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Analysing the Impact of Natural Hazards in Small Economies: The Caribbean Case

  • Heger, Martin
  • Julca, Alex
  • Paddison, Oliver
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    This paper analyses the impact of natural disasters in the Caribbean. The economic impact of natural disasters in the region has been significant, resulting in widespread destruction of the productive economy. This paper presents the main macroeconomic impact of disasters, e.g., a deteriorating fiscal balance, a collapse of growth and a worsening external balance, as a consequence of damage resulting from the event. By making special reference to the small-island developing state nature of many countries in the region, valuable lessons of the impact of such disasters on the capital stock can be learnt, particularly as the interruption of production of goods and services can be particularly devastating in an environment where few large sectors (agriculture, tourism) dominate the economic landscape.

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    File URL: http://www.wider.unu.edu/stc/repec/pdfs/rp2008/rp2008-25.pdf
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    Paper provided by World Institute for Development Economic Research (UNU-WIDER) in its series Working Paper Series with number RP2008/25.

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    Length: 30 pages
    Date of creation: 2008
    Date of revision:
    Handle: RePEc:unu:wpaper:rp2008-25
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    1. Mark Skidmore & Hideki Toya, 2002. "Do Natural Disasters Promote Long-Run Growth?," Economic Inquiry, Western Economic Association International, vol. 40(4), pages 664-687, October.
    2. Auffret, Philippe, 2003. "High consumption volatility : the impact of natural disasters?," Policy Research Working Paper Series 2962, The World Bank.
    3. Tobias N. Rasmussen, 2004. "Macroeconomic Implications of Natural Disasters in the Caribbean," IMF Working Papers 04/224, International Monetary Fund.
    4. Yang Dean, 2008. "Coping with Disaster: The Impact of Hurricanes on International Financial Flows, 1970-2002," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 8(1), pages 1-45, June.
    5. Ratna Sahay, 2005. "Stabilization, Debt, and Fiscal Policy in the Caribbean," IMF Working Papers 05/26, International Monetary Fund.
    6. Easterly, William & Kraay, Aart, 2000. "Small States, Small Problems? Income, Growth, and Volatility in Small States," World Development, Elsevier, vol. 28(11), pages 2013-2027, November.
    7. Docquier, Frederic & Marfouk, Abdeslam, 2004. "Measuring the international mobility of skilled workers (1990-2000) : release 1.0," Policy Research Working Paper Series 3381, The World Bank.
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