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Macroeconomic Implications of Natural Disasters in the Caribbean

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Author Info

  • Tobias N. Rasmussen

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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Bibliographic Info

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

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Length: 25
Date of creation: 01 Dec 2004
Date of revision:
Handle: RePEc:imf:imfwpa:04/224

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Related research

Keywords: Developing countries; disasters; natural disasters; hurricane; disaster; natural hazard; natural disaster; vulnerability to natural disasters; natural hazards; disaster risk; volcano; reconstruction; epidemiology of disasters; emergency assistance; tropical storm; earthquake; catastrophic disaster; disaster management; emergency management; national emergency; atlantic hurricane; disaster preparedness; disaster risk management; emergency response; wind speed; landslide; disaster emergency response; disaster emergency; natural disaster insurance; disaster insurance; disaster relief; agricultural production; natural catastrophes; emergency recovery;

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References

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  1. Auffret, Philippe, 2003. "High consumption volatility : the impact of natural disasters?," Policy Research Working Paper Series 2962, The World Bank.
  2. Michael Keen & Paul K. Freeman & Muthukumara Mani, 2003. "Dealing with Increased Risk of Natural Disasters," IMF Working Papers 03/197, International Monetary Fund.
  3. 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.
  4. Paul Cashin, 2004. "Caribbean Business Cycles," IMF Working Papers 04/136, International Monetary Fund.
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