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Macroeconomic Implications of Natural Disasters in the Caribbean
Author:
Mr. Tobias N. Rasmussen
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Series:
IMF Working Papers
Volume/Issue:
Volume 2004: Issue 224
Language:
English
Publication Date:
01 Dec 2004
DOI:
https://doi.org/10.5089/9781451875355.001
ISBN:
9781451875355
ISSN:
1018-5941
Pages:
25
Keywords:
WP; ECCU country; country; GDP; government; market; price; Natural Disasters; Eastern Caribbean; Developing Countries; ECCU insurance market; countries of the Eastern Caribbean Currency Union; island state; market insurance; Insurance; Personal income; Fiscal stance; Caribbean; Global
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund