Download or read book The Economic Impact of Natural Disasters in Pacific Island Countries Adaptation and Preparedness written by Dongyeol Lee and published by International Monetary Fund. This book was released on 2018-05-10 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Economic and Fiscal Impacts of Disasters in the Pacific written by Asian Development Bank and published by . This book was released on 2018-04 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Enhancing Macroeconomic Resilience to Natural Disasters and Climate Change in the Small States of the Pacific written by Ezequiel Cabezon and published by International Monetary Fund. This book was released on 2015-06-19 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Fiscal Buffers for Natural Disasters in Pacific Island Countries written by Hidetaka Nishizawa and published by International Monetary Fund. This book was released on 2019-07-12 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Traditional Disaster Reduction in Pacific Island Communities written by John R. Campbell and published by . This book was released on 2006 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Excerpt Resilience and Growth in the Small States of the Pacific written by Hoe Ee Khor and published by International Monetary Fund. This book was released on 2016-04-07 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a prepublication excerpt of Resilience and Growth in the Small States of the Pacific.
Download or read book Self insurance Against Natural Disasters The Use of Pension Funds in Pacific Island Countries written by Mr.Si Guo and published by International Monetary Fund. This book was released on 2018-07-06 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book The Economic Impact of Natural Disasters in Pacific Island Countries Adaptation and Preparedness written by Dongyeol Lee and published by International Monetary Fund. This book was released on 2018-05-10 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Understanding the economic and financial impacts of natural disasters written by Charlotte Benson and published by World Bank Publications. This book was released on 2004 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Building Resilience in Developing Countries Vulnerable to Large Natural Disasters written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2019-06-26 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses how countries vulnerable to natural disasters can reduce the associated human and economic cost. Building on earlier work by IMF staff, the paper views disaster risk management through the lens of a three-pillar strategy for building structural, financial, and post-disaster (including social) resilience. A coherent disaster resilience strategy, based on a diagnostic of risks and cost-effective responses, can provide a road map for how to tackle disaster related vulnerabilities. It can also help mobilize much-needed support from the international community.
Download or read book The Economic Impacts of Natural Disasters written by Debarati Guha-Sapir and published by Oxford University Press, USA. This book was released on 2013-04-04 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the turn of the millennium, more than one million people have been killed and 2.3 billion others have been directly affected by natural disasters around the world. In cases like the 2010 Haiti earthquake or the 2004 Indian Ocean tsunami, these disasters have time and time again wrecked large populations and national infrastructures. While recognizing that improved rescue, evacuation, and disease control are crucial to reducing the effects of natural disasters, in the final analysis, poverty remains the main risk factor determining the long-term impact of natural hazards. Furthermore, natural disasters have themselves a tremendous impact on the poorest of the poor, who are often ill-prepared to deal with natural hazards and for whom a hurricane, an earthquake, or a drought can mean a permanent submersion in poverty. The Economic Impacts of Natural Disasters focuses on these concerns for poverty and vulnerability. Written by a collection of esteemed scholars in disaster management and sustainable development, the report provides an overview of the general trends in natural disasters and their effects by focusing on a critical analysis of different methodologies used to assess the economic impact of natural disasters. Economic Impacts presents six national case studies (Bangladesh, Vietnam, India, Nicaragua, Japan and the Netherlands) and shows how household surveys and country-level macroeconomic data can analyze and quantify the economic impact of disasters. The researchers within Economic Impacts have created path-breaking work and have opened new avenues for thinking and debate to push forward the frontiers of knowledge on economics of natural disasters.
Download or read book Tonga written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2020-06-30 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tonga is one of the world’s most exposed countries to climate change and natural disasters. It suffered the highest loss from natural disasters in the world (as a ratio to GDP) in 2018 and is among the top five over the last decade (Table 1). Climate change will make this worse. Cyclones will become more intense, with more damage from wind and sea surges. Rising sea levels will cause more flooding, coastal erosion and contaminate fresh water. Daily high temperatures will become more extreme, with more severe floods and drought.
Download or read book The Rise of Natural Disasters in Asia and the Pacific written by and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Seychelles written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2017-06-20 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper takes stock of Seychelles’ plans to manage climate change, from the perspective of its macroeconomic implications. It suggests macro-relevant reforms that could strengthen the plans’ likelihood of success. It highlights high public awareness and a body of existing sustainable development planning, which puts Seychelles several steps ahead toward preparedness. Next steps would be to ensure that climate change planning is integrated with the forthcoming National Development Plan. Disaster preparedness is a relatively strong point, but there is much still to be done—from improving warning systems to resilience building to contingency financing.
