Dealing with Increased Risk of Natural Disasters: Challenges and Options, Issues 2003-2197
International Monetary Fund, Fiscal Affairs Department, Oct 1, 2003 - Business & Economics - 37 pages
Natural disaster risk is emerging as an increasingly important constraint on economic development and poverty reduction. This paper first sets out the key stylized facts in the area-that the costs of disaster have been increasing, seem set to continue to increase, and bear especially heavily on the poorest. It then reviews the key economic issues at stake, focusing in particular on the actual and prospective roles of, and interaction between, market instruments and public interventions in dealing with disaster risk. Key sources of market failure include the difficulty of risk spreading and, perhaps even more fundamental, the Samaritan's dilemma: the underinvestment in protective measures associated with the rational expectation that others will provide support if disaster occurs. Innovations addressing each of these are discussed.
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Adaptive capacity agriculture Asia medium confidence Assessment of Regional assets average capital market Caribbean Catastrophe Bonds catastrophe risk climate change coastal erosion contingent liability damage decrease developed economies developing countries disaster costs disaster insurance disaster occurs disaster risk disaster-prone donors droughts Earthquake economic losses ecosystems effects emergency especially ex ante measures ex post extreme weather events Fiscal deficit increased floods frequency global high confidence Honduras human systems Hurricane Mitch Impact of Climate Impact of Natural implications income infrastructure instance insurance markets International Monetary Fund IPCC IPCC Assessment Latin America losses from natural macroeconomic medium confidence Megacities mitigation natural catastrophe natural disasters Nicaragua Nino Overseas Development Institute percent Fiscal deficit percent GDP fell Population post disaster production purchase reduce reinsurance Samaritan's dilemma sector significant small island Source storm surges temperatures tourism trends tropical cyclones vulnerable to natural Washington World Bank