Natural Disasters; Mitigating Impact, Managing Risks
This paper reviews the literature on the macroeconomic impact of natural disasters and presents the IMFâ€™s role in assisting countries coping with natural catastrophes. Focusing on seven country cases, the paper describes the emergency financing, policy support, and technical assistance provided by the Fund to help governments put together a policy response or build a macro framework to lay the foundation for recovery and/or unlock other external financing. The literature and experience suggests there are ways to strengthen policy frameworks to increase resilience to natural disaster shocks, including identifying the risks and probability of natural disasters and integrating them more explicitly into macro frame-works, increasing flexibility within fiscal frameworks, and improving coordination amongst international partners ex post and ex ante.
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References listed on IDEAS
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- Rodney Ramcharan, 2005. "Cataclysms and Currencies; Does the Exchange Rate Regime Matter for Real Shocks?," IMF Working Papers 05/85, International Monetary Fund.
- RÃ©gis Barnichon, 2008. "International Reserves and Self-Insurance against External Shocks," IMF Working Papers 08/149, International Monetary Fund.
- Stéphane Hallegatte & Valentin Przyluski, 2010. "The Economics of Natural Disasters," CESifo Forum, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 11(2), pages 14-24, 07.
- Melecky, Martin & Raddatz, Claudio, 2011. "How do governments respond after catastrophes ? natural-disaster shocks and the fiscal stance," Policy Research Working Paper Series 5564, The World Bank.
- Thomas Fomby & Yuki Ikeda & Norman V. Loayza, 2013.
"The Growth Aftermath Of Natural Disasters,"
Journal of Applied Econometrics,
John Wiley & Sons, Ltd., vol. 28(3), pages 412-434, 04.
- Rodney Ramcharan, 2005. "How Big Are the Benefits of Economic Diversification? Evidence from Earthquakes," IMF Working Papers 05/48, International Monetary Fund.
- Tobias N. Rasmussen, 2004. "Macroeconomic Implications of Natural Disasters in the Caribbean," IMF Working Papers 04/224, International Monetary Fund.
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