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Is There An Indispensable Role For Government During Recovery From An Earthquake? A Theoretical Elaboration

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Author Info
I. Hakan Yetkiner

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Abstract

It is commonly argued that catastrophic effects of physical shocks are recovered consequentially due to internal adjustment mechanisms economies retain. The theoretical literature on growth implications of earthquakes relies on the same premise, by and large, putting relatively minor role on the shoulders of governments as an external source in recovering from catastrophic effects of an earthquake. This paper elaborates theoretically whether there is an indispensable role for government during recovery from the destructive effects of an earthquake. To this end, we employ a specific growth environment, namely AK framework, which imposes constant ratios on the quantities of the model from the start. It follows that, when a physical shock hits the economy, the model fails to restore these conditions automatically. The paper contributes to the literature in two ways. First, it shows that an indispensable role for government in restoring equilibrium after an earthquake is a theoretical possibility. Second, it advances our understanding on the procedure of restoring equilibrium when there are fixed ratios between quantities, an issue that is not known very much in the literature.

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File URL: http://www.fnu.zmaw.de/fileadmin/fnu-files/publication/working-papers/QuakePaper.pdf
File Format: application/pdf
File Function: First version, 2003
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Publisher Info
Paper provided by Research unit Sustainability and Global Change, Hamburg University in its series Working Papers with number FNU-25.

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Length: 19 pages
Date of creation: Apr 2003
Date of revision: Apr 2003
Handle: RePEc:sgc:wpaper:25

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Related research
Keywords: Natural disasters; earthquakes; constancy conditions; economic growth;

Find related papers by JEL classification:
O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
O31 - Economic Development, Technological Change, and Growth - - Technological Change - - - Innovation and Invention: Processes and Incentives
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis

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    Other versions:
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    Other versions:
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