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Natural Hazards and Financial Development in Sub-Saharan Africa: The Moderating Role of the Stage of Development

Author

Listed:
  • Charles Morrison

    (Cape Coast Technical University)

  • John Gartchie Gatsi

    (University of Cape Coast)

  • Samuel Kwaku Agyei

    (University of Cape Coast)

  • Mac Junior Abeka

    (University of Cape Coast)

Abstract

The rise in natural hazards and disasters has necessitated understanding their impact on affected regions. Employing data from the Emergency Event Database over the period 1990–2019 and the Generalized Method of Moment estimation technique, this study examined the effect of flood, drought, storms, and aggregate natural hazards on financial institution development, financial market development and overall financial development as well as the moderating role of the stage of development on the natural hazards-financial development nexus in Sub-Saharan Africa. Our results reveal that natural hazards negatively affect financial development in Sub-Saharan Africa. Also, the stage of development significantly moderated the relationships for most of the models. This study recommends that financial sector regulators pay attention to natural disasters in terms of policies and regulatory frameworks. Further, policies to address the negative effect of natural disasters on financial development must consider the stage of development.

Suggested Citation

  • Charles Morrison & John Gartchie Gatsi & Samuel Kwaku Agyei & Mac Junior Abeka, 2025. "Natural Hazards and Financial Development in Sub-Saharan Africa: The Moderating Role of the Stage of Development," Economics of Disasters and Climate Change, Springer, vol. 9(1), pages 135-163, March.
    • Handle: RePEc:spr:ediscc:v:9:y:2025:i:1:d:10.1007_s41885-024-00164-2
    DOI: 10.1007/s41885-024-00164-2
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