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Financial protection of the state against natural disasters : a primer

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  • Ghesquiere, Francis
  • Mahul, Olivier
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    Abstract

    This paper has been prepared for policy makers interested in establishing or strengthening financial strategies to increase the financial response capacity of governments of developing countries in the aftermath of natural disasters, while protecting their long-term fiscal balances. It analyzes various aspects of emergency financing, including the types of instruments available, their relative costs and disbursement speeds, and how these can be combined to provide cost-effective financing for the different phases that follow a disaster. The paper explains why governments are usually better served by retaining most of their natural disaster risk while using risk transfer mechanisms to manage the excess volatility of their budgets or access immediate liquidity after a disaster. Finally, it discusses innovative approaches to disaster risk financing and provides examples of strategies that developing countries have implemented in recent years.

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    Bibliographic Info

    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 5429.

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    Date of creation: 01 Sep 2010
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    Handle: RePEc:wbk:wbrwps:5429

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    Related research

    Keywords: Debt Markets; Hazard Risk Management; Natural Disasters; Banks&Banking Reform; Insurance&Risk Mitigation;

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    Cited by:
    1. World Bank, 2013. "Building Resilience : Integrating Climate and Disaster Risk into Development, The World Bank Group Experience," World Bank Other Operational Studies 16761, The World Bank.
    2. World Bank, 2013. "Building Resilience : Integrating Climate and Disaster Risk into Development," World Bank Other Operational Studies 16639, The World Bank.

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