Macroeconomic Risk Management Against Natural Disasters: by Stefan Hochrainer

By Stefan Hochrainer

Natural mess ups reason enormous monetary harm. whereas constructed nations are likely to be capable of take care of the affects of ordinary risks, constructing nations are confronted with critical effects for his or her assets. on the way to hinder long term macroeconomic repercussions, governments want a accomplished catastrophe probability administration technique.

Stefan Hochrainer develops a disaster probability administration version. It illustrates which trade-offs and offerings a rustic needs to make in handling fiscal hazards because of average mess ups. Budgetary assets are allotted to pre-disaster possibility administration options to lessen the likelihood of financing gaps. The framework and version method permits move state comparisons in addition to the evaluate of economic vulnerability, macroeconomic chance, and danger administration innovations. 3 case stories show its flexibility and coherent approach.

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Extra info for Macroeconomic Risk Management Against Natural Disasters: Analysis focussed on governments in developing countries

Sample text

Tropical cyclones and hurricanes have devastating impacts on a productive economy. The impacts may be less widespread than those of drought or flooding, but can also destroy and disrupt whole regions. They likely have locahzed impacts in larger economies but can be overwhelmingly devastating in smaller economies. Earthquakes are more localized impacts and have the greatest risk of macroeconomic consequences if they occur in a major urban center or in the metropolis. Volcanic eruptions and tsunamis usually have locahzed direct impacts.

2004, Grossi and Kunreuther 2005). Hence, also in this thesis a probability based approach is used^^ The link between the social sciences and implementation issues is established by user interfaces which are explained in the appendix. Next, the term resilience is introduced to distinguish in a clear way the concept and interrelationships between (direct and macroeconomic) risk and financial vulnerability. Because resihence is a rather new term in the disaster literature the origins are also presented.

Volcanic eruptions and tsunamis usually have locahzed direct impacts. 3 shows some immediate economic and social effects for different natural disaster types. 3: Type of hazard vs. economic effects. Source: Adapted from Cuny 1983: 48. Major diflFerences are between earthquake and flood impacts. As one can see earthquakes affect constructions (factories, public and social buildings), roads, bridges and underground structures, but causing only minimal damages to agriculture, while floods do minor damage to structures and lifelines, but heavily impact agriculture.

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