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Enhancing Macroeconomic Resilience to Natural Disasters and Climate Change in the Small States of the Pacific

2015-06-19 Nature
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Release : 2015-06-19
Genre : Nature
Kind : eBook
Book Rating : 794/5 ( reviews)

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Book Synopsis Enhancing Macroeconomic Resilience to Natural Disasters and Climate Change in the Small States of the Pacific by : Ezequiel Cabezon

Download or read book Enhancing Macroeconomic Resilience to Natural Disasters and Climate Change in the Small States of the Pacific written by Ezequiel Cabezon. This book was released on 2015-06-19. 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.

Small States Resilience to Natural Disasters and Climate Change - Role for the IMF

2016-07-11 Nature
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Release : 2016-07-11
Genre : Nature
Kind : eBook
Book Rating : 093/5 ( reviews)

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Book Synopsis Small States Resilience to Natural Disasters and Climate Change - Role for the IMF by : International Monetary Fund

Download or read book Small States Resilience to Natural Disasters and Climate Change - Role for the IMF written by International Monetary Fund. This book was released on 2016-07-11. Available in PDF, EPUB and Kindle. Book excerpt: Small developing states are disproportionately vulnerable to natural disasters. On average, the annual cost of disasters for small states is nearly 2 percent of GDP—more than four times that for larger countries. This reflects a higher frequency of disasters, adjusted for land area, as well as greater vulnerability to severe disasters. About 9 percent of disasters in small states involve damage of more than 30 percent of GDP, compared to less than 1 percent for larger states. Greater exposure to disasters has important macroeconomic effects on small states, resulting in lower investment, lower GDP per capita, higher poverty, and a more volatile revenue base.

Excerpt: Resilience and Growth in the Small States of the Pacific

2016-04-07 Nature
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Release : 2016-04-07
Genre : Nature
Kind : eBook
Book Rating : 834/5 ( reviews)

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Book Synopsis Excerpt: Resilience and Growth in the Small States of the Pacific by : Hoe Ee Khor

Download or read book Excerpt: Resilience and Growth in the Small States of the Pacific written by Hoe Ee Khor. This book was released on 2016-04-07. Available in PDF, EPUB and Kindle. Book excerpt: This is a prepublication excerpt of Resilience and Growth in the Small States of the Pacific.

Resilience and Growth in the Small States of the Pacific

2016-08-10 Business & Economics
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Release : 2016-08-10
Genre : Business & Economics
Kind : eBook
Book Rating : 711/5 ( reviews)

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Book Synopsis Resilience and Growth in the Small States of the Pacific by : Hoe Ee Khor

Download or read book Resilience and Growth in the Small States of the Pacific written by Hoe Ee Khor. This book was released on 2016-08-10. Available in PDF, EPUB and Kindle. Book excerpt: Pacific island countries face unique challenges to realizing their growth potential and raising living standards. This book discusses ongoing challenges facing Pacific island countries and policy options to address them. Regional cooperation and solutions tailored to their unique challenges, as well as further integration with the Asia and Pacific region will each play a role. With concerted efforts, Pacific island countries can boost potential growth, increase resilience, and improve the welfare of their citizens.

Building Resilience to Natural Disasters: An Application to Small Developing States

2017-10-30 Business & Economics
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Release : 2017-10-30
Genre : Business & Economics
Kind : eBook
Book Rating : 749/5 ( reviews)

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Book Synopsis Building Resilience to Natural Disasters: An Application to Small Developing States by : Ricardo Marto

Download or read book Building Resilience to Natural Disasters: An Application to Small Developing States written by Ricardo Marto. This book was released on 2017-10-30. Available in PDF, EPUB and Kindle. Book excerpt: We present a dynamic small open economy model to explore the macroeconomic impact of natural disasters. In addition to permanent damages to public and private capital, the disaster causes temporary losses of productivity, inefficiencies during the reconstruction process, and damages to the sovereign's creditworthiness. We use the model to study the debt sustainability concerns that arise from the need to rebuild public infrastructure over the medium term and analyze the feasibility of ex ante policies, such as building adaptation infrastructure and fiscal buffers, and contrast these policies with the post-disaster support provided by donors. Investing in resilient infrastructure may prove useful, in particular if it is viewed as complementary to standard infrastructure, because it raises the marginal product of private capital, crowding in private investment, while helping withstand the impact of the natural disaster. In an application to Vanuatu, we find that donors should provide an additional 50% of pre-cyclone GDP in grants to be spent over the following 15 years to ensure public debt remains sustainable following Cyclone Pam. Helping the government build resilience on the other hand, reduces the risk of debt distress and at lower cost for donors.

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