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The Fragility and Resilience of Nations

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  • Karayalcin,Cem
  • Onder,Harun

Abstract

Climate change will impose large and differentiated tolls across countries. This paper suggeststhat economic fragility and resilience against climate change-driven natural shocks are shaped by: (i) theelasticity of input substitution in resource-intensive sectors, (ii) the trade regime, and (iii) the propertyrights regime in nature-based assets. Using a structural transformation model, the paper shows, inter alia, thatopenness increases resilience against natural shocks, regardless of the property right regime. Additionally,openness reduces fragility when a social planner internalizes the social cost of natural resourcedegradation. However, it increases fragility in a decentralized economy with incomplete property rights innature-based assets.

Suggested Citation

  • Karayalcin,Cem & Onder,Harun, 2023. "The Fragility and Resilience of Nations," Policy Research Working Paper Series 10362, The World Bank.
    • Handle: RePEc:wbk:wbrwps:10362
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