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Debt Sustainability Under Catastrophic Risk

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Author Info

  • Eduardo A. Cavallo
  • Eduardo Borensztein
  • Patricio Valenzuela

Abstract

Natural disasters are an important source of vulnerability in the Caribbean region. Despite being one of the more disaster-prone areas of the world, it has one of the lowest levels of insurance coverage. This paper examines the vulnerability of Belize''s public finance to the occurrence of hurricanes and the potential impact of insurance instruments in reducing that vulnerability. The paper finds that catastrophic risk insurance significantly improves Belize''s debt sustainability. In addition, the methodology employed makes it possible to estimate the appropriate level of insurance, which for the case of Belize is a maximum coverage of US$120 million per year.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/44.

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Length: 26
Date of creation: 01 Feb 2008
Date of revision:
Handle: RePEc:imf:imfwpa:08/44

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Related research

Keywords: Public finance; disasters; disaster; natural disasters; hurricane; reconstruction; disaster insurance; earthquake; occurrence of disasters; epidemiology of disasters; disaster risk; earthquakes; vulnerability to disasters; catastrophic event; natural disaster; natural phenomenon; physical damage; disaster risks; emergency relief; catastrophic insurance;

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Cited by:
  1. Makena Coffman & Ilan Noy, 2009. "In the Eye of the Storm: Coping with Future Natural Disasters in Hawaii," Working Papers 200904, University of Hawaii at Manoa, Department of Economics.
  2. Noy, Ilan & Vu, Tam Bang, 2010. "The economics of natural disasters in a developing country: The case of Vietnam," Journal of Asian Economics, Elsevier, vol. 21(4), pages 345-354, August.
  3. Makena Coffman & Ilan Noy, 2009. "A Hurricane’s Long-Term Economic Impact: the Case of Hawaii’s Iniki," Working Papers 200905, University of Hawaii at Manoa, Department of Economics.

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