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Analysing the Impact of Natural Hazards in Small Economies: The Caribbean Case

This paper analyses the impact of natural disasters in the Caribbean. The economic impact of natural disasters in the region has been significant, resulting in widespread destruction of the productive economy. This paper presents the main macroeconomic impact of disasters, e.g., a deteriorating fiscal balance, a collapse of growth and a worsening external balance, as a consequence of damage resulting from the event. By making special reference to the small-island developing state nature of many countries in the region, valuable lessons of the impact of such disasters on the capital stock can be learnt, particularly as the interruption of production of goods and services can be particularly devastating in an environment where few large sectors (agriculture, tourism) dominate the economic landscape.
Publisher:
UNU-WIDER
Series:
WIDER Research Paper
Volume:
2008/25
Title:
Analysing the Impact of Natural Hazards in Small Economies: The Caribbean Case
Authors:
Martin Heger, Alex Julca, and Oliver Paddison
Publication date:
March 2008
ISSN Web:
1810-2611
ISBN 13 Web:
9789292300715
Copyright holder:
© UNU-WIDER
Copyright year:
2008
Keywords:
natural disasters, Caribbean, diversification, trade, environment
JEL:
Q54, O54, L25, F14
Project:
Fragility and Development
Sponsor:
UNU-WIDER gratefully acknowledges the financial contributions to the project by The Australian Agency for International Development (AusAID), the Finnish Ministry for Foreign Affairs, and the UK Department for International Development—DFID.
Format:
online
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