IDEAS home Printed from https://ideas.repec.org/b/wbk/wbpubs/32341.html
   My bibliography  Save this book

Fiscal Resilience to Natural Disasters

Author

Listed:
  • OECD
  • World Bank

Abstract

Large-scale catastrophic and smaller recurrent disasters generate considerable economic losses. Over the past thirty years, damages from major disasters have increased significantly. In the last ten years alone, both high-income and fast-growing middle-income economies have experienced an estimated 1.2 trillion US dollars in economic costs from disruptive shocks due to hazards such as storms or floods. The costs of disasters are often largely shouldered by governments, particularly where insurance coverage for these costs is limited. Often governments are not only responsible for the costs related to restoring public assets and services, but are also asked to provide financing for other explicit and implicit commitments made prior to a disaster. The costs that disasters impose on governments, and ultimately on taxpayers should be considered contingent liabilities or, when disasters lead to reductions in public revenues, contingent revenue losses. These expenses and revenue losses arise only if an uncertain event, such as a disaster, actually happens. Disaster-related contingent liabilities are one type of government contingent liability. This report presents the findings of a comparative study that assesses how effectively governments manage disaster-related contingent liabilities, and the potential fiscal risks arising from them, within public finance frameworks. The report documents and compares the policies and practices of a set of nine selected middle- and high-income economies focusing on their response to and plans for disasters from a public financial perspective. Economies were selected on the basis of their exposure to and regular experience of natural disasters, and with the aim of including economies of different sizes and fiscal capacity. Part 1 of the report first describes the economic impacts, and more specifically the fiscal impacts, arising from disasters in the selected economies. The nine detailed case studies are included as part 2 of the report.

Suggested Citation

  • OECD & World Bank, 2019. "Fiscal Resilience to Natural Disasters," World Bank Publications - Books, The World Bank Group, number 32341.
  • Handle: RePEc:wbk:wbpubs:32341
    as

    Download full text from publisher

    File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/32341/Fiscal-Resilience-to-Natural-Disasters-Lessons-from-Country-Experiences.pdf?sequence=1
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Meinhard Breiling, 2021. "Global rural value chains and the role of natural disasters in their transformation," Journal of Social and Economic Development, Springer;Institute for Social and Economic Change, vol. 23(3), pages 540-567, December.
    2. Raluca Maran, 2023. "Do Sovereign Catastrophe Bonds Improve Fiscal Resilience? An Application of Synthetic Control Method to Mexico," Economics of Disasters and Climate Change, Springer, vol. 7(3), pages 431-455, November.
    3. Luiijf, Eric & Klaver, Marieke, 2021. "Analysis and lessons identified on critical infrastructures and dependencies from an empirical data set," International Journal of Critical Infrastructure Protection, Elsevier, vol. 35(C).
    4. Claudia Shantal Moreno & Rosa Maria Roman-Cuesta & Steven W. J. Canty & Jorge Herrera & Claudia Teutli & Aarón Israel Muñiz-Castillo & Melanie McField & Melina Soto & Cibele do Amaral & Steven Paton &, 2022. "Stakeholders’ Perceptions of Nature-Based Solutions for Hurricane Risk Reduction Policies in the Mexican Caribbean," Land, MDPI, vol. 11(10), pages 1-25, September.
    5. World Bank, "undated". "Europe and Central Asia Economic Update, Spring 2020," World Bank Publications - Reports 33476, The World Bank Group.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wbk:wbpubs:32341. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Tal Ayalon (email available below). General contact details of provider: https://edirc.repec.org/data/dvewbus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.