How Do Governments Respond after Catastrophes? Natural-Disaster Shocks and the Fiscal Stance

Natural disasters could constitute a major shock to public finances and debt sustainability because of their impact on output and the need for reconstruction and relief expenses. This paper uses a panel vector autoregressive model to systematically...

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Bibliographic Details
Main Authors:	Melecky, Martin, Raddatz, Claudio
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ACCESS TO CAPITAL ACCESS TO CREDIT ACCESS TO DEBT MARKETS ACCESS TO FUNDS ACCIDENTS AUTOREGRESSION BANK POLICY BIASES BORROWING BUDGET CONSTRAINT BUDGET DEFICIT BUDGET DEFICITS BUSINESS CYCLE CAPITAL MARKETS CAPITAL STOCK CASH PAYMENTS CD CREDIT CONSTRAINT CREDITS DAMAGES DEBT DEBT BURDEN DEBT BURDENS DEBT INSTRUMENTS DEBT LEVEL DEBT LEVELS DEFICIT FINANCING DEFICITS DEPOSIT DEPOSIT INTEREST DEVELOPING COUNTRIES DEVELOPMENT BANK DEVELOPMENT ECONOMICS DEVELOPMENT POLICY DISASTER MITIGATION DISASTER MITIGATION MEASURES DISASTER REDUCTION DISASTER RELIEF DISASTER RESPONSE DISASTER RISK DOMESTIC DEBT DROUGHTS EARTHQUAKES ECONOMETRIC ANALYSIS ECONOMETRICS ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT EMERGENCY RELIEF ENDOGENOUS VARIABLES EXCHANGE RATE EXOGENOUS VARIABLES EXPENDITURE EXPORTS EXTERNAL SHOCKS FAMINES FINANCIAL COSTS FINANCIAL DEVELOPMENT FINANCIAL INSTRUMENTS FINANCIAL MARKET FINANCIAL PRODUCTS FINANCIAL RESOURCES FINANCIAL RISKS FINANCIAL SUPPORT FINANCIAL SYSTEM FISCAL BURDENS FISCAL DEFICIT FISCAL EFFORT FISCAL POLICY FISCAL RESOURCES FLOODS FUTURE RESEARCH GDP GDP PER CAPITA GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT DEFICIT GOVERNMENT EXPENDITURE GOVERNMENT EXPENDITURES GOVERNMENT FINANCING GOVERNMENT REVENUE GOVERNMENT REVENUES GOVERNMENT SPENDING HEDGES HUMAN CAPITAL HURRICANES INCOME INCOME LEVEL INCOME LEVELS INDEBTEDNESS INFLATION INFLATION RATE INITIAL DEBT INSURANCE INSURANCE MARKET INSURANCE MARKETS INSURANCE PENETRATION INSURANCE POLICIES INSURANCE PREMIUM INTEREST COSTS INTEREST PAYMENTS INTEREST RATE INTEREST RATE RISK INTEREST RATES INTERNATIONAL BANK INTERNATIONAL DEBT INTERNATIONAL DEBT MARKETS INTERNATIONAL ECONOMICS INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL FINANCIAL STATISTICS ISSUANCE LESS DEVELOPED COUNTRIES LEVEL OF DEBT LLC LOW INTEREST RATES MACROECONOMIC CONDITIONS MACROECONOMIC FLUCTUATIONS MACROECONOMIC PERFORMANCE MACROECONOMIC VARIABLE MACROECONOMIC VARIABLES MACROECONOMICS MARGINAL PRODUCT MARKET DEVELOPMENT MIDDLE INCOME COUNTRIES MONETARY FUND MONETARY POLICY MONEY MARKET MONEY MARKET RATE MONEY MARKET RATES MULTIPLIER EFFECT MULTIPLIERS NATURAL CATASTROPHES NATURAL DISASTER NATURAL DISASTERS OPEN ECONOMY OUTPUT LOSS OUTPUT LOSSES PRICE VALUES PRIVATE CREDIT PUBLIC FINANCE PUBLIC FINANCES PUBLIC GOOD PURCHASING POWER PURCHASING POWER PARITY REAL GDP RECEIPTS RECONSTRUCTION RETURN RISK MANAGEMENT RISK MITIGATION RISK PREMIUM SAFETY NETS SOURCES OF FUNDS SOVEREIGN DEBT TAX TAX COLLECTIONS TAXATION TIDAL WAVES TOTAL DEBT VOLCANO WAGES WEALTH WEALTH EFFECT WEALTH EFFECTS
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110207134355 http://hdl.handle.net/10986/3331

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http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110207134355
http://hdl.handle.net/10986/3331

How Do Governments Respond after Catastrophes? Natural-Disaster Shocks and the Fiscal Stance

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