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

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  • I. Hakan Yetkiner

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 Function: First version, 2003
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Bibliographic 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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Keywords: Natural disasters; earthquakes; constancy conditions; economic growth;

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References

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  10. Richard S.J. Tol, 2002. "Technology Protocols For Climate Change: An Application Of Fund," Working Papers FNU-14, Research unit Sustainability and Global Change, Hamburg University, revised Sep 2002.
  11. Claudia Kemfert & Richard Tol, 2002. "Equity, international trade and climate policy," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 2(1), pages 23-48, March.
  12. Schneider, Uwe A. & McCarl, Bruce A., 2005. "Implications of a Carbon-Based Energy Tax for U.S. Agriculture," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 34(2), October.
  13. Oulton, Nicholas, 1993. "Widening the Human Stomach: The Effect of New Consumer Goods on Economic Growth and Leisure," Oxford Economic Papers, Oxford University Press, vol. 45(3), pages 364-86, July.
  14. Soren Bo Nielsen & Peter Birch Sorensen, 1994. "Inflation, Capital Taxation, and Housing: The Long Run in a Small Open Economy," Canadian Journal of Economics, Canadian Economics Association, vol. 27(1), pages 198-217, February.
  15. Katrin Rehdanz, 2002. "Hedonic Pricing Of Climate Change Impacts To Households In Great Britain," Working Papers FNU-13, Research unit Sustainability and Global Change, Hamburg University, revised Jul 2002.
  16. Albala-Bertrand, J. M., 1993. "Political Economy of Large Natural Disasters: With Special Reference to Developing Countries," OUP Catalogue, Oxford University Press, number 9780198287650, October.
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