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Macroeconomic Implications of Natural Disasters in the Caribbean

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  • Tobias N. Rasmussen

Abstract

Each year natural disasters affect about 200 million people and cause about $50 billion in damage. This paper compares the incidence of natural disasters across countries along several dimensions and finds that the relative costs tend to be far higher in developing countries than in advanced economies. The analysis shows that small island states are especially vulnerable, with the countries of the Eastern Caribbean standing out as among the most disaster-prone in the world. Natural disasters are found to have had a discernible macroeconomic impact, including large effects on fiscal and external balances, pointing to an important role for precautionary measures.

Suggested Citation

  • Tobias N. Rasmussen, 2004. "Macroeconomic Implications of Natural Disasters in the Caribbean," IMF Working Papers 04/224, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:04/224
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    References listed on IDEAS

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    1. Paul Cashin, 2004. "Caribbean Business Cycles," IMF Working Papers 04/136, International Monetary Fund.
    2. John D. Pollner, 2001. "Managing Catastrophic Disaster Risks Using Alternative Risk financing and Pooled Insurance Structures," World Bank Publications, The World Bank, number 13961.
    3. Auffret, Philippe, 2003. "High consumption volatility : the impact of natural disasters?," Policy Research Working Paper Series 2962, The World Bank.
    4. Céline Charvériat, 2000. "Natural Disasters in Latin America and the Caribbean: An Overview of Risk," Research Department Publications 4233, Inter-American Development Bank, Research Department.
    5. Michael Keen & Paul K. Freeman & Muthukumara Mani, 2003. "Dealing with Increased Risk of Natural Disasters; Challenges and Options," IMF Working Papers 03/197, International Monetary Fund.
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    More about this item

    Keywords

    Developing countries; Caribbean; Emergency assistance; Natural Disasters; Eastern Caribbean; disasters; hurricane; disaster; natural hazard; Fiscal Policies and Behavior of Economic Agents: General; Economic Development: General;

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