The Wrath Of God: Macroeconomic Costs Of Natural Disasters

摘要: The process of global climate change has been associated with an increase in the frequency climatic disasters. Yet, there is still little systematic evidence on macroeconomic costs these episodes. This paper uses panel time-series techniques to estimate short and long-run impact other disasters a country's GDP. results indicate that related disaster reduces real GDP per capita by at least 0.6 percent. Therefore, increased incidence during recent decades entails important costs. Among disasters, droughts have largest average impact, cumulative losses 1 percent capita. Across groups countries, small states are more vulnerable than countries windstorms, but exhibit similar response types disasters; low-income responds strongly mainly because their higher droughts. However, level external debt no relation output any type disaster. also indicates that, historically, aid flows done attenuate consequences