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The Effects of a Calamity on Income and Wellbeing of Poor Microfinance Borrowers: The Case of the 2004 Tsunami Shock

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  • Leonardo Becchetti
  • Stefano Castriota

Abstract

We investigate the effects of the 2004 Tsunami on a sample of microfinance borrowers. Our findings show that the severe loss of income of damaged borrowers only partially explains the dip in wellbeing. This is because the latter is also related to economic losses not measured by current income (that is, loss in wealth or in permanent income) and by psychological or emotional effects. Finally, we find that the role of risk on the Tsunami impact is partially captured by the interaction of the damage dummy with borrowers' productive activity.

Suggested Citation

  • Leonardo Becchetti & Stefano Castriota, 2010. "The Effects of a Calamity on Income and Wellbeing of Poor Microfinance Borrowers: The Case of the 2004 Tsunami Shock," Journal of Development Studies, Taylor & Francis Journals, vol. 46(2), pages 211-233.
  • Handle: RePEc:taf:jdevst:v:46:y:2010:i:2:p:211-233
    DOI: 10.1080/00220380903002947
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    References listed on IDEAS

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    1. Miles Kimball & Helen Levy & Fumio Ohtake & Yoshiro Tsutsui, 2006. "Unhappiness after Hurricane Katrina," NBER Working Papers 12062, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Leonardo Becchetti & Stefano Castriota & Pierluigi Conzo, 2012. "Bank strategies in catastrophe settings: empirical evidence and policy suggestions," Econometica Working Papers wp43, Econometica.
    2. Eiji Yamamura & Yoshiro Tsutsui & Chisako Yamane & Shoko Yamane & Nattavudh Powdthavee, 2015. "Trust and Happiness: Comparative Study Before and After the Great East Japan Earthquake," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 123(3), pages 919-935, September.
    3. Becchetti, Leonardo & Castriota, Stefano & Conzo, Pierluigi, 2017. "Disaster, Aid, and Preferences: The Long-run Impact of the Tsunami on Giving in Sri Lanka," World Development, Elsevier, vol. 94(C), pages 157-173.
    4. Leonardo Becchetti & Alessandra Pelloni, 2013. "What are we learning from the life satisfaction literature?," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 60(2), pages 113-155, June.
    5. repec:kap:ecopln:v:51:y:2018:i:1:d:10.1007_s10644-016-9198-6 is not listed on IDEAS
    6. Pierluigi Conzo, 2014. "Trust and Cheating in Sri Lanka: The Role of Experimentally-Induced Emotions about Tsunam," CSEF Working Papers 355, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 20 Apr 2015.
    7. Nicola Pontarollo & Mercy Orellana Bravo & Joselin Segovia Sarmiento, 2017. "The determinants of subjective wellbeing in a developing country: The Ecuadorian case," JRC Working Papers JRC109319, Joint Research Centre (Seville site).

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