5039, The World Bank. [Downloadable!]
  10. Shaun K. Roache, 2006. "Domestic Investment and the Cost of Capital in the Caribbean," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 6(3). [Downloadable!] (restricted)
  11. Eduardo A. Cavallo & Patricio Valenzuela & Eduardo Borensztein, 2007. "Debt Sustainability under Catastrophic Risk: The Case for Government Budget Insurance," RES Working Papers 4522, Inter-American Development Bank, Research Department. [Downloadable!]
    Other versions:
  12. Paul Raschky, 2007. "Estimating the effects of risk transfer mechanisms against floods in Europe and U.S.A.: A dynamic panel approach," Working Papers 2007-05, Faculty of Economics and Statistics, University of Innsbruck. [Downloadable!]
  13. Carmen Altés, 2008. "Turismo y desarrollo en México," RES Working Papers 2008, Inter-American Development Bank, Research Department. [Downloadable!]
  14. Shaun K. Roache, 2006. "Domestic Investment and the Cost of Capital in the Caribbean," IMF Working Papers 06/152, International Monetary Fund. [Downloadable!]
  15. Guillermo Tolosa & Rupa Duttagupta, 2006. "Fiscal Discipline and Exchange Rate Regimes: Evidence from the Caribbean," IMF Working Papers 06/119, International Monetary Fund. [Downloadable!]
  16. Loayza, Norman & Olaberria, Eduardo & Rigolini, Jamele & Christiaensen, Luc, 2009. "Natural disasters and growth - going beyond the averages," Policy Research Working Paper Series 4980, The World Bank. [Downloadable!]
  17. Ghesquiere, Francis & Mahul, Olivier, 2007. "Sovereign natural disaster insurance for developing countries : a paradigm shift in catastrophe risk financing," Policy Research Working Paper Series 4345, The World Bank. [Downloadable!]
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