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Mr. Tobias N. Rasmussen
Each year natural disasters affect about 200 million people and cause about $50 billion in damage. This paper compares the incidence of natural disasters across countries along several dimensions and finds that the relative costs tend to be far higher in developing countries than in advanced economies. The analysis shows that small island states are especially vulnerable, with the countries of the Eastern Caribbean standing out as among the most disaster-prone in the world. Natural disasters are found to have had a discernible macroeconomic impact, including large effects on fiscal and external balances, pointing to an important role for precautionary measures.
Mr. Markus Haacker and Mr. N. F. R. Crafts
The paper evaluates the impact of HIV/AIDS on welfare in several countries affected by the HIV/AIDS epidemic. Unlike studies focusing on the impact of HIV/AIDS on GDP per capita, we evaluate the impact of increased mortality using estimates of the value of statistical life. Our results illustrate the catastrophic impact of HIV/AIDS in the worst-affected countries and suggest that studies focusing on GDP and income per capita capture only a very small proportion of the welfare impact of HIV/AIDS.