The Economic Impact of Natural Disasters in Pacific Island Countries: Adaptation and Preparedness PDF Download
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Author: Dongyeol Lee
Publisher: International Monetary Fund
ISBN: 1484353285
Category : Nature
Languages : en
Pages : 37
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Book Description
Pacific island countries are highly vulnerable to various natural disasters which are destructive, unpredictable and occur frequently. The frequency and scale of these shocks heightens the importance of medium-term economic and fiscal planning to minimize the adverse impact of disasters on economic development. This paper identifies the intensity of natural disasters for each country in the Pacific based on the distribution of damage and population affected by disasters, and estimates the impact of disasters on economic growth and international trade using a panel regression. The results show that “severe” disasters have a significant and negative impact on economic growth and lead to a deterioration of the fiscal and trade balance. We also find that the negative impact on growth is stronger for more intense disasters. Going further this paper proposes a simple and consistent method to adjust IMF staff’s economic projections and debt sustainability analysis for disaster shocks for the Pacific islands. Better incorporating the economic impact of natural disasters in the medium- and long-term economic planning would help policy makers improve fiscal policy decisions and to be better adapted and prepared for natural disasters.
Author: Dongyeol Lee
Publisher: International Monetary Fund
ISBN: 1484353285
Category : Nature
Languages : en
Pages : 37
Get Book
Book Description
Pacific island countries are highly vulnerable to various natural disasters which are destructive, unpredictable and occur frequently. The frequency and scale of these shocks heightens the importance of medium-term economic and fiscal planning to minimize the adverse impact of disasters on economic development. This paper identifies the intensity of natural disasters for each country in the Pacific based on the distribution of damage and population affected by disasters, and estimates the impact of disasters on economic growth and international trade using a panel regression. The results show that “severe” disasters have a significant and negative impact on economic growth and lead to a deterioration of the fiscal and trade balance. We also find that the negative impact on growth is stronger for more intense disasters. Going further this paper proposes a simple and consistent method to adjust IMF staff’s economic projections and debt sustainability analysis for disaster shocks for the Pacific islands. Better incorporating the economic impact of natural disasters in the medium- and long-term economic planning would help policy makers improve fiscal policy decisions and to be better adapted and prepared for natural disasters.
Author: Asian Development Bank
Publisher:
ISBN: 9789292611187
Category : Business & Economics
Languages : en
Pages : 28
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Book Description
Pacific island countries need to build their fiscal and economic resilience to climate change and natural disasters as these have lasting consequences on their livelihoods, economies, and fiscal balances. Climate change and natural disasters can have lasting consequences on livelihoods, economies, and fiscal balances-spanning immediate reconstruction costs and fiscal shocks to long-term halts in tourism and agriculture economies. Globally, the most exposed to these impacts are the Pacific island countries. The Asian Development Bank is working closely with its Pacific developing member countries to prepare for and respond to the effects of climate change and natural hazards. This publication examines the often-overlooked dimension of resilience planning-how to brace economies for shocks caused by climate change and hazard events. It analyzes the exposure and vulnerability of Pacific economies to disaster events and outlines key resources for building fiscal and economic resilience.
Author: Ezequiel Cabezon
Publisher: International Monetary Fund
ISBN: 1513577077
Category : Business & Economics
Languages : en
Pages : 37
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Book Description
Natural disasters and climate change are interrelated macro-critical issues affecting all Pacific small states to varying degrees. In addition to their devastating human costs, these events damage growth prospects and worsen countries’ fiscal positions. This is the first cross-country IMF study assessing the impact of natural disasters on growth in the Pacific islands as a group. A panel VAR analysis suggests that, for damage and losses equivalent to 1 percent of GDP, growth drops by 0.7 percentage point in the year of the disaster. We also find that, during 1980-2014, trend growth was 0.7 percentage point lower than it would have been without natural disasters. The paper also discusses a multi-pillar framework to enhance resilience to natural disasters at the national, regional, and multilateral levels and the importance of enhancing countries’ risk-management capacities. It highlights how this approach can provide a more strategic and less ad hoc framework for strengthening both ex ante and ex post resilience and what role the IMF can play.
Author: Hidetaka Nishizawa
Publisher: International Monetary Fund
ISBN: 1513507982
Category : Nature
Languages : en
Pages : 31
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Book Description
Pacific island countries (PICs) are vulnerable severe natural disasters, especially cyclones, inflicting large losses on their economies. In the aftermath of disasters, PIC governments face revenue losses and spending pressures to address post-disaster relief and recovery efforts. This paper estimates the effects of severe natural disasters on fiscal revenues and expenditure in PICs. These are combined with information on the frequency of large disasters to calculate the rate of budgetary savings needed to build appropriate fiscal buffers. Fiscal buffers provide self-insurance against natural disaster shocks and facilitate quick disbursement for recovery and relief efforts, and protection of spending on essential services and infrastructure. The estimates can provide a benchmark for policymakers, and should be adjusted to take into account other sources of financing, as well as budget risks from less severe as well as more frequent disasters.
Author: Emily McKenzie
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 100
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Book Description
Author: Emily McKenzie
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 106
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Book Description
Author: Hoe Ee Khor
Publisher: International Monetary Fund
ISBN: 1484319834
Category : Nature
Languages : en
Pages : 61
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Book Description
This is a prepublication excerpt of Resilience and Growth in the Small States of the Pacific.
Author: John R. Campbell
Publisher:
ISBN:
Category : Disaster relief
Languages : en
Pages : 66
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Book Description
Author: Charlotte Benson
Publisher: World Bank Publications
ISBN: 9780821356852
Category :
Languages : en
Pages : 136
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Book Description
Author: Mr.Si Guo
Publisher: International Monetary Fund
ISBN: 1484367898
Category : Business & Economics
Languages : en
Pages : 22
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Book Description
Pacific island countries are exposed to significant risks from natural disasters. As a disaster relief measure, Fiji allowed pre-retirement pension withdrawls in the wake of Cyclone Winston in 2016. Motivated by this policy action, we provide a normative analysis of the use of early pension withdrawals after disasters, by setting up a life-cycle saving model with myopic households facing large natural disaster shocks. The model demonstrates the key trade-off between building up sufficient retirement savings and ensuring the access to savings against natural disaster shocks, and sheds light on welfare implications of early pension withdrawals.
