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Livestock epidemics and catastrophic risk management: State of the art and prospects on economic dynamics

  • Rault, Arnaud
  • Krebs, Stephane

The economic consequences of livestock epidemics have been long studied for purposes of estimating the costs of the veterinary measures. In this paper, we show that this catastrophic risk may have wide market consequences, and that the risk management systems are quite limited to compensate long term impacts in the European context of growing trade. Through a detailed literature review we present the main developments of the economic literature aiming to highlight the economic consequences of animal epidemics such as Foot and Mouth Disease. We acknowledge that a very few studies have focused on the economic dynamics and on the long run effects occurring after an epidemic disease outbreak. We discuss the appropriateness of a dynamic approach to reveal that the de-structuring of the livestock markets affects the production dynamics as well as the whole agricultural sphere, whose financial implications remain poorly studied. In addition, we highlight the importance of taking into account these phenomena for the development of risk management systems, and we emphasize the growing interest of a dynamic Computable General Equilibrium approach.

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File URL: http://purl.umn.edu/114793
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Paper provided by European Association of Agricultural Economists in its series 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland with number 114793.

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Date of creation: 2011
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Handle: RePEc:ags:eaae11:114793
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  12. Ronnie O'Toole & Alan Matthews & Michael Mulvey, 2002. "Impact of the 2001 Foot and Mouth Outbreak on the Irish Economy," Trinity Economics Papers 20028, Trinity College Dublin, Department of Economics.
  13. Elbakidze, Levan & McCarl, Bruce A., 2006. "Animal Disease Pre-Event Preparedness versus Post-Event Response: When is it Economic to Protect?," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 38(02), August.
  14. Devadoss, Stephen & Holland, David W. & Stodick, Leroy & Ghosh, Joydeep, 2006. "A General Equilibrium Analysis of Foreign and Domestic Demand Shocks Arising from Mad Cow Disease in the United States," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 31(02), August.
  15. Vedenov, Dmitry V. & Epperson, James E. & Barnett, Barry J., 2006. "Designing Catastrophe Bonds to Securitize Systemic Risks in Agriculture: The Case of Georgia Cotton," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 31(02), August.
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