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REPLICATION STUDY: Toya and Skidmore (Economics Letters, 2007

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Abstract

This study replicates the empirical findings of Toya and Skidmore (2007), hereinaf¬ter “TS”, and performs a variety of robustness checks. We are able to exactly replicate the find¬ings reported by TS. Our robustness checks consist of two parts. Firstly, we update TS’s orig¬in¬al data set, both with respect to variable values and years. We then address a number of estim-ation issues: (i) truncation bias, (ii) the effect of severe skewness in the disaster data, (iii) fixed effects, and (iv) the omission of a time trend. Our robustness checks produce two major results: We confirm TS’s finding that income is negatively related to both fatalities and econ¬omic losses from disasters. In fact, we estimate coefficients that are substantially larger than TS. On the other hand, we find no evidence to indicate that the other economic devel¬op¬ment variables (educational attainment, size of government, economic openness, financial sec¬tor development) are statistically related to either fatalities or economic damages.

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  • W. Robert Reed & Robert Mercer, 2013. "REPLICATION STUDY: Toya and Skidmore (Economics Letters, 2007," Working Papers in Economics 13/05, University of Canterbury, Department of Economics and Finance.
    • Handle: RePEc:cbt:econwp:13/05
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    File URL: http://www.econ.canterbury.ac.nz/RePEc/cbt/econwp/1305.pdf
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    1. Price V. Fishback, 2010. "Social Welfare Expenditures in the United States and the Nordic Countries: 1900-2003," NBER Working Papers 15982, National Bureau of Economic Research, Inc.
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    Keywords

    Economic development; Natural disasters; Replication study;

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General

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