Download or read book Unleashing Growth and Strengthening Resilience in the Caribbean written by Mr.Krishna Srinivasan and published by International Monetary Fund. This book was released on 2017-11-13 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a diagnosis of the central economic and financial challenges facing Caribbean policymakers and offers broad policy recommendations for promoting a sustained and inclusive increase in economic well-being. The analysis highlights the need for Caribbean economies to make a concerted effort to break the feedback loops between weak macroeconomic fundamentals, notably pertaining to fiscal positions and financial sector strains, and structural impediments, such as high electricity costs, limited financial deepening, violent crime, and brain drain, which have depressed private investment and growth. A recurring theme in the book is the need for greater regional coordination in finding solutions to address the Caribbean’s shared and intertwined macroeconomic and structural challenges. The analysis suggests that strengthening regional and global market integration of Caribbean economies would provide an impetus to sustained growth in incomes and jobs. Greater regional and global economic integration would also facilitate structural transformation and a shift toward new economic activities, resulting in more diversified and less vulnerable economies. A central challenge for the Caribbean is thus to come together as a region, overcome the limitations posed by size, and garner the benefits of globalization. Efforts should build on existing regional arrangements; accelerating progress in implementing these agreements would stimulate trade. Policymakers could also promote deeper integration with Latin America and the rest of the world by pursuing new trade agreements, leveraging current agreements more effectively, or deepening them to include areas beyond traditional trade issues, and developing port and transport infrastructure.
Download or read book Investing in Resilience written by Asian Development Bank and published by Asian Development Bank. This book was released on 2013-01-01 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investing in Resilience: Ensuring a Disaster-Resistant Future focuses on the steps required to ensure that investment in disaster resilience happens and that it occurs as an integral, systematic part of development. At-risk communities in Asia and the Pacific can apply a wide range of policy, capacity, and investment instruments and mechanisms to ensure that disaster risk is properly assessed, disaster risk is reduced, and residual risk is well managed. Yet, real progress in strengthening resilience has been slow to date and natural hazards continue to cause significant loss of life, damage, and disruption in the region, undermining inclusive, sustainable development. Investing in Resilience offers an approach and ideas for reflection on how to achieve disaster resilience. It does not prescribe specific courses of action but rather establishes a vision of a resilient future. It stresses the interconnectedness and complementarity of possible actions to achieve disaster resilience across a wide range of development policies, plans, legislation, sectors, and themes. The vision shows how resilience can be accomplished through the coordinated action of governments and their development partners in the private sector, civil society, and the international community. The vision encourages “investors” to identify and prioritize bundles of actions that collectively can realize that vision of resilience, breaking away from the current tendency to pursue disparate and fragmented disaster risk management measures that frequently trip and fall at unforeseen hurdles. Investing in Resilience aims to move the disaster risk reduction debate beyond rhetoric and to help channel commitments into investment, incentives, funding, and practical action
Download or read book Natural Disasters and Climate Change written by Stéphane Hallegatte and published by Springer. This book was released on 2014-09-17 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores economic concepts related to disaster losses, describes mechanisms that determine the economic consequences of a disaster, and reviews methodologies for making decisions regarding risk management and adaptation. The author addresses the need for better understanding of the consequences of disasters and reviews and analyzes three scientific debates on linkage between disaster risk management and adaptation to climate change. The first involves the existence and magnitude of long-term economic impact of natural disasters on development. The second is the disagreement over whether any development is the proper solution to high vulnerability to disaster risk. The third debate involves the difficulty of drawing connections between natural disasters and climate change and the challenge in managing them through an integrated strategy. The introduction describes economic views of disaster, including direct and indirect costs, output and welfare losses, and use of econometric tools to measure losses. The next section defines disaster risk, delineates between “good” and “bad” risk-taking, and discusses a pathway to balanced growth. A section entitled “Trends in Hazards and the Role of Climate Change” sets scenarios for climate change analysis, discusses statistical and physical models for downscaling global climate scenarios to extreme event scenarios, and considers how to consider extremes of hot and cold, storms, wind, drought and flood. Another section analyzes case studies on hurricanes and the US coastline; sea-level rises and storm surge in Copenhagen; and heavy precipitation in Mumbai. A section on Methodologies for disaster risk management includes a study on cost-benefit analysis of coastal protections in New Orleans, and one on early-warning systems in developing countries. The next section outlines decision-making in disaster risk management, including robust decision-making, No-regret and No-risk strategies; and strategies that reduce time horizons for decision-making. Among the conclusions is the assertion that risk management policies must recognize the benefits of risk-taking and avoid suppressing it entirely. The main message is that a combination of disaster-risk-reduction, resilience-building and adaptation policies can yield large potential gains and synergies.